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Centuries of tradition were coming to an end. With Big Bang in 1986 the banks pursued a lunatic course that led to meltdown just years later. Freed from regulatory limits and allowed to mix brokerage and merchant banking, as well as enter the global market, the Londoners' lack of control was their undoing. Salaries went crazy and, by the millennium, the English merchant banks that dominated the Stock Exchange were gone--bought, faded or, in the case of Barings, spectacularly imploded.
The Death of Gentlemanly Capitalism is a sad tale of British arrogance and complacency to rank with anything our motor industry can throw up. It's also a page-turning, stranger-than-fiction read, packed with larger than life characters, scandal, corruption and incompetence. Go to City boardrooms today--no longer in the Square Mile, but perched on the upper floors of Canary Wharf, and the trappings are still there. Augar relates with amusement a recent trip to Docklands, where an inventory of the boardroom reveals "two framed prints of English hunting scenes, one gilt-framed mirror, one antique side table, Regency striped curtains with drape ties". All fake of course. Behind the Regency curtains lie the walls of a 1990s office block, and behind the old school tie sits a foreign owner. --John Rennie --This text refers to an out of print or unavailable edition of this title.
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Despite having worked for many years in the City, and thus having a greater affinity for the subject matter than some may do, and thus a higher boredom threshold, this is one of the few books I could not finish.
I think the reason is simple; while Philip Augar is indeed a very experienced and respected professional, his background is as a research analyst and this shines through the whole book. Pages and pages of tables and graphs, every comment backed up by a quotation from some source or other, cross referenced and dated in minute detail. It makes for an accurate work, but also a desparately uninteresting one, unless you want a reference manual.
What makes a full-length book "scan" is anecdotes and characters around facts (which don't need endless referencing), and I certainly don't find reams of tables in the least bit compelling reading. Indeed, it has all the attractions of reading a super-elongated piece of analyst research.
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