Frenzied Finance, Vol. 1: The Crime of Amalgamated

Metadata

Gutenberg ID

26330

Title

Frenzied Finance, Vol. 1: The Crime of Amalgamated

Language

en

Book source

Project Gutenberg

Description max 80 words

Thomas W. Lawson exposes the predatory "System" of high finance, detailing how colossal corporations plundered public savings through deceptive schemes like the Amalgamated Copper affair. This memoir blends factual business history with moral outrage, arguing that greed transforms ideal men into beasts of prey and urging readers to recognize the systemic crimes behind Wall Street's prosperity.

Summary up to 500 words

In *Frenzied Finance, Vol. 1: The Crime of Amalgamated*, Thomas W. Lawson, a seasoned banker and broker, chronicles the rise and catastrophic collapse of the Amalgamated Copper Company. Written as a corrective to prevailing myths of financial success, the book serves as a harrowing indictment of the early 20th-century financial "System." Lawson argues that this system incubated wealth from the savings of the many to enrich a select few, fostering an insolent disregard for law and morality. The narrative centers on the machinations of powerful figures like Henry H. Rogers and James Stillman. Lawson details how these men, despite their personal virtue as husbands and fathers, were converted into ruthless operators by the brutal code of dollar-making. He details the specific mechanics of the fraud: the manipulation of stock prices, the use of false representations to lure investors, and the eventual crash that left thousands ruined, leading to bankruptcies, imprisonments, and suicides. Lawson estimates losses exceeding $100 million and over 30 suicides directly caused by these practices. He distinguishes between the individuals and the "System" itself, asserting that the crimes were products of a condition rather than individual failings. He contends that the concentration of wealth unbalances the nation's economic structure, raising the cost of living for everyone. The text includes a foreword dedicated to penitence and punishment, aiming to educate the public on the dangers of such financial jugglery. Throughout the volume, Lawson addresses critics who question his motives or the accuracy of his claims, defending his honesty and the necessity of exposing these "unsavory offspring" of the System to prevent future destruction of the nation. The book stands as a contemporary document of the era's financial methods and commercial morals, warning that without rectification, the System will eventually precipitate a fratricidal war.

LLM editorial rating

4.2/5

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Categories

• Economics
• Business
• Corporate History