Over the last decade we have seen many self-serving autobiographies and memoirs, but Henry Kaufman's On Money and Markets certainly is not one of them. Kaufman is an investment banker, but he is also a scholar and a gentleman. These memoirs capture the mettle of the man from his start in the banking business, through his years at Salomon Brothers and eventually to his own consulting business. The period covered, from pre-world War II to the end of the 20th century, is the most dynamic time in the history of the financial markets. It is Kaufman's insights into these revolutionary years on Wall Street that make this a gripping tale. We [...] recommend this book to all executives and investors, many of whom would benefit greatly from a refresher course in Wall Street history.

Henry Kaufman's book is much more than a compelling saga of a life, a career, and a financial history. It is a reminder of the risks that abound in today's markets, and of the compelling importance of the great values that have led to the strength of the nation's financial system. In the book's most important chapter (16), Dr. Kaufman presents 17 neglected lessons for policymakers, financial institutions, and investors. If we ignore them, the well-catalogued sins of our financial past will return to haunt us. Consider Lesson 4: "..basic fiduciary duty too often has been forgotten in the high-voltage, high velocity financial environment of recent decades . . . the notion of financial trusteeship has been lost in the shuffle." He's right, and readers will profit immensely by taking heed, not only of those words, but the entire book.

Henry Kaufman is one of the most important figures in the development of world credit markets in the last 40 years. This book is part biography, part history of the post World War II period in the financial markets, and part prescription for the financial markets in the next two decades. The book is written in a lucid, qualitative, approachable way that makes it accessible and interesting to almost any reader. In a foreword by Paul Volcker, the highly regarded former chairman of the Federal Reserve, you will learn that the on-going, difficult financial problems of the current age mean that "On Money and Markets should be prescribed reading for all those whose future and fortunes are tied to the performance of our financial systems."

Dr. Kaufman's influence has evolved through his studies of the credit markets, role in developing them as head of research at Solomon Brothers, commentator on the credit markets and Federal Reserve policy, and forecaster of financial market trends. He is well respected, even by those who do not agree with him. Perhaps his most influential moment came on August 17, 1982 when he called the turn in the interest rate environment that kicked in the bond and stock market boom in the United States that has lasted ever since.

Let me briefly describe each part of the book. The first nine chapters are primarily a biography of Dr. Kaufman. Despite the fact that I have been following his thinking closely for over 20 years, much of this was new to me. He is modest in speaking about his accomplishments, which makes the story more appealing. The story of how Dr. Kaufman became "the" Henry Kaufman is well worth your time. Born in a small rural town in Germany, violence against Jews in his own town caused his family to emigrate to the United States in the 1930s. During the time in Germany, he suffered from polio, and had two operations as a result. Speaking almost no English when he arrived in New York, he was back to grade level performance within a year . . . after the humiliation of being put back into the first grade. You will get many interesting glimpses of how important mentors and families are to the accomplishments of any one.

Chapters three through fifteen also serve as a partial history of the world (and especially the U.S.) financial markets. The length of the period covered and the breadth of view make his perspective very valuable for the casual observer of the subject. Most will be surprised by how great the changes have been in the last two decades, for example.

But, to me, the most valuable parts of this book were the prescriptive elements of what needs to be done now that build from material in chapters eleven through eighteen. I agree with him that regulation is falling behind the shifts in the financial markets. For example, new types of financial institutions are being created that have essentially no regulation, yet contain great risks for the whole society. CitiGroup is an example. The banking part is regulated by the Federal Reserve but the Travelers insurance portions are regulated by the states. The investment banking part of the company is primarily regulated by the SEC.

He also warns against the excessive use of derivatives, financial leverage, and decreased care in overseeing these practices compared to their size and importance. In good economic times, this works well. How well will they work in bad economic times? Probably not very well. The near collapse of the bond market during the Russian debt crisis in 1998 is an important warning here.

More significantly, although the Federal Reserve knows that there is a stock and real estate speculative bubble in the United States, it is at a loss to know how to handle that bubble. Dr. Kaufman predicts tough times and greater volatility in the markets ahead that will make the one-day fall in October 1987 look like a walk in the park. The collapse will be abetted by the low savings rate, the growing importance of other strong currencies, high debt levels, incomplete regulation of speculation, and greater growth abroad while the Fed fights back by only being able to lower interest rates.

These are sobering words and thoughts, and I hope that policy-makers, policy-influencers, as well as ordinary citizens will take them seriously. The time to fix the dike is before it breaks.

If Dr. Kaufman is right, how will you protect the financial security of your organization, business, career, and family? Without knowing what the risks are, you won't know what to prepare for. I suggest you read this book as part of your preparation.

The only people who will be disappointed in this book are those who would like a more detailed and technical explanation of these points. Dr. Kaufman is clearly capable of providing more, but did not want to limit his audience. Despite its general nature, I found the chapter on forecasting to be quite interesting and valuable.

After you have read this book, also ask yourself if you have taken full advantage of your opportunities in life as Dr. Kaufman has. If you have not, ask yourself what you could learn from his example. I suspect that you will start asking for and getting more advice from outstanding people as a result.

Live long and prosper!

This book failed to 'draw me into' the story. I stopped about half way through it - not wanting to waste my time finishing it. I did, however - pick it up a month later and finsh. The second half was better than the first, I thought.

I was first introduced to Wall's books by a mutual friend (thanks, Nancy!). She told me I'd love Wall's books, and she was right. Since that first book, I've managed to get my hands on everything Wall has written, and I've thoroughly enjoyed them all, although HANDSOME WOMEN is still my favorite. THE GIRLFRIENDS CLUB is a great read, though. I loved each of the women, and completely understood the strength of their friendship. Only women bond like this--sharing everything including their deepest fears and insecurities. My only complaint about Wall is she doesn't write fast enough!

Judith Henry Wall latest novel, The Girlfriends Club takes us to the state of Kansas.

Four women, who have been friends since childhood are now in their mid forties and learning what life is like at mid-life after being divorced.

Meet MARY SUE the spark amongst them, who is about to have a breast operation. She is involved with Walter; a dentist since her divorce, but even then, she cannot get her ex-husband Barry off of her mind.

DIXIE the flower shop owner who never complains but has good reason not to. She has hidden a secret from her friends for some time now.

GRETCHEN the tall blond sports oriented woman who hates her husband with a passion, and wishes he were dead.

PAMELA the only one of the women still married to her husband Clay; a Judge who directs her every move.

However, on Mary Sue's 45th birthday, the day before her operation the girls decide to gather at Dixie's Lakeside retreat to celebrate her birthday with dinner and drinks and lots of moral support. They enjoy themselves but soon realize that Walter; Mary Sue current beau who was supposed to join them for drinks, is noticeably absent. Having had a bit too much fun, Mary Sue goes off to bed early leaving her friends to entertain him when he arrives.
Walter turns up intoxicated and totally out of it and then something very awry happens....something accidental...and the women make a conscious decision not to let Mary Sue know of this occurrence.

What happens that night will live in the memories of the three women for the rest of their lives. See how their lives are played out after this incident and I'm sure you'll have little anxious moments waiting to see what transpires next.

Besides the little mystery here, there are some tender and heartfelt moments which will keep the reader eager and glued to the book as I was.

This would be a wonderful Xmas or Birthday gift for a good friend especially if bought in the hard cover edition. Happy reading!!

I wasn't too enthralled with this book. It was kind of hard to keep reading, but I make myself finish any book just in case things get better or there is a poetic phrase or two that I love and want to remember.
So, I kept reading, but really didn't enjoy the story. It was too contrived. And in parts, the writing seemed so juvenile. I did find a couple of good statements to make me think about religion, so I am glad I read the book.

I had never heard of Judith Henry Wall. I came across her book in my local library. I read it in one day! More often than not I find myself flipping to the last few pages of a book to see how it ends because I have become bored with what I am reading, or I can see the outcome in the first two chapters. Not so with this well written novel. Wall has taken the things in life we all must face in time and woven them into a well defined story line. Charlotee Haberman is a woman in change, Her husband has died and she wants to sell the family home and move into a smaller place. This does not set well with her three grown children. Besides them she must deal with a difficult mother and a sister who has her own corss to bear. I expected it to end one way but was not disspointed when it ended quite another. I admit I cried more than once while reading it. I had flash backs to my own life and relationships and home, places and people that are no more. Let the nay sayers have their time at bat.. however I think you will enjoy reading this book, and gain some insight to your life along the way.

Maybe it's because I recently turned 50 that I found this book to be a real wake-up call and an incentive to examine my own life and the perceptions/expectations I (and my family) have about me. [...] a story of a woman who would "pine for what could have been" because the whole point of her journey--both physical and spiritual--was to put the past aside and live a life that would fulfill her needs rather than continue the pose her family and community expected. I appreciated this book's gentle reminder that we can't please all of the people all of the time and that the bonds of love don't have to be chains that imprison us.