Louis D Brandeis

Other People's Money and How the Bankers Use It Louis D Brandeis

The all-time classic book on the history of investment banking.

"Mr. Brandeis's greatness as a lawyer is part of his greatness as a mathematician." - President Wilson


Many who look upon Mr. Brandeis as having, in the field of economics, the most inventive and sound mind of our time. The belief among intelligent men that this brilliant diagnosis of our money trust was the most important contribution to current thought in many years. In the composition of his intellect, one of the most important elements is his comprehension of figures.


Brandeis' central thesis was that the large banking institution were colluding with businessmen to create trusts in America's major industries. Brandeis felt that not only did trusts stifle competition, but also they became so huge that they became unable to operate efficiently.

Brandeis backed up his arguments with facts-- from his battles against J. P. Morgan and Charles Mellen in the New Haven Railroad merger battle and from the Pujo Committee--a House committee report that investigated the abuses of the "Money Trust."

In many ways, due to mergers and stock manipulation, conditions in the business world today remain the same. Many of the details in Other People's Money and How The Bankers Use It may be dated, but its central ideas remain relevant--so much so that it is still in print after 100 years since it was first published.