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The Money Kings: The Epic Story of the Jewish Immigrants Who Transformed Wall Street and Shaped Modern America Hardcover – November 14, 2023

by Daniel Schulman (Author)
4.4 4.4 out of 5 stars 188 ratings
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The New York Times Book Review Editors' Choice • The incredible saga of the German-Jewish immigrants—with now familiar names like Goldman and Sachs, Kuhn and Loeb, Warburg and Schiff, Lehman and Seligman—who profoundly influenced the rise of modern finance (and so much more), from the New York Times best-selling author of Sons of Wichita

Joseph Seligman arrived in the United States in 1837, with the equivalent of $100 sewn into the lining of his pants. Then came the Lehman brothers, who would open a general store in Montgomery, Alabama. Not far behind were Solomon Loeb and Marcus Goldman, among the “Forty-Eighters” fleeing a Germany that had relegated Jews to an underclass.

These industrious immigrants would soon go from peddling trinkets and buying up shopkeepers’ IOUs to forming what would become some of the largest investment banks in the world—Goldman Sachs, Kuhn Loeb, Lehman Brothers, J. & W. Seligman & Co. They would clash and collaborate with J. P. Morgan, E. H. Harriman, Jay Gould, and other famed tycoons of the era. And their firms would help to transform the United States from a debtor nation into a financial superpower, capitalizing American industry and underwriting some of the twentieth century’s quintessential companies, like General Motors, Macy’s, and Sears. Along the way, they would shape the destiny not just of American finance but of the millions of Eastern European Jews who spilled off steamships in New York Harbor in the early 1900s, including Daniel Schulman’s paternal grandparents.

In The Money Kings, Schulman unspools a sweeping narrative that traces the interconnected origin stories of these financial dynasties. He chronicles their paths to Wall Street dominance, as they navigated the deeply antisemitic upper class of the Gilded Age, and the complexities of the Civil War, World War I, and the Zionist movement that tested both their burgeoning empires and their identities as Americans, Germans, and Jews.
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  1. Print length
    592 pages
  2. Language
    English
  3. Publisher
    Knopf
  4. Publication date
    November 14, 2023
  5. Dimensions
    6.35 x 1.45 x 9.55 inches
  6. ISBN-10
    0451493540
  7. ISBN-13
    978-0451493545
  8. See all details
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Editorial Reviews

Review

"Schulman offers a rich account of [the modern financial] system, and of his subjects' role in shaping it . . . He anchors his narrative in intimate personal details, creating a compelling portrait of a close-knit Gilded Age aristocracy, which, though its members possessed nearly infinite wealth, was locked out of many of the country’s élite institutions. Schulman doesn't shy away from the unsavory, rendering his subjects with satisfying complexity." —The New Yorker

"Stellar . . . [A] wonderful book . . . A striking portrait of how Jews, and specifically these most elite Jews, set out to determine what it meant to be Jewish in America . . . Rich in both historical detail and as a character study, and readers will come away with a newfound appreciation for the heft of the legacy of these men, and a realization of how bittersweet that legacy is." —Emily Tamkin, The Washington Post

“A sprawling history of the German Jews who came to the United States in the 19th century and helped create the modern economy while navigating their own identities as Jews, bankers and Americans . . . Schulman is a thorough reporter with an eye for delightful details.” —Jacob Goldstein, The New York Times Book Review

“An illuminating group portrait . . . Schulman’s tale begins with pushcart peddlers in the1830s who rose within a generation to become titans of finance . . . With U.S. campuses today being shaken by anti-Israel demonstrations and American Jews fearing a renewed antisemitism, The Money Kings sounds a disquieting and timely note . . . The plight of Schiff and his peers will surely echo with American Jews today, suddenly feeling their standing fragile again.” —Roger Lowenstein, The Wall Street Journal

“A deeply reported and readable chronicle of a group of German-Jewish immigrants who arrived in the US in the 1800s and earned fortunes that lasted generations. Schulman vividly portrays their profound impact on Wall Street and the world . . . A timely corrective to historical distortions that have helped feed antisemitism.” —Joshua Franklin, Financial Times

"A well-researched eco­nom­ic his­to­ry of the foun­da­tions of Jew­ish wealth and phil­an­thropy in Amer­i­ca . . . Schul­man sea­sons his account with enter­tain­ing anec­dotes [and] is alert to themes that res­onate today . . . While it’s [Jacob] Schiff who stands out, he’s well sit­u­at­ed in the con­text of his net­work, so the read­er gleans a fuller pic­ture of turn-of-the-cen­tu­ry Amer­i­can Jew­ish life and is shown a robust study of late nine­teenth cen­tu­ry, ear­ly twen­ti­eth cen­tu­ry Amer­i­can finan­cial history." —Bettina Berch, Jewish Book Council

“Not merely an engaging account of the lifestyles of the rich and famous—although that part of the story is unavoidable—but, more importantly, a history of how a handful of industrious immigrants were able to have such an outsized impact on both America and American Jewry . . . Today’s battles over immigration, antisemitism, and even US-Russia relations are also amply represented in the era under Schulman’s scrutiny.” —Rafael Medoff, New York Post

"Full of illuminating information about Americans’ attitudes toward Jews . . . Tells the not always well-known stories of these men, their families, and their impact on modern corporate finance, IPOs, anti-trust legislation, the creation of the Federal Reserve Bank, philanthropy, Jewish life in the United States, Zionism, and antisemitic conspiracy theories . .  . Daniel Schulman has brought [Jacob Schiff] back to life." —Glenn C. Altschuler, The Jerusalem Post

"An ambitious and captivating group portrait of Jewish financial dynasties 'with profound legacies' in the U.S. from the 1830s to the present . . . Schulman presents a wealth of fascinating detail . . . Full of vivid personalities and intriguing tales of alliances and rivalries, this is a sensitive and compassionate portrait of the families that built Wall Street." —Publishers Weekly (starred review)

"A spirited account of the first great American financiers, many of them German Jewish immigrants, [and] a welcome, highly readable contribution to American financial and social history." —Kirkus Reviews (starred review)

“With The Money Kings, Daniel Schulman becomes our foremost historian of the American business dynasty. The story behind Goldman Sachs and other famed financial institutions takes readers to unexpected places: not just Wall Street, but Germany and Alabama, the Middle East and the Lower East Side. Schulman contends with both the good and evil that concentrated wealth can thrust upon the world—all without losing sight of the human tales behind the creation of modern finance.” —Beverly Gage, author of G-Man (winner of the Pulitzer Prize)
 
“The Money Kings is more than just a riveting unraveling of the history of high finance in America. It gives voice to the Jewish peddlers who remade Wall Street, debunks antisemitic conspiracy theories, and offers inspiration to new generations of big-dreaming immigrants.” —Larry Tye, author of Demagogue
 
“The origin stories of America’s great Jewish banking families—among them, the Lehmans, the Schiffs, the Goldmans, and the Seligmans—have always been shrouded in some mystery. But no longer. Thanks to Daniel Schulman’s endlessly riveting and triumphant Money Kings, the fascinating details of how these determined men made their marks and their fortunes on Wall Street are revealed, many for the very first time.” —William D. Cohan, author of Power Failure
 
“Daniel Schulman’s fascinating book tells the story of not one but two Jewish communities in New York more than a century ago. The relationship between them—the wealthy uptown elite and the poor downtown immigrants—makes this an absorbing tale.” —Adam Hochschild, author of American Midnight
 
“A must-read for anyone seeking to gain a deeper understanding of the roots of modern finance and its foundational families. Schulman weaves a masterful tapestry of history, bringing to life the untold stories of a group of trailblazing pioneers who left an indelible mark on global business and Jewish life. It’s a monumental work.” —David de Jong, author of Nazi Billionaires

About the Author

DANIEL SCHULMAN is the New York Times best-selling author of Sons of Wichita, a biography of the Koch family that was a finalist for the Financial Times and McKinsey Business Book of the Year Award. The deputy Washington bureau chief of Mother Jones, he lives in Massachusetts, with his wife and sons.

Product details

  • Publisher ‏ : ‎ Knopf (November 14, 2023)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 592 pages
  • ISBN-10 ‏ : ‎ 0451493540
  • ISBN-13 ‏ : ‎ 978-0451493545
  • Item Weight ‏ : ‎ 1.99 pounds
  • Dimensions ‏ : ‎ 6.35 x 1.45 x 9.55 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 188 ratings

About the author

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Daniel Schulman

Daniel Schulman

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Dan is a best-selling author and journalist whose work has appeared in publications including the Boston Globe Magazine, Politico, Vanity Fair, the Washington Post, and Mother Jones, where he is the magazine's deputy Washington, DC bureau chief. Schulman's first book, Sons of Wichita, a biography of the Koch brothers, was a finalist for the Financial Times and McKinsey Business Book of the Year Award. He lives outside of Boston with his wife and sons.

Customer reviews

4.4 out of 5 stars
4.4 out of 5
188 global ratings

Top reviews from the United States

Martin Stevens
5.0 out of 5 stars My little-known ancestors
Reviewed in the United States on January 28, 2024
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I really enjoyed this well-researched and well-written book that explained many details about my forebears on my mother's side of the family as well as the New York milieu in which they worked and lived. My mother's maiden name was Seligman and while growing up I had heard a little about my great-great- grandfather Isaac, my great-great Uncle Joseph and his siblings who had emigrated to the USA from the small town of Beiersdorf near Nurenburg in the 1830's and 40's. Isaac was one of the few to emigrate from the USA to the UK - most went in the opposite direction, but he was tasked with founding the London branch of J&W Seligman which was taken over by his son Charles, my great-grandfather. My grandfather Douglas was expected to continue running the bank but he declined and bought a farm near Winchester after shocking his family by marrying my grandmother Bridget, a gentile.

I'm writing this in Peru where I live, and as I understand it, where J&W Seligman underwrote railroad construction over a centuary ago. Please see my autobiographical book 'Long Road to Chavin' (Amazon 2018) in which I discuss my family and how I wound up living in Peru.

I always remember my grandfather telling me about two Seligman uncles who had the contract to paint the Brooklyn bridge, with job security; for as soon as they finished one end they had to start all over where they began. As a child I always imagined two old gentlemen in paint-spattered overalls but now I realize they probably wore silk top hats and never touched actual paint themselves.
6 people found this helpful
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Jen Naughton
4.0 out of 5 stars Little known history
Reviewed in the United States on January 18, 2024
In "The Money Kings," author Daniel Schulman tells the fascinating story of the German-Jewish immigrants who made their mark on Wall Street and shaped the course of modern corporate finance. The book explores their impact on the world of IPOs, their philanthropic contributions, and the complex attitudes towards Jews and antisemitism in the United States.
One of the strengths of this book is its ability to shed light on a little-known aspect of American history. Schulman's thorough research and engaging writing style make for a compelling read, and his exploration of the complex attitudes towards Jews and antisemitism in the United States provides valuable insight into this complex and often contentious topic.
Overall, "The Money Kings" is a must-read for anyone interested in the history of finance, the experience of Jewish immigrants in America, or the complex dynamics of antisemitism in the United States. Schulman's illuminating work adds an important perspective to the conversation about the history of finance and the experiences of Jewish people in America. With its deep insight and engaging writing style, "The Money Kings" is a valuable addition to the literature on this subject.
2 people found this helpful
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IdocMT
5.0 out of 5 stars Fascinating book
Reviewed in the United States on April 1, 2024
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Fascinating account of Jewish merchants, bankers and financiers of 19th and 20th centuries.
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Amazon Customer
5.0 out of 5 stars Educational book
Reviewed in the United States on April 24, 2024
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Educational book, hard to put down once I started reading...
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T. L. Silverman
5.0 out of 5 stars Should be added to all American history reading lists!
Reviewed in the United States on December 20, 2023
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This is a thoroughly researched engrossing read about America's financial beginnings. Daniel Schulman writes in an intelligent, engaging voice weaving narrative throughout, bringing these real life characters alive and giving them personality. This book should be included in any American history course as the information inside is critical to understanding our nation's economic foundation and development. Daniel explores themes of how the Money Kings shaped Wall Street while dealing with blatant antisemitism. They are truly the realization of the American dream coming from nothing, working hard, fighting discrimination, and becoming Kings. Highly recommend!
5 people found this helpful
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Renee Mizrahi
5.0 out of 5 stars a great history of Jewish financiers, charity and antisemitism
Reviewed in the United States on February 4, 2024
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An excellent, extremely well researched and very interesting history of Jewish financiers of the twentieth century. their political and global dealings in trying to right the wrongs done to the Jewish people and the important charities they helped create, as well as a history of the rampant antisemitism and propaganda and other falsehoods that targeted them and Jews in the US.
I highly recommend this fascinating book.
2 people found this helpful
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Metoo
5.0 out of 5 stars Meaningful historical exploration
Reviewed in the United States on April 8, 2024
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Historically accurate and relevant.
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Amazon Customer
1.0 out of 5 stars Book was not properly bound
Reviewed in the United States on March 3, 2024
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ordered this book twice....first time it arrived ,35 pages were missing, pages from another book were inserted by mistake......exchanged book,it arrived, basically the same thing, only this time pages were from another book and upside down.....I guess this happens, although twice a bit unusual....ultimately went to a bookstore down town and bought....I have not finished the book, but seems well written, flows well...not a book or author issue....just the printer..
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Top reviews from other countries

Ivan Cohen
5.0 out of 5 stars Easy-to-read biography of the families who "made" Wall Street
Reviewed in the United Kingdom on February 22, 2024
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This is an excellently-written and researched books on the handful of Jewish families which left Germany and ended up 'making' Wall Street: from being peddlers in their early days, these families established the famous names (especially of investment banks) which sit atop the Wall Street mountain.

Since the financial crisis of 2007–2008 some have gone the way of all things, while others continue to grow and develop, but not as family businesses. This book gives insights into the families which are behind the faceless modern banking monoliths, and their individual journeys.
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