After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905 Review

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After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905 ReviewIf you followed Enron, Worldcom, the conspicuous consumptions of Donald Trump or any of the other seamier of capitalism's excesses over the last several decades, this book will show you that history was repeating itself. In fact, comparing the ostentatious displays of wealth and brutal no-holds-barred corporate infighting between then (1900) and now, our capitalists sound like mere echoes of men who defined the terms "Gilded Age" and "Robber Barons."
Patricia Beard, in "After the Ball" has used the events and people surrounding the Equitable Life Assurance Society to illustrate a bygone era of business and living at the top level of wealthy society. In addition to dissecting a nasty takeover corporate takeover attempt well, Ms. Beard writes in a way that holds the reader's attention.
The Equitable was one of the big three life insurance companies at the dawn of the 20th Century. Important to policy holders because life insurance was the only means of support available at the time if the man of the house died with dependants, it was important to Wall Street because the premiums sat in a vast cash pool and were available to finance much of our industrial growth of the period. The Equitable had been created by one man, Henry Hyde, who grew it from a store-front business to vast size in the forty years after the Civil War. Henry Hyde was a founder, a decisive man who knew his business, could make decisions and had the respect of his company officers as well as his fellows.
His son, James Hazen Hyde, had none of his father's characteristics and had not been schooled by his doting parent in the arts that would be necessary to run the Equitable when it was his turn. When Henry died, James, in his early twenties, was the product of money and society -- finishing schools in Paris, the best clubs, debutante balls, and the kingly sport of coach riding. In short, he was trained to compete in the world of Mrs. Astor, not Mr. Astor.
To compensate for these deficiencies, father Henry had established a trust for his son. A vice presidency with the Equitable and the tutelage of James Alexander, President of the company and the man entrusted by the founder to school young James until he could assume the Presidency himself.
Alexander had other ideas. Put off by James Hyde's public and ostentatious lifestyle (including the Hyde Ball, one of the most talked about and over the top dinner productions in an era of societal excess among his class), claiming that it did not befit a corporate leader who could keep the "sacred trust" of a life insurance company, and wanting control of a company he had contributed mightily to, Alexander organized a takeover fight among the board members. His goal was to strip James of control of the Board of Directors and to do it by using James' social prominence against him in a public as well as behind-the-scenes attack.
What ensued was a year long debacle that quickly spun out of control, as first the Alexander side and then the Hyde forces battled for advantage. The board members, financiers like Harriman, Ryan, Morgan, Frick and others backed the side that stood to gain them the greatest advantage in victory. Plans, compromise offers, press leaks, attacks intrigue and back stabbing came forward in a flurry as the fight became very public and enthralled ordinary people (over 100 front page stories in the NY Times in about a year's period). Regulators soon got involved, the NY Legislature, political bosses and any number of money-men, eyeing easy capital if they could assume control. President Theodore Roosevelt worried that the fight would harm the Equitable, dissolve commercial confidence and bring the economy to a grinding halt.
When it was over, neither side got what they wanted or expected, the NY Legislature was spurred into reforming insurance oversight, Charles Evans Hughes was launched on his path to the US Supreme Court and his run for the White House and the Gilded Age (from hindsight) set on a path toward memory.
Beard weaves this corporate intrigue with a biography of James Hazen Hyde. He is the archetypical society man of the Gilded Age, spending on livery, costumed balls, big houses, fast women, a sport very few could even afford to compete in and his love of French culture. She does a good job of entwining the two threads of her book, stumbling only when she sometimes over-lists what various guests were wearing to various parties and engagements. On the whole, she does a good job of painting a picture of life as James Hazen Hyde knew it, and demonstrating that he was both cut from too fine a cloth to effectively run a competitive business and that he wore that cloth too proudly, helping to make his lifestyle a large issue in the corporate meltdown that froze the Equitable as titans battled for control.
The author writes well and generally keeps the pace moving along swiftly. The story weaves many famous business and historical personalities (it was a much smaller world at the top then) into the saga of a now forgotten business drama that held the public in fascination. This is a good book for readers interested in business history as well as viewing the lifestyles of the fabulously wealthy a hundred years ago.After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905 Overview

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