The Way It Was: An Oral History of Finance, 1967-1987

The past two decades have seen America's financial markets and institutions move from the era governed by genteel tradition to the current go-go scene of cutthroat competition. Stock-market trading volume has soared; great investment banks have disappeared; corporate raiders now often determine the futures of leading companies. In addition, new financial instruments and methods of trading have been created (e.g., junk bonds, options and index arbitrage). Institutional investors such as pension funds and insurance companies have become the big players on Wall Street, and their money managers exercise enormous clout. Institutional Investor magazine here traces these momentous changes, and for this ``oral history'' the editors interviewed 116 financial leaders, among them Walter Wriston (former CEO of Citicorp), David Rockefeller (former CEO of Chase Manhattan) and Donald Marron (CEO of Paine Webber). The book insightfully captures the fuss and ferment of the past 20 years on Wall Street in fine anecdotal fashion. Fortune Book Club selection. (September)