The passing of the old Wall Street monopoly and the rise of new institutions and men who will, and did, soon dominate financial power in America.
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1 of 1 people found the following review helpful:
4.0 out of 5 stars
An dense account of a critical period in NYSE history,
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This review is from: The Last Days of the Club (Hardcover)
A very dense account of the NYSE's evolution leading up to the fall of fixed commissions. It describes the strategies the NYSE and it's members used to (successfully) avoid change and regulatory pressure for a many years. Welles was a bit early in predicting it's demise, and he describes the rise of institutional trading (and decline of retail) in oddly pessimistic terms, but those involved in the exchange business and/or regulation will likely enjoy much here. Probably not easily followed by those outside of the industry.
2.0 out of 5 stars
Tedious,
Amazon Verified Purchase(What's this?)
This review is from: The Last Days of the Club (Hardcover)
A long-winded contemporary account of Wall Street commissions in 1975. Pass. One interesting piece of trivia is a quote from a then 32-year old Michael Bloomberg who was then a trader at Salomon Brothers, talking about block trading and competing with "Goldie" (Goldman Sachs). Somehow the book is stuck in the world of 1975 and frankly quite pessimistic. Wall Street's biggest days were still ahead.
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