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The Bank That Lived a Little
The Bank That Lived a Little
Oct 27, 2024 12:18 PM

Author:Philip Augar

The Bank That Lived a Little

Based on unparalleled access to those involved, and told with compelling pace and drama, The Bank that Lived a Little describes three decades of boardroom intrigue at one of Britain's biggest financial institutions. In a tale of feuds, grandiose dreams and a struggle for supremacy between rival strategies and their adherents, Philip Augar gives a riveting account of Barclays' journey from an old Quaker bank to a full-throttle capitalist machine. The disagreement between those ambitious for Barclays to join the top table of global banks, and those preferring a smaller domestic role more in keeping with the bank's traditions, cost three chief executives their jobs and continues to divide opinion within Barclays, the City and beyond.

This is an extraordinary corporate thriller, which among much else describes how Barclays came to buy Lehman Brothers for a bargain price in 2008, why it was so keen to avoid taking government funding during the financial crisis, and the price shareholders have paid for a decade of barely controlled ambition. But Augar also shows how Barclays' experiences are a paradigm for Britain's social and economic life over thirty years, which saw the City move from the edge of the economy to its very centre. These decades created unprecedented prosperity for a tiny number, and made the reputations of governments and individuals but then left many of them in tatters.

The leveraged society, the winner-takes-all mentality and our present era of austerity can all be traced to the influence of banks such as Barclays. Augar's book tells this rollercoaster story from the perspective of many of its participants - and also of those affected by the grip they came to have on Britain.

Reviews

A masterpiece of the historian's craft: combining a global scope with concern for the nuances of individual experience, Beckert tracks the fortunes of a single commodity, cotton, across six continents and thousands of years. That sweeping project is driven by the attempt to unravel the causes and consequences of one overarching puzzle: "why, after many millennia of slow economic growth, a few strands of humanity in the late eighteenth century suddenly got much richer." On the way to his answer, Beckert uncovers a history he claims "provides the key to understanding the modern world." . . . The belief that discovering the origins of economic growth might unlock modernity's secrets raises questions that are even more tantalizing

—— Timothy Shenk , The Nation

A fascinating and profound examination of the history of a crop that played a transformative role in the making of the modern world. Beckert manages to keep in view a remarkable cast of characters, from planters and slaves in the United States to British industrialists and factory workers, and farmers in India, Egypt, and China. The Empire of Cotton is global history as it should be written

—— Eric Foner

Masterly . . . Deeply researched and eminently readable, "Empire of Cotton" gives new insight into the relentless expansion of global capitalism. With graceful prose and a clear and compelling argument, Beckert not only charts the expansion of cotton capitalism. . . he addresses the conditions of enslaved workers in the fields and wage workers in the factories. An astonishing achievement

—— Thomas Bender , NY Times

Persuasive . . . brilliant . . . Beckert's detailed narrative never scants the rich complexity of the cotton trade's impact on many different societies

—— Wendy Smith , Boston Globe

Empire of Cotton' proves Sven Beckert one of the new elite of genuinely global historians. Too little present-day academic history is written for the general public. 'Empire of Cotton' transcends this barrier and should be devoured eagerly, not only by scholars and students but also by the intelligent reading public. The book is rich and diverse in the treatment of its subject. The writing is elegant, and the use of both primary and secondary sources is impressive and varied. Overviews on international trends alternate with illuminating, memorable anecdotes . . . Beckert's book made me wish for a sequel

—— Daniel Walker Howe , The Washington Post

Important . . .a major work of scholarship that will not be soon surpassed as the definitive account of the product that was, as Beckert puts it, the Industrial Revolution's 'launching pad

—— Adam Hochschild , New York Times Book Review

Hefty, informative, and engaging . . . Beckert's narrative skills keep the story of capitalism fresh and interesting for all readers

—— Publishers Weekly

An engrossing narrative

—— Giorgio Riello , History Today

Beckert is a big-order thinker. His book offers a masterly picture of the empire of cotton as an economic system that held together myriad different parts...Beckert's ability to write a history on this scale is impressive indeed

—— Stephanie McCurry , Times Literary Supplement

A gripping chronicle by a corporate whistle-blower who achieved a stunning victory

—— Kirkus

He is one of the few foreign businessmen to have penetrated deep inside a Japanese corporation and to report back unflinchingly on what he saw. What he found was not pretty

—— Financial Times

Woodford has emerged as a hero, named by at least one British newspaper as its 2011 executive of the year. And rightly so. His gift for candor, so evident as a whistle-blower, serves him well as a memoirist.

—— Bryan Burrough, author of Barbarians at the Gate , The New York Times

Michael Woodford could have spent years turning a blind eye to the shady dealings of executives at Olympus. Instead he dove headfirst into allegations of corporate misconduct

—— Time

This memoir of one of Japan's biggest business scandals is for more than corporate governance experts, with its fascinating tale of good versus evil

—— Japan Times

A gripping narrative ... impressive reporting and writing chops are on full display ... reads like a fast-paced John le Carré thriller, and never lets up

—— New York Times book review

a feat of reporting, and much of it reads like a novel

—— Leigh Gallagher , Washington Post

a remarkable read

—— John Arlidge , Sunday Times

jaw-dropping

—— Financial Times

a gripping financial thriller

—— Daily Mail

Well worth the read. I couldn’t put it down

—— Investing.com

A potent book... an incisive social critique that slices through financial jargon and gobbledygook to accurately map the all-too-common corruption in America’s hedge funds that are sucking up billions and billions that used to be invested for the growth and benefit of society as a whole in building infrastructure, expanding existing and new businesses and creating jobs

—— Winnipeg Free Press

An utterly absorbing look at how Cohen pushed his traders to the limit—that “black edge”—and how he mostly insulated himself from the potential ramifications. This fast-paced, true-life thriller will leave readers enraptured—and troubled

—— Booklist
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