Book Review: American Rascal by Greg Steinmetz

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Rating: 4 out of 5 

Review: 

American Rascal by Greg Steinmetz is a captivating biography of one of the most notorious American financiers and robber barons, Jay Gould. Gould was a complex character and Steinmetz masterfully unravels his motivations, strategies, and controversies from birth to death.

One of the most intriguing aspects of the book is the fact that much of Gould’s private notes and notebooks were burned. The author speculates that this might have been done to eliminate a paper trail, but it leaves historians with many unanswered questions. It is fascinating to ponder what could have been uncovered if those documents had survived, especially when we consider the insights that could have been gained from examining Gould’s thought process and decision-making strategies.

The book also sheds light on the lack of regulations during the early years of American capitalism, which is eye-opening, particularly when examining Gould’s maneuvers with publicly traded rail companies. Steinmetz does an excellent job of contextualizing Gould’s actions within the broader economic and political climate of the time, painting a vivid portrait of the challenges and opportunities that faced entrepreneurs in the late 19th century.

Overall, American Rascal is an engaging and informative read that offers a fresh perspective on one of America’s most controversial figures. It is a must-read for anyone interested in the history of American finance, and the insights it provides will leave readers with much to ponder.

Memorable quotes from the book: 

• “There are magicians’ skills to be learned on Wall Street, and I mean to learn them.”