The Panic of 1907

Acknowledgments.
About the Authors.
Prologue.
Introduction.
Chapter 1. Wall Street Oligarchs.
Chapter 2. A Shock to the System.
Chapter 3. The "Silent" Crash.
Chapter 4. Credit Anorexia.
Chapter 5. Copper King.
Chapter 6. The Corner and the Squeeze.
Chapter 7. Falling Dominoes.
Chapter 8. Clearing House.
Chapter 9. Knickerbocker.
Chapter 10. A Vote of No Confidence.
Chapter 11. A Classic Run.
Chapter 12. Such Assistance As May Be Necessary.
Chapter 13. Trust Company of America.
Chapter 14. Crisis on the Exchange.
Chapter 15; A City in Trouble.
Chapter 16. A Delirium of Excitement.
Chapter 17. Modern Medici.
Chapter 18. Instant and Far-Reaching Relief.
Chapter 19. Turning the Corner.
Chapter 20. Ripple Effects.
Lessons. Financial Crises as a Perfect Storm.
Appendix A. Key Figures After the Panic.
Appendix B. Key Definitions.
References.
Endnotes.
Index.

Robert F. Bruner is the Dean of the Darden Graduate School of Business Administration and Charles C. Abbott Professor of Business Administration at the University of Virginia. He is the author or coauthor of more than 400 case studies and notes as well as the author of two other Wiley titles, Applied Mergers and Acquisitions and Deals from Hell. Bruner specializes in the areas of corporate finance, mergers and acquisitions, and investing in emerging markets. Bruner holds a BA from Yale University and an MBA and DBA from Harvard University.
Sean D. Carr is the Director of Corporate Innovation Programs at the Darden School's Batten Institute, University of Virginia. His applied research in new ventures and corporate finance has been published in numerous award-winning case studies, books, and digital media. Previously, Carr spent a decade as a journalist, having served as a producer for both CNN and ABC News's World News Tonight with Peter Jennings. He holds a BA from Northwestern University, an MS from Columbia University, and an MBA from the University of Virginia.

"...a great academic study, which was meant to be a warning. Instead, it reads like a description of what has just happened." -- Financial Times

"A dull textbook it's not: Most chapters amount to six or seven pages of storytelling with cliffhangers... entertaining read..." -- Bloomberg News

"...the definitive guide to the stock market panic of '07" -- The TImes

"an important read..." -- thestreet.com

"Bruner, dean of the University of Virginia's Darden School of Business, and Carr, director of the school's Batten Institute, tell the gripping tale of one of the worst financial panics in modern history, where greed and lack of liquidity (sound familiar, people?) dragged stocks down 37 percent." -- U.S. News & World Report

"When The Business Press Maven first cast his eye for business journalism onto business books, it was with the ultimate hope of familiarizing investors with historical insight, which is more common in books than what is demonstrated in newsrooms and trading floors--where yesterday's news and trades qualify as fixtures from a bygone era . . . . That is why I am going to grant The Panic of 1907: Lessons Learned from the Market's Perfect Storm, a resounding "Help" label from The Business Press Maven, putting it in the probable running for Top 10 Business Press Maven Books of 2007. In case you still don't get it, this is very high praise." -- Marek Fuchs, The Business Press Maven, TheStreet.com

"This retelling of Morgan's bravura performance is a page-turning mix of high finance and high drama" -- Barron's

"...the definitive guide to the stock market panic of '07" (The Times, Thursday 13th September 2007)

"Well worth reading" (The Business, Saturday 15th September 2007)

"With this book as their guide, readers will take away important insights...developing a deeper understanding of financial markets" (What Investment?, November 2007)

"A very worthwhile book for advisors who, having just lived through a financial crisis of

"Last year, on the 100th anniversary of their book s subject, Robert F. Bruner and Sean D. Carr published The Panic of 1907: Lessons Learned from the Market s Perfect Storm (John Wiley & Sons). A year later, as we weather a far greater financial storm, the book s lessons are more relevant than ever. From their analysis of one of the worst banking panics in U.S. history, when dozens of banks and trust companies failed, Bruner and Carr conclude that financial crises typically result from the convergence of certain elements into a perfect storm. The book is an engrossing read, featuring characters such as Augustus Heinze, the brash entrepreneur; Charles Barney, the tragic trust president; and, above all, J.P. Morgan, Wall Street s indispensable man." (Edward Teach, CFO Magazine , December 1, 2008) " The Panic of 1907 is a great tale, and I recommend it to any investor with an interest in history. I also recommend it to any investor who wants to understand what is happening right now." (Cliff Ransom, Ransom Research, Inc., October 31, 2008) "There is a great book that came out last year, by Robert F. Bruner and Sean D. Carr, entitled The Panic of 1907 . It details the fear that gripped the market during that time a century ago. Fear bred mistrust, and mistrust bred repeated runs on the bank. Only when J. Pierpont Morgan himself stepped in to assert authority in the crisis was confidence restored and the downward slide and expanding wave of panic halted. The events of that time are remarkably similar to what is occurring today." (Steven M. Davidoff, The Deal Professor, New York Times , September 18, 2008) "...a great academic study, which was meant to be a warning. Instead, it reads like a description of what has just happened." ( Financial Times ) "A dull textbook it s not: Most chapters amount to six or seven pages of storytelling with cliffhangers entertaining read..." ( Bloomberg News ) " the definitive guide to the stock market panic of 07" ( The TImes ) "an