The Money Kings - A Deep Dive Review

by Daniel Schulman (Author)

Updated at: 26/02/2025

In The Money Kings, Daniel Schulman recounts the epic rise of German-Jewish immigrants who revolutionized American finance. Starting with humble beginnings, figures like the Lehman brothers and Goldman and Sachs, arriving with little more than ambition, built financial empires from the ground up. Schulman details their journey from peddling goods to establishing iconic investment banks like Goldman Sachs and Lehman Brothers, shaping the nation's economic destiny. This sweeping narrative explores their triumphs and challenges navigating antisemitism, wars, and the complexities of forging their identities within American society, ultimately leaving an indelible mark on Wall Street and the broader American landscape.

The Money Kings: The Epic Story of the Jewish Immigrants Who Transformed Wall Street and Shaped Modern America

4.4 / 275 ratings

Review The Money Kings

"The Money Kings" by Daniel Schulman isn't your typical breezy beach read, but that's precisely what makes it so compelling. It's a deep dive into a fascinating, often overlooked, slice of American history – the rise of German-Jewish immigrant families who became titans of Wall Street. Schulman doesn't shy away from the complexities of their journeys, detailing not only their remarkable financial achievements but also the pervasive antisemitism they faced in their climb to the top.

The book is meticulously researched, and Schulman’s writing, while detailed, manages to avoid being overly dry. He masterfully weaves together the individual stories of these families – the Goldmans, the Sachses, the Lehmans, the Seligmans – tracing their paths from humble beginnings to the creation of financial empires that would shape the American economy for generations. It's truly remarkable to witness their transformation, starting with little more than determination and sharp minds, and to see how they navigated the cutthroat world of Gilded Age finance, all while battling prejudice and discrimination.

What struck me most was the human element. Schulman doesn't present these men as infallible heroes; he acknowledges their flaws, their rivalries, and their sometimes questionable dealings. He paints a nuanced portrait of ambitious men wrestling with their identities as Americans, Germans, and Jews in a society deeply conflicted about all three. The interweaving of their personal lives with the larger historical context – the Civil War, World War I, the rise of Zionism – adds another layer of richness to the narrative. It's not just a story about finance; it's a story about immigration, assimilation, ambition, and the enduring power of the human spirit.

While the sheer volume of detail might seem daunting at first, Schulman's clear and engaging prose keeps the reader hooked. He masterfully connects the dots between seemingly disparate events, showing how the actions of these families, their collaborations and conflicts, had a profound and lasting impact on American society and the global financial landscape. The book also subtly highlights the irony of how these families, who experienced firsthand the limitations imposed by antisemitism, ultimately contributed to shaping the very system that often worked against them.

The book isn't without its challenges; the sheer scope of the narrative, covering decades of history and multiple intertwined families, can feel overwhelming at times. And while Schulman does a great job of humanizing these figures, the inherent dryness of the subject matter—finance—does occasionally peek through. However, the overall impact of "The Money Kings" is undeniable. It's a significant contribution to both financial history and the broader history of Jewish immigrants in America. It's a story of extraordinary achievement, hard-fought battles, and the complex legacies left behind by those who dared to dream big, despite facing immense obstacles. It's a book I highly recommend, especially for those interested in American history, finance, or the immigrant experience.