By Patricia Beard
After the Ball is that infrequent actual tale that reads like an epic novel, a sweeping chronicle of an period, and an intimate account of the desire and betrayal of a son whose father gave him every thing -- other than the learning to discover his method in territory governed by means of the rapacious.James Hazen Hyde used to be twenty-three in 1899 whilst he inherited the bulk stocks within the billion-dollar Equitable lifestyles coverage Society. in basic terms 5 years later, he fell from grace in a Wall highway scandal that obsessed the kingdom and commanded a hundred and fifteen front-page articles within the long island Times.Hyde was once clever, cultured, and impressive, yet he was once no fit for an older new release that had mapped the backstreets of excessive finance. Vying to manage the Equitable's tremendous funding pool, the main recognized financiers and industrialists of the period -- between them E. H. Harriman, Henry Clay Frick, and J. P. Morgan -- positioned Hyde on forty-eight forums and integrated him in bargains that shook Wall highway. after which, on the top of social good fortune, he made a deadly miscalculation.On the final evening of January 1905, James Hyde held a fabulously flamboyant, eighteenth-century, Versailles-themed dress ball. His enemies used the get together because the hook to hold him on, claiming that he used to be too frivolous to run an organization devoted to holding widows and orphans; and unfold the rumor that he had spent 200 thousand cash of Equitable funds on a night's leisure. by the point a central authority research demonstrated that Hyde had paid the money owed himself, his attractiveness was once ruined.The sour crusade to wrest keep an eye on of the Equitable and its enormous funding capability from Hyde at the heels of the ball. because the struggle escalated, clandestine alliances among insurers and Wall road burst to the outside, exposing thoughts which are the stuff of twenty-first-century scandals: self-dealing, insider buying and selling, accounting malpractice, and company investment of personal pleasures.After the Ball tells a story that riveted hundreds of thousands of american citizens a century in the past. Its issues are as clean this day as they have been in 1905: greed and chicanery, the improper love among fathers and sons, and contradictory American attitudes approximately wealth -- all unfolding opposed to a atmosphere of beauty, extra, and corrupting glamour.
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Additional info for After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905
As she turned toward her companions he saw that her plump bosom rose above a tiny waist. After the play, he discreetly followed her home and set out to discover who she was. Annie lived with her upper-middle-class parents, Mr. and Mrs. Simeon Fitch, in a charming limestone house at 6 East Thirty-sixth Street; they had enough common acquaintances that Henry soon found someone to introduce them, after which he courted her the way he did everything— with determination and contagious enthusiasm. They were married on March 29, 1864, and their ﬁrst baby, a girl named Annie, was born less than a year later.
Among the ﬁrst directors Henry added were such prominent international bankers as August Belmont, who came on in 1892, and the German-born Jacob Schiff of Kuhn, Loeb, who joined in 1893, and, as an Equitable director, sold the company bonds that Kuhn, Loeb was underwriting. Henry had cultivated an image for the Equitable that made it seem as ethical as a church. But true propriety eluded him, as it has so many others who believe they are ethical but can’t follow through. The ﬁnancial writer Michael Lewis asked rhetorically in a New York Times Magazine article in 2002, “Is it possible that scandal is somehow an essential ingredient in capitalism?
He appeared healthier than he had for months, but not quite like himself, as though he had been polished and the life had been scrubbed off. At least now his expression was peaceful. In the months before he ﬁnally succumbed to heart disease, he had been considerably disturbed in his mind. His agitation at the end had a darker quality than the disruptive but episodic depressions that had plagued him for decades. Something unﬁnished gnawed at him. ” But by the time James came home, Henry was too weak to start the training he had postponed.
After the Ball: Gilded Age Secrets, Boardroom Betrayals, and the Party That Ignited the Great Wall Street Scandal of 1905 by Patricia Beard