Paul Volcker

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The compelling story of one of finance's living legends As the Chairman of the Federal Reserve from 1979 to 1982, Paul Volcker established himself as one of the most influential economic thinkers. Currently a major advocate for corporate governance and accounting reforms, Volcker's reputation as a great business leader with uncompromising ethics continues to this day. Written by award-winning New York Times journalist Joseph Treaster, Paul Volcker takes readers through the most compelling moments of this legend's life in private and public service. From his early days as a young Treasury Department official during the Nixon years grappling with international economic affairs through his appointments as President of the New York Federal Reserve Bank, Chairman of the Federal Reserve, Chairman of James D. Wolfensohn, Inc., and his work in recovering money from Holocaust-era bank accounts in Switzerland, this book explores the ethical, economic, and moral dilemmas Volcker faced at every turn. Treaster captures many of the significant moments in Paul Volcker's life, including his friendship with David Rockefeller who hired him as Vice President for International Business at Chase Manhattan; his leading role as Treasury Department undersecretary in ending the Bretton Woods system; his appointment to Chairman of the Federal Reserve by President Jimmy Carter and later by President Ronald Reagan; and his campaigns for changes in corporate governance and accounting. Joseph B. Treaster (New York, NY), a prizewinning reporter for the New York Times for more than 25 years, began his career with the Times as a foreign correspondent in Southeast Asia and has reported from dozens of countries. Treaster currently writes lead stories in economics, business, and finance for the Times.

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Joseph B. Treaster

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"This new biography of Paul Volcker. Adds colour and personality to a figure who often came across to the general public as a 'cold and arrogant numbers cruncher.'" (CFO Europe, July 2004)It may be hard to remember that the chairman of the Federal Reserve Board can be reviled as well as revered. But witness the tenure of Paul Volcker, Alan Greenspan's predecessor, whose tough economic policies halted the runaway inflation that staggered the American economy in the late 1970's and early 80's. Even so, Volcker's engineering of ever higher interest rates cost millions of Americans their jobs. (Embittered Democrats would include President Jimmy Carter among the victims.) In ''Paul Volcker: The Making of a Financial Legend,'' Joseph B. Treaster, a financial reporter for The New York Times, has written something of a mash note to the retired Fed chairman, a slim biography that lauds Volcker's steadfastness in applying the economic shock therapy that laid the groundwork for the boom years in the 1990's. Treaster offers little in the way of new policy history; William Greider's ''Secrets of the Temple'' (1988) provides a much more comprehensive and skeptical account of Volcker's tenure at the Fed. Where Treaster does break ground is in his personal portrait. Volcker could appear insensitive in public, but Treaster enters into his family life as well; particularly touching is Volcker's relationship with his son, who has cerebral palsy.Treaster's depiction of Volcker's honesty and resilience highlights some attributes that American policy makers should keep in mind as the Greenspan era draws to a close. ALEXANDRA STARR (New York Times Book Review, May 23, 2004) "This new biography of Paul Volcker. Adds colour and personality to a figure who often came across to the general public as a 'cold and arrogant numbers cruncher.'" (CFO Europe, July 2004)"Treaster's depiction of Volcker's honesty and resilience highlights some attributes that American policy makers should keep in mind as the Greenspan era draws to a close." (New York Times Book Review, May 23, 2004)
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