Paul Volcker

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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: The Making of a Financial Legend 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 through his appointments to the New York Federal Reserve Bank, the Federal Reserve, and James D. Wolfensohn, Inc., this inspiring book captures the significant moments in Volcker life and explores the ethical, economic, and moral dilemmas he faced at every turn.

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Joseph B. Treaster

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"This new biography of Paul Volcker.... Adds colour andpersonality to a figure who often came across to the general publicas a 'cold and arrogant numbers cruncher.'"(CFO Europe, July 2004) It may be hard to remember that the chairman of the FederalReserve Board can be reviled as well as revered. But witness thetenure of Paul Volcker, Alan Greenspan's predecessor, whose tougheconomic policies halted the runaway inflation that staggered theAmerican economy in the late 1970's and early 80's. Even so,Volcker's engineering of ever higher interest rates cost millionsof Americans their jobs. (Embittered Democrats would includePresident Jimmy Carter among the victims.) In ''Paul Volcker: TheMaking of a Financial Legend,'' Joseph B. Treaster, a financialreporter for The New York Times, has written something of a mashnote to the retired Fed chairman, a slim biography that laudsVolcker's steadfastness in applying the economic shock therapy thatlaid the groundwork for the boom years in the 1990's. Treasteroffers little in the way of new policy history; William Greider's''Secrets of the Temple'' (1988) provides a much more comprehensiveand skeptical account of Volcker's tenure at the Fed. WhereTreaster does break ground is in his personal portrait. Volckercould appear insensitive in public, but Treaster enters into hisfamily life as well; particularly touching is Volcker'srelationship with his son, who has cerebral palsy.Treaster'sdepiction of Volcker's honesty and resilience highlights someattributes that American policy makers should keep in mind as theGreenspan era draws to a close. ALEXANDRA STARR (New York TimesBook Review, May 23, 2004)
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