The Bankers: The Next Generationby Martin Mayer
Twenty-two years ago, Martin Mayer's original and bestselling The Bankers took readers into every corner of the banking industry. Since then, everything to do with money and banking has changed dramatically. Computer-driven data processing has led to new kinds of financial instruments, new opportunities for profit and loss, new relations between banks and their customers, and new affiliation between government and banks. Businessmen and householders need a new road map to banks' new abilities, challenges, and pitfalls. Mayer's completely new, completely rewritten 1997 edition on banking's immensely changed world answers that need. Among the many subjects explored in this timely book are:
- The extremely fluid nature of money in an electronic age
- The changing economic role of banks and other financial service institutions
- The perilous voyages of today's banks on seas of computerized trading
- The two-trillion-dollar-a-day flow of wholesale payments
- The explosive growth and use of credit cards and ATM machines
- The rapidly arriving world of "smart cards" and "internet banking."
- Martin Mayer is the most widely recognized name in banking and finance.
- The Bankers hardcover edition hit the bestseller lists of Business Week and the San Francisco Chronicle.
Before assessing the past, present, and future of banking, the author assesses the nature of money, a demanding task that nonetheless permits him to examine the role commercial banks play in the way debts were, are, and could be paid. Moving on to ATMs, so-called smart cards, and the Internet's boundless potential, he documents why even multinational banks have good reason to fear problem-solving enterprises like Microsoft that have been poaching on their hitherto protected precincts. Mayer next evaluates the decline of bank lending, a drop that occurred despite mergers which have created regional and national powerhouses. He also offers an astute appreciation of the concurrent trend to gamble in futures trading, a high-stakes zero-sum game in which risky derivative instruments are trumps. Having reviewed the sudden death of the UK's venerable Barings Bank (to date, the highest profile casualty of casino capitalism), the author casts a cold eye on the S&L disaster in America. From this sore subject, he segues gracefully into a detailed appraisal of the many agencies that regulate the domestic banking industry in one way or another. In a concluding chapter, Mayer ventures provocative opinions on the successful efforts of the Federal Reserve System (which has a vested interest in sorting checks) to stymie private-sector rivals eager to establish a utility-like clearinghouse system that would offer universal access (at reasonable rates) to individuals and entities needing to transfer money in or out of the country.
Engrossing and perceptive perspectives on developments that could signal the twilight of traditional over-the-counter banking.
- Penguin Publishing Group
- Publication date:
- Product dimensions:
- 6.37(w) x 9.33(h) x 1.61(d)
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