Inside Money

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From an acclaimed historian and financial analyst comes the definitive history of the legendary private investment firm Brown Brothers Harriman, revealing its role in the rise of the American Establishment. Throughout the 19th century, amid financial panics, Brown Brothers thrived, supporting the US financial system during critical moments and facilitating booms in various industries while maintaining a low profile. By the early 20th century, the firm was central to the American Establishment, collaborating closely with the State Department, notably in Nicaragua during the 1910s when it effectively took control of the nation’s economy. The Browns viewed themselves as virtuous, backing elite institutions that shaped generations of leaders. The merger with Averell Harriman's investment bank during the Great Depression solidified its influence, positioning the firm as a key player in World War II and beyond. Core leaders, including Harriman, Robert Lovett, and Prescott Bush, all tied to Yale's Skull and Bones, were instrumental in establishing the postwar order centered around the US dollar. In this work, Zachary Karabell provides an unprecedented look into this private institution, showcasing its significant impact on American history from 1818 to the present, supported by full access to the company’s archives.