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John F. Wasik
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The Merchant of Power: Sam Insull, Thomas Edison, and the Creation of the Modern Metropolis Kindle Edition

by John F. Wasik (Author) Format: Kindle Edition
4.2 out of 5 stars 44 ratings
A “brilliant” account of an American mogul who inspired Citizen Kane “brings Insull back to complicated life . . . should revive interest in a forgotten giant” (Chicago Sun-Times).

A timely rags-to-riches story, The Merchant of Power recounts how Sam Insull—right hand to Thomas Edison—went on to become one of the richest men in the world, pivotal in the birth of General Electric and instrumental in the creation of the modern metropolis with his invention of the power grid, which still fuels major cities today. John Wasik, awarded the National Press Club Award for Consumer Journalism, had unprecedented access to Sam Insull’s archives, which include private correspondence with Thomas Edison. The extraordinary fall of a man extraordinary for his time is revealed in this cautionary tale about the excesses of corporate power.

“[A] focused look at one of the most interesting historical figures you’ve never heard of . . . fascinating.” —Fortune

“Does a fine job of telling the early story of utilities, moguls and scandal.” —Chicago Tribune

“I found the work of John Wasik not only personally enthralling but an informal history of that traumatic time.” —Studs Terkel, Pulitzer Prize–winning author of The Good War

“[A] bittersweet biography of one of the titans of American industry, business and finance . . . Highly readable.” —Fort Worth Star-Telegram

“A complex man whose life and times makes worthwhile reading.” —Publishers Weekly

“Wasik [has] taken his cue from current corporate scandals such as Enron and WorldCom in deciding to pluck Insull from semiobscurity, as many of Insull’s contemporaries (including FDR) believed him to be guilty (he was acquitted) of orchestrating the first large-scale corporate deception.” —Library Journal
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  1. Print length
    287 pages
  2. Language
    English
  3. Publisher
    St. Martin's Press
  4. Publication date
    June 30, 2015
  5. File size
    1.9 MB
  6. Page Flip
    Enabled
  7. Word Wise
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  8. Enhanced typesetting
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Editorial Reviews

From Publishers Weekly

Sam Insull is the forgotten energy tycoon of the early 20th century. As Wasik, a columnist for Bloomberg News, relates, Insull came to America from England in 1881 with $200 in his pocket to be Thomas Edison's private secretary and died in a Paris metro station in 1938 with 84 cents in his pocket. In between, he helped Edison light up New York and moved to Chicago, where he built a corporate empire that raised his personal worth to over $150 million ($1.7 billion in today's dollars); then he lost everything in the Great Depression. The collapse of his companies made him the bête noire of thousands of his now destitute Chicago shareholders and, according to the author, a model for Orson Welles's Citizen Kane. Wasik notes that Insull was instrumental in two fundamental shifts in American history: first, his innovations in the delivery of electric power made possible the consumer age; second, the failure of his financial empire became a basis for the New Deal laws that now govern much of corporate America. Wasik writes well, and Insull is a complex man whose life and times make worthwhile reading. B&w photos. (Mar. 16)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

"Brilliant . . . brings Insull back to complicated life, and should revive interest in a forgotten giant."--Chicago Sun-Times "[A] focused look at one of the most interesting historical figures you've never heard of . . . a fascinating cautionary tale."--Fortune "Does a fine job of telling the early story of utilities, moguls and scandal."--Chicago Tribune "One of the most magnetic and powerful con artists of the Great Depression was Sam Insull. Patron of the arts, philanthropist and Thomas Edison's right hand, he shafted thousands of investors large and small. . . . I found the work of John Wasik not only personally enthralling but an informal history of that traumatic time."--Studs Terkel "[A] bittersweet biography of one of the titans of American industry, business and finance . . . Highly readable. . . ."--Fort Worth Star-Telegram "Wasik writes well, and Insull is a complex man whose life and times makes worthwhile reading."--Publishers Weekly
"Bloomberg News columnist John Wasik points out in a new biography, Merchant of Power, Insull started as the financial manager for a big man--not Ken Lay, but Thomas Edison. . . ."--The New York Sun
"Wasik [has] taken his cue from current corporate scandals such as Enron and WorldCom in deciding to pluck Insull from semiobscurity, as many of Insull's contemporaries (including FDR) believed him to be guilty (he was acquitted) of orchestrating the first large-scale corporate deception."--Library Journal

Product details

  • ASIN ‏ : ‎ B00XTZ693K
  • Publisher ‏ : ‎ St. Martin's Press (June 30, 2015)
  • Publication date ‏ : ‎ June 30, 2015
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 1.9 MB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 287 pages
  • Customer Reviews:
    4.2 out of 5 stars 44 ratings

About the author

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John F. Wasik

John F. Wasik

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I am the author of 19 books, including "Lincolnomics" and "Lightning Strikes: Timeless Lessons in Creativity from the Life and Work of Nikola Tesla." I've also contributed to The New York Times, Forbes, Real Clear Investigations, The Wall Street Journal, Reuters, Bloomberg and several other international publications.

My latest book answers the question: "What would Abe Lincoln think about economic progress today?" I view his life through the lens of infrastructure, education, prosperity and equality. This unique new biography examines one of our greatest presidents in the time of COVID, BLM, climate change and a need for repairs and healing on every level.

As a professional speaker, I've addressed tens of thousands: I have spoken about creativity, technology, history, investing and innovation across North America.

See my piece on Tesla in the New York Times:

https://www.nytimes.com/2017/12/30/technology/nikola-tesla.html?_r=0. Also see my piece in The Wall Street Journal: https://www.wsj.com/articles/lessons-from-tesla-the-man-not-the-car-1536950021

Customer reviews

4.2 out of 5 stars
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Customers find the book well-written and extremely informative.

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5 customers mention "Readability"5 positive0 negative

Customers find the book highly readable, with one describing it as a stunning read from start to finish.

"...This book gives a great description of Insull's life, achievements, and pitfalls...." Read more

"Well done." Read more

"...Adequately written, it makes a fast read while skimming breezily over many historical facts and mis-representing others...." Read more

"...Stunning, stunning read. Loved the history of the financial crisis of the period, and Wasik makes the dry subject of finances fantastically exciting.!" Read more

4 customers mention "Information quality"4 positive0 negative

Customers find the book extremely informative, with one customer particularly appreciating its detailed description of Insull's life.

"...It was very informative from Insull's start with Edison to his fall from the top of the business world...." Read more

"...From the completely other side, this book makes few great points...." Read more

"...That being said, it provides a little insight into how crooked the electric business was before federal regulation rescued America from predators..." Read more

"Extremely informative . Tells the true story of a man who many today have never heard of and helped change the world as we know it." Read more

Top reviews from the United States

  • jay gearing
    5.0 out of 5 stars The one you have never heard of
    Reviewed in the United States on May 15, 2013
    Verified Purchase
    This book was great from start to finish. Being in cloud computing and all the talk with the comparison to being a commodity such as electricity, I found myself searching for more on the creation of the commodity we are all plugged into. This book gives a great description of Insull's life, achievements, and pitfalls. It was very informative from Insull's start with Edison to his fall from the top of the business world. If you are looking for a comprehensive bio on Insull this is the book for you.

    I wasn't up to speed on his dimise. However this book goes into great detail on how he lost everything and why. I found it quite interesting that this man who created the modern world as we know has been left out of so many history books, life lessons, and business mishaps. I actually found myself resenting FDR through out the final chapters with his witch hunt of Insull and his associates. I just hope I can find a book on Telsa that is this informative.
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  • Mark Borton
    4.0 out of 5 stars Quite a story. Complex character
    Reviewed in the United States on July 25, 2019
    Verified Purchase
    Well done.
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  • Goodsq
    5.0 out of 5 stars History repeats itself
    Reviewed in the United States on January 6, 2009
    Verified Purchase
    One of the most striking aspects of this book is the rare coincidence it draws with the current market turmoil with that of the great depression and the exuberance which led it all.

    The background of this book is set on a character, Sam Insull, who unfortunately got completely buried in the history. His ordinary demeanor, shroud business acumen and stunning entrepreneurship was so remarkable that it made the DOW to melt (to 56 points) in 1929 and forced Fed to institute SEC in 1934. This SEC is the same foundation on which modern financial structure is based and is subject of so much debate. After reading this book, you can almost relate what Obama means when he says, "...this 19th century financial system needs to change to reflect 21st century needs... (Not verbatim)".

    From the completely other side, this book makes few great points. This book examines two completely different personalities -- one, of an inventor (Thomas Edison) and second an innovator (Sam Insul). And makes it clear that inventions are not innovations. In a subtle manner it also draws a point that certain kind of innovations only leads towards disaster, hence, not all innovations are equal (or good). It tells us innovations can cause "market value" to completely evaporate - in other terms - creative destruction.

    If you happen to wonder -- what is the structure of our corporate financing and what value it adds to the system, OR how we got into the situations where we are today (with our credit crisis), OR if you really wonder the ingenuity and geniuses of this country (in other words, "land of opportunity") this is surely a book for you (without any pun intended).

    Based on your gut feel, after you have read this book, you may end up forming opinion about what (and how much) to regulate about the current system. But it will surely give you hope that we will definitely come out of the current crisis, with macho smart and much more confident. You will know that this is not the end of the world and that show-must-surely-go-on. Because, nothing-lasts-forever and history-repeats-itself ;-)

    Amen!
    Pradyot Rai
    The Merchant of Power: Sam Insull, Thomas Edison, and the Creation of the Modern Metropolis
    2 people found this helpful
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  • Brian F. Close
    3.0 out of 5 stars Little new
    Reviewed in the United States on December 19, 2019
    Verified Purchase
    The Forrest MacDonald bio from 1958 is much better
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  • John
    5.0 out of 5 stars Great Book
    Reviewed in the United States on March 31, 2022
    Verified Purchase
    An excellent blend of historical fact and engaging narrative. While it is the story of Samuel Insull’s life, it is really the story of America — from the lighting of the first lightbulb in Edison’s labratory to energy trusts and the birth of modern energy superconglomerates. It tells the story of a changing America that is amazing prescient to this day.
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  • electricamerman
    5.0 out of 5 stars Skip it. Better info is available elsewhere
    Reviewed in the United States on June 4, 2015
    Verified Purchase
    My opinion is that the author has a skewed viewpoint and treats this infamous greed-monger as some kind of capitalist hero. That being said, it provides a little insight into how crooked the electric business was before federal regulation rescued America from predators like INSULL. Adequately written, it makes a fast read while skimming breezily over many historical facts and mis-representing others. If I hadn't bought this used for pennies on the dollar I'd be upset.
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Top reviews from other countries

  • garret seinen
    4.0 out of 5 stars Sam Insul, vindicated
    Reviewed in Canada on December 1, 2023
    Verified Purchase
    A very fair treatment of a much maligned genius. Sam Insul was possibly the most farsighted individual involved in electrical power generation, taking the field from tiny regionally limited energy to our modern electrical grid.

    In all, a good read with two caveats … he praises FDR, a man for whom I hold no admiration and he has drunk the green cool aid. That he is irrational on nuclear electrical power is also regrettable.
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