Published by:
Harvard Business Publishing
Length: 5 pages
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Abstract
In his review of Phillip L. Zweig''s Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy, James Grant puts the career of Citibank''s longtime CEO into historical perspective. At the end of the last century, credit was a virtue to be cultivated. But by the time Walter Wriston became Citibank''s president in 1967, banking had changed. The Federal Reserve Act had given the United States a central bank, and the Federal Deposit Insurance Corp. protected depositors'' savings. In Wriston''s time, credit, far from being delicate, often appeared to be indestructible. Grant, who edits the respected Grant''s Interest Rate Observer, argues that credit is no longer an absolute virtue, like honesty, but an economic asset, like property, plant, or equipment.
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Abstract
In his review of Phillip L. Zweig''s Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy, James Grant puts the career of Citibank''s longtime CEO into historical perspective. At the end of the last century, credit was a virtue to be cultivated. But by the time Walter Wriston became Citibank''s president in 1967, banking had changed. The Federal Reserve Act had given the United States a central bank, and the Federal Deposit Insurance Corp. protected depositors'' savings. In Wriston''s time, credit, far from being delicate, often appeared to be indestructible. Grant, who edits the respected Grant''s Interest Rate Observer, argues that credit is no longer an absolute virtue, like honesty, but an economic asset, like property, plant, or equipment.