Insider information on Bankig System. Review on Moneychangers, The - Arthur Hailey

As any of Arthur Hailey’s readers would know that his works are very very informative and at the same time truly entertaining. Informative, because whatever topic(or should I say industry) he writes on, he gives us an educative piece on the “ins” and “outs” of the industry in detail. The author also sprinkles real world philosophies and principles with his interpretations of the industry. If you want to learn about an industry in a truly entertaining and with a free plot in it-go for Arthur Hailey.

Just like his other books, ‘The Money Changers” is again his work of detailed information on inside operations, underlying principles and to top it all an over-the-edge entertainer.

First Mercantile American(FMA) is the bank around which the plot is weaved. The bank’s president announces that because of the terminal illness he has, he will be dying shortly. With no clear successor to him, two of the best Vice-Presidents in the bank—Roscoe Heyward and Alex Vandervoort begin their struggle for the position.

Both are different in their own way. Roscoe is very good with people management and a “go-getter”, who wants financial success for the bank, more importantly financial success for himself, at the cost of the bank’s credibility.

Alex is not much of a people manager and therefore does not have an influence around him to support his succession to the President. However, his basic banking principles are strong and well grounded.

Here starts the tussle for power.

Roscoe believes in high-risk, high-gain, minus principles. According to Alex, keep the principles/ethics right, take calculated risk, and entitled gain will follow.

Roscoe gets involved in a high-profile business agreement with SuNatCo and is bribed(with share certificates and women) to get/approve a loan of$50 million, without disclosing the financial state of SuNatCo to FMA’s board. Alex is the sole opposition to this deal by Roscoe, but he hasn’t enough influence to veto the deal.

Before telling us what happens to the deal, the bank, and who succeeds the dead president, Arthur Hailey walks us through the banking world, like a tour guide.

As, plots are weaved in amid plots, the story gets entertaining. The author provides a detailed, very detailed description of— fake currency notes, ways of printing them, books that help print GOOD fake currency, fake credit cards, inflation in the U.S., origin of dollar, Keyne’s principles, bullion(gold) vs. dollar, relationship between trusts and banks, and many more topics surrounding the banking industry. The connection of the banking system and politics, and why the existence of even an inefficient banking system is crucial to a civilization’s being, is explained very well.

Although Arthur Hailey wrote the book in 1976, some of the principles and explanations hold good even to this day. This is amazing!

The climax is well written, with attention to detail, although the explanations of physical pain and agony are gory-the Hailey style. Towards the end, the personal conflict that one of the Vice-President goes through as to why he should assume the role of the president and why he should not, is a good read. Also, a 15-20 lines explanation on why investing in Gold is better that investing in dollars, is a great piece.

The novel is too good a read if you belong to the banking system, or even if you have just a savings account and/or a credit card.

Go for this!