Hetty : The Genius and Madness of America's First Female Tycoon

Rating:
Summary: Whatever else, she did it her way
Review: Hetty Green is commonly called the Witch of Wall Street and has the dubious distinction as being listed in the Guiness Book of World Records as a miser. While her frugality is well documented, a lot of her reputation for meanness is undeserved. Much of that is due to the fact that she was the only woman of that time who managed her own money and the fact that she was very successful in doing so. Unlike so many of her fellow superrich of the time, she did not flaunt her wealth, taking public transportation and living in a modest dwelling. Also, in direct contrast to many people of wealth and power, she did not care what others (her fellow rich) thought of her.
The most distinctive point regarding her life is the contrast between her and the male robber barons of her time. People such as Andrew Carnegie, Jay Gould, John D. Rockefeller and J. P. Morgan considered it their god-given right to exploit their workers and customers. Worker injury rates were high, work hours were long, and these men amassed massive fortunes on the backs of others. The fact that they spent millions for public works in their later years should not overshadow that fact. Furthermore, wealthy men often thought nothing of milking the public treasury and deceiving investors.
As Slack points out in great detail, Hetty was different, in that while she had a competitive fire that made her ferocious in her business dealings, it was reserved for her opponents. There were many times when she loaned money to public institutions at rates much lower than she could have otherwise earned. She single-handedly bailed the city of New York out several times, loaning money at an interest rate almost half the current rate. She personally financed the water works project of the city of Tucson, Arizona and she also loaned money to many churches. She was always fair in her dealings, as Slack puts it, "Although she could be ruthless in dealing with an enemy, she rarely if ever took the opportunity to kick a borrower when he was down." In no way could such a statement be made about the other, male icons of industry in the late nineteenth century. When the leader of one of her church debtors was in trouble and tried to shame her into forgiving the debt, many other church leaders rose to her defense, noting how much she had helped them and would continue to do so in the future.
Much has been made about how she refused to allow her son's leg to be cared for until she could find free medical care, and the delay led to it having to be amputated. As Slack so emphatically makes clear, this is false. Those who perpetuate the story have no knowledge of the primitive level of medical care at that time. Many doctors were incompetent and Hetty was aware of this. She was constantly shopping around for a cure, looking anywhere she might find one. The fact that her son Ned showed no animosity and followed so well in her footsteps is a tribute to her role as a mother and role model. While Ned did not share her tightness with a dollar, he was no incompetent spendthrift, becoming a powerful businessman in his own right. While he spent freely, it was from the income only and he did not touch the principal of his investments.
I am very glad that this book was written. I find it incredible that of all the very wealthy people of the late nineteenth century, Hetty Green suffers from one of the worst reputations. Although she had her faults, compared to what some of the others were doing at that time, she was a saint. Slack debunks many of the myths, although he pulls no punches, including what was most likely her attempt to commit murder. Hetty Green was the most powerful woman this country has had until very recent times and this is the story of how she lived her life. There is much to admire about the way she did it her way.

Rating:
Summary: More genius than mad
Review: Hetty Green was an outsider, a woman in the man's world of Wall Street in the latter 19th and early 20th centuries who was estimated to be worth $100m at the time of her death, or over $1.5bn in today's money.

Hetty became incredibly wealthy by following the "buy low, sell high" rule ruthlessly in real estate, bonds, and stocks. She is remembered as a miser, pedant, and grouch but this reflects the prevailing attitude of the times, where a woman doing the "dirty" work of investing and wealth creation was generally looked down upon.

This short and tidy synopsis of Hetty's life and times makes for great reading, covering the period 1830 to around 1920. The book seems very balanced, finding much good to say about Hetty but she is not idolized and her rough demeanor and pushy personality are evident. After reading this, I am convinced that Warren Buffett would have found her a very tough competitor.

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Summary: I LOVED THIS BOOK!! A MUST READ...INCREDIBLE BIOGRAPHY
Review: I would make this book required reading for students of American History. One single page can interest the reader to do more research. For instance, the whaling industry in the 1830's, historical homes to visit, a view of Wall Street so long ago...

The writing is excellent and I am an avid reader of biographies. I am also a daughter of a Wall Street stock broker. I had heard of the infamous Hetty Green; the "Witch of Wall Street". And to think.. someone finally wrote a book...WOW!

I grabbed the book off the shelf at Barnes & Noble and was not dissappointed. Excellent writing. So well written.. Three cheers for the author. I am grateful that somone wrote a book on this incredible woman. Now I know more about her. Facinating...