The Moneychangers
Encyclopedia
The Moneychangers is a 1975
novel written by Arthur Hailey
. The plot revolves around the politics inside a major bank
.
, although it is located in an unnamed Midwestern city) is about to become vacant due to the terminal illness of Ben Roselli, the incumbent chief, whose grandfather founded the bank. Two high-ranking executives groomed for the succession begin their personal combat for the position. One, Alex Vandervoort, is honest, hard-charging, and focused on growing FMA through retail banking and embracing emerging technology; the other, Roscoe Heyward, is suave, hypocritical, and skilled in boardroom politics, and favors catering more to business than to consumers.
As readers increasingly appreciate Vandervoort, the protagonist
, they learn of his troubled personal life. His advancement in banking circles has come as his marriage is failing; his wife is confined to a psychiatric facility. Vandervoort is shown as having developed a relationship with Margot Bracken, who is depicted as a radical
attorney and political activist many years his junior; her attitudes sometime conflicts with Vandervoort's role at FMA. Meanwhile, Vandervoort's antagonist
, Hayward, is depicted as a devout Episcopalian who strives to maintain an air of personal integrity and morality, only to slowly sacrifice them both in his pursuit of the presidency of FMA.
As these men pursue their battle for the soon-to-be-vacant position of CEO, various issues involving the banking industry, such as credit card fraud
, embezzlement
, inflation
, subprime lending
, and insider trading
are discussed. First Mercantile American is eventually revealed to have a doppelganger
in the form of an organized crime family.
The fight for control of the bank continues under the darkening clouds of an approaching economic recession
. One of the two CEO contenders is brought down for his role in making a large loan to a dishonest multinational conglomerate
(loosely based on International Telephone and Telegraph) that goes into default. The ensuing scandal causes panic among depositors, shareholders, and employees, with the perpetrator committing suicide
rather than face the consequences of his actions. The other candidate assumes the position of CEO of the half-ruined bank.
that began in the 1980s. Under current conditions it is difficult to believe that a maimed bank, as First Mercantile American is described as being by the end of the book, could continue in business as an independent firm. Likewise, the novel predates the technological revolution and its effect on the financial services sector, with computers replacing the personal contact that characterized banking relationships when the book was written. For example, one of the book's characters is a savvy investment advisor who writes a high-priced newsletter that is typewritten and mailed to subscribers. With the technology of today, this same newsletter would be a website with the creator having a cable TV show or webcast to disseminate his advice.
.
1975 in literature
The year 1975 in literature involved some significant events and new books.-Events:* August 12 — with the 20-year time limit stipulated by Thomas Mann at his death having expired, sealed packets containing 32 of the author's notebooks were opened in Zurich, Switzerland.* Writing under the...
novel written by Arthur Hailey
Arthur Hailey
Arthur Hailey was a British/Canadian novelist.- Biography :Born in Luton, Bedfordshire, England, Hailey served in the Royal Air Force from the start of World War II during 1939 until 1947, when he went to live in Canada. Hailey's last novel, Detective , is a mystery told from the perspective of a...
. The plot revolves around the politics inside a major bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
.
Plot summary
As the novel begins, the position of CEO of one of America's largest banks, First Mercantile American (very loosely based on the Bank of AmericaBank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, although it is located in an unnamed Midwestern city) is about to become vacant due to the terminal illness of Ben Roselli, the incumbent chief, whose grandfather founded the bank. Two high-ranking executives groomed for the succession begin their personal combat for the position. One, Alex Vandervoort, is honest, hard-charging, and focused on growing FMA through retail banking and embracing emerging technology; the other, Roscoe Heyward, is suave, hypocritical, and skilled in boardroom politics, and favors catering more to business than to consumers.
As readers increasingly appreciate Vandervoort, the protagonist
Protagonist
A protagonist is the main character of a literary, theatrical, cinematic, or musical narrative, around whom the events of the narrative's plot revolve and with whom the audience is intended to most identify...
, they learn of his troubled personal life. His advancement in banking circles has come as his marriage is failing; his wife is confined to a psychiatric facility. Vandervoort is shown as having developed a relationship with Margot Bracken, who is depicted as a radical
Political radicalism
The term political radicalism denotes political principles focused on altering social structures through revolutionary means and changing value systems in fundamental ways...
attorney and political activist many years his junior; her attitudes sometime conflicts with Vandervoort's role at FMA. Meanwhile, Vandervoort's antagonist
Antagonist
An antagonist is a character, group of characters, or institution, that represents the opposition against which the protagonist must contend...
, Hayward, is depicted as a devout Episcopalian who strives to maintain an air of personal integrity and morality, only to slowly sacrifice them both in his pursuit of the presidency of FMA.
As these men pursue their battle for the soon-to-be-vacant position of CEO, various issues involving the banking industry, such as credit card fraud
Credit card fraud
Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also...
, embezzlement
Embezzlement
Embezzlement is the act of dishonestly appropriating or secreting assets by one or more individuals to whom such assets have been entrusted....
, inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
, subprime lending
Subprime lending
In finance, subprime lending means making loans to people who may have difficulty maintaining the repayment schedule...
, and insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
are discussed. First Mercantile American is eventually revealed to have a doppelganger
Doppelgänger
In fiction and folklore, a doppelgänger is a paranormal double of a living person, typically representing evil or misfortune...
in the form of an organized crime family.
The fight for control of the bank continues under the darkening clouds of an approaching economic recession
Recession
In economics, a recession is a business cycle contraction, a general slowdown in economic activity. During recessions, many macroeconomic indicators vary in a similar way...
. One of the two CEO contenders is brought down for his role in making a large loan to a dishonest multinational conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
(loosely based on International Telephone and Telegraph) that goes into default. The ensuing scandal causes panic among depositors, shareholders, and employees, with the perpetrator committing suicide
Suicide
Suicide is the act of intentionally causing one's own death. Suicide is often committed out of despair or attributed to some underlying mental disorder, such as depression, bipolar disorder, schizophrenia, alcoholism, or drug abuse...
rather than face the consequences of his actions. The other candidate assumes the position of CEO of the half-ruined bank.
Real-life background
The Moneychangers was written before the wave of USA bank mergersMergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
that began in the 1980s. Under current conditions it is difficult to believe that a maimed bank, as First Mercantile American is described as being by the end of the book, could continue in business as an independent firm. Likewise, the novel predates the technological revolution and its effect on the financial services sector, with computers replacing the personal contact that characterized banking relationships when the book was written. For example, one of the book's characters is a savvy investment advisor who writes a high-priced newsletter that is typewritten and mailed to subscribers. With the technology of today, this same newsletter would be a website with the creator having a cable TV show or webcast to disseminate his advice.
On television
A television miniseries bearing the same name and based on the novel was broadcast in 19761976 in television
The year 1976 in television involved some significant events.Below is a list of television-related events in 1976.-Global television events:*The Olympics, broadcast from Montreal, Canada, draw an estimated one billion viewers worldwide....
.