American Rascal is written by Greg Steinmetz. This is a biography of Jay Gould. He is not someone that I am familiar with. However, the author does a great job bringing his story to life. I love that he came from a poor family. I am always fascinated to how people have overcome so many challenges.


The author has done careful research, and I learned a lot. Thank you to the author, publisher and NetGalley for allowing me to read a copy of this book. All thoughts are my own.

Let’s get one thing clear: I know nothing about how financial markets work. I had to look up what the terms “bull” and “bear” meant (something to do with looking up and looking down apparently). I can’t describe what it means to “short” a stock. And yet I found Greg Steinmetz’s book on Jay Gould fascinating and totally accessible to readers such as myself.
Gould’s riches came at the height of the Gilded Age. He started life humbly enough, working hard to make money in the blacksmithing and tanning industries, and taught himself additional skills such as surveying and map making. He built his wealth gradually in these industries but moved into the railroad business courtesy of his father-in-law. From then it appears he never looked back, especially once he discovered the power and thrill of investing. Ten years after his first railroad investment, Gould and his co-conspirators caused a gold panic which undermined President Grant’s Washington Administration. Gould not only avoided being wiped out financially, he avoided judicial penalties also even though other speculators were ruined due to his actions.
From then on, Gould increased his activities in the railroad industry. Steinmetz carefully explains the Erie War, and how Gould engaged in a fight against Cornelius “the Commodore” Vanderbilt. Vanderbilt had wanted to build a railroad empire, but Steinmetz shares how Gould thwarted him through the continual issuance of stock. Gould was eventually forced to relinquish control of the Erie Railroad, which eventually went bankrupt, but this was only the beginning of Gould’s railroad adventures. Steinmetz’ description of Gould buying up all the railroads reminded me of a Monopoly player going on a spree around the gameboard; buying everything in sight before anyone else could and getting to the point where his competitor realized there was no point in buying what was left.
Throughout the book, however, Steinmetz insists that much of what Gould did was legal. His actions might not have been moral or ethical, but the country’s relaxed laws of the time meant that he wasn’t committing any crimes and couldn’t be charged let alone convicted. Instead, the current United States financial laws could be said to have developed due to Gould’s actions, and Steinmetz concludes that maybe we’d all be better off without the stringent market protections of today. I’m not sure I agree with him, even with his examples of Enron and other frauds, but at least I could understand why he might feel like this in light of the life of Jay Gould.

Disclaimer: Although I received an electronic copy of this book from the publisher, the opinions above are my own.

If you are looking for a good description of what Jay Gould did to amass his fortune, this book is for you. Gould began by making maps as a teenager. He proved himself a hard worker in the leather tanning business. He then graduated to using shady tactics to manipulate the stock market. I use the term shady instead of illegal because at the time most of the tactics he used were not illegal. Insider trading, whispers planted in media, manipulating the market. The more things change, the more they stay the same.

I read this as a demonstration of what of what crimes you can commit when you own the right public officials (looking at you the 2022 Manhattan District Attorney).

3 Stars

An interesting, detailed life of one of the infamous robber barons of the Gilded Age. Jay Gould tends to be portrayed as a scheming, greedy person. Author Greg Steinmetz does an admirable of humanizing him. You come away realizing that he wasn't so much a schemer as he was very enterprising. It's also clear that in the mid to late 1800s, ruthlessness was the name of the game in the business world. Without it, there wouldn't have been such a fascinating Gilded Age society to read about over and over again. Definitely recommended reading for Gilded Age fans.
Thanks to NetGalley and Simon & Schuster for this ARC, which I voluntarily read and reviewed.

If you thiink you know a lot about Jay Gould, think again. This book will take whatever opinions you have about this amazing man and turn them on their heels,