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who controlled large amounts of money deposited in their banks by middle-class people. The heads of these banks, Brandeis pointed out, routinely sat on the boards of railroad companies and large industrial manufacturers of various products, and routinely directed the resources of their banks to
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Chapter V of the book ("What
Publicity Can Do") contains in its opening section a well-known line that has frequently been cited in support of regulation through disclosure obligations: "Sunlight is said to be the best of disinfectants; electric light the most efficient policeman."
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The book attacked the use of investment funds to promote the consolidation of various industries under the control of a small number of corporations, which
Brandeis alleged were working in concert to prevent competition. Brandeis harshly criticized
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promote the interests of their own companies. These companies, in turn, sought to maintain control of their industries by crushing small businesses and stamping out innovators who developed better products to compete against them.
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Brandeis supported his contentions with a discussion of the actual dollar amounts—in millions of dollars—controlled by specific banks, industries, and industrialists such as
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first published as a book in 1914, and reissued in 1933. This book is critical of banks and
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between 22 November 1913 and 17 January 1914, and were written before
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All the chapters of the book appeared as articles in
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The
Failure of Banker-Management (first appeared in
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Other People's Money and How the
Bankers Use It
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193:. New York: Frederick A. Stokes
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