Robert P. Bremner

Well Mr. Bremner, just why did you write this book?

My chance meeting with Martin on a tennis court in 1965 initiated a periodic conversation that lasted 30 years. About ten years ago, I became upset that his remarkable life was going into the dustbin of history. Martin's career tells us a lot about the evolution of the U.S. financial system and, more importantly, Martin's personal qualities of integrity, determination, independence, and humility have much to teach today's readers about real leadership in trying times.

Why should we be interested in Martin's life today?

Martin brought historic reform to two of the pillars on which the U.S. financial system rests: the New York Stock Exchange (NYSE) and the Fed. The U.S. financial markets are currently engaged in another period of reform and we can certainly learn something by studying prior reform efforts.

Martin's reform philosophy is a useful framework for looking at financial regulation. He believed that regulators had to understand the way the financial system actually worked as well as the economics of the market place and that regulators had to consider those realities in designing new rules. He suppported self-regulatory organizations because those regulators were close to the action in the marketplace and could respond quickly to problem behavior. He believed in free markets and that regulators should limit those rules or regulatory interventions that inhibited market forces. He supported using computer technology to improve the efficiency and transparency of the financial markets. Finally, he believed that strong regulatory institutions, rather than additional legislation, were the most effective way to regulate the constantly evolving financial system.

Finally, Martin was a remarkably humane and humble leader. The outflow of goodwill that followed the death of President Reagan is a reminder that the personal character still matters. Martin and Reagan shared many characteristics: Martin knew that today's opponents could be tomorrow's allies; that humor and humility could help when all else failed; Martin accepted responsibility and admitted error. In an age when these virtues seem old-fashioned, it is worthwhile to see how well these issues of character can serve a leader.

Please open the interview file for more.