Brooks traces the evolution of investment banking from an era when the banks resembled gentlemen's clubs to the present organizations that seek profits in ways unimagined by the old timers. Underwriting securities with questionable debt, risk arbitrage, high stakes merger and acquisition deals, and trading have flourished in the Eighties. Brooks attempts to assess the consequences of these radical changes, but the ambitious scope of the book allows little time for reflecting on their impact. Though Brooks is not the first to observe that the Eighties are watershed years in the financial industry, the decade needs to come to a conclusive end before its history can be written. Meanwhile, this book gives some clues, and libraries serving specialists and informed lay readers will want it. Jospeh Barth, U.S. Military Academy Lib., West Point, N.Y.