Into Russia's Cauldron: An American Vision, Undone

Into Russia’s Cauldron is an amazing story of a pivotal time in world history. The clash of capitalism and communism is brought to life as Russia convulsed through WWI from a monarchy into revolution. As told by an eye witness “on the ground” as events unfolded makes this an even better book. Leighton Rogers, an American thrust into the middle of these events is an incredible, accidental journalist, cataloging the efforts by National City Bank (Citibank) to bring US banking to Russia in a very troubled time. But Rogers is much more than someone simply recording what was happening around him in an incredible time, he is an historian, philosopher and moralist. He tells his tale with an eye on the past, present and future. And he does so with a sense of dignity and a sense of humor.The book’s author, Steven Fisher has done us all a favor by uncovering Rogers’ journal. Fisher expertly sets the stage for each section by giving historical background for the events as they unfold. Fisher obviously knows his stuff and his notes are a helpful addition to Rogers’ story. The combination of Rogers’ journal and Fisher’s additions make this a riveting, informative and enjoyable book.This book would be of interest to anyone who likes to read about history, Russia, the Russian revolution, international banking, WWI, or the birth of Communism.

Totally riveting! Leighton Rodgers writes so vividly I can imagine every detail. I can see this as a period film, which I hope will happen soon specifically as it is about the Russian-US financial relationship, which is so relevant given current events. Steve Fisher's meticulous and timely notes and footnotes makes it an even easier and more pleasurable read. Love the book

Steven Fisher’s Into Russia’s Cauldron is a gripping, expertly researched and crisply and stylishly written chronicle of the Russian Revolution, as seen through the eyes of Leighton Rogers, a twenty-three year-old Dartmouth College graduate. Rogers signed up with National City Bank (now Citibank) to work in Petrograd, the capital of the Russian Empire, only to arrive to find the city tottering on the edge of revolutionary abyss. Rogers kept a journal and eloquently recorded everything he saw and experienced on Petrograd’s anarchic streets. Fisher expertly weaves Rogers’ vivid journal entries with a wide range of primary and secondary sources, including the memoirs and private letters of many of Rogers’ colleagues and contemporaries who shared his revolutionary experience in Petrograd, as well as contemporary magazine and newspaper articles, diplomatic correspondences and established historical research. Leighton Rogers’ journal, transcribed in full in Fisher’s book and published for the first time, reads like a thriller, if not like watching a film being shot live. I visualized a new companion to the film, Reds, with Warren Beatty.Petrograd in early 1917 was a petri dish for revolution. Russia was suffering tremendously in World War I. Horrific military losses, low morale at the war and home fronts, endless queues for food and daily provisions, continual worker demonstrations and strikes, price inflation and constant unresolved political quarrelling created the spark to bring down the corrupt and weak imperial regime of Tsar Nicholas II. The March Revolution finished the floundering Russian Empire but social, economic and political instability continued to plague Russia. The Bolshevik Revolution in November 1917 put an end to Russia’s fledgling and struggling experiment in democracy. Chaos, terror and misery followed.National City Bank, and many other foreign investors, saw Russia as the next brilliant economic frontier to conquer. Leighton Rogers signed on for that vision. But war, revolution, and Bolshevism swiftly and definitively dashed those dreams. It is fascinating to learn how Leighton Rogers experienced the Russian March and November revolutions at ground-zero, and follow his efforts to understand the mentality of Russians, their customs and their daily struggles during such an unprecedented tumultuous time. Reading Rogers’ account, I could understand how it felt to live in Russia at that time and I was surprised at how very few saw what was coming, including prominent foreign residents in Petrograd such as the American ambassador, David Francis, the British ambassador, Sir George Buchanan, and the French ambassador, Maurice Paléologue.Steven Fisher’s book is a fascinating and a riveting description of a revolutionary drama as it unfolded, packed in an engrossing and fast-moving narrative. After reading this book, I have a much better understanding of the day to day events associated with the revolutions in Russia. The book also includes a street map of Petrograd, as it was in 1917, indicating all the major sites of the city in addition to Leighton Rogers’ favorite locales and a map detailing his journey to, and escape from, Russia.I highly recommend this book to anyone interested in Russia, and everyone seeking an exciting real-life drama.

When one thought that there was not much else to learn about the Russian revolution, there came the diary of Leighton Rogers, a young American banker thrusted in the thick of the events in revolutionary Russia. His captivating, earnest, and at times humorous account is a counterpoint to the impressions of another young American, John Reed and his well-known account of the revolution in Ten Days That Shook the World. Reed was a romantic and a Communist who enthusiastically supported the Bolshevik revolution. Rogers’ diary, by contrast, is an account of a clear-eyed and exceptionally mature young man, who can observe as well as he can write. In the end, it is Rogers who was proven right about the nature of the Bolshevik regime and its fate. We should be grateful to Steven Fisher for finding, transcribing, and making available to the public this long-forgotten and valuable diary.

Into Russia’s Cauldron is well written and great reading about history, geopolitics and how Citi Bank did business in Russia. It’s fascinating to read about the days of Russian revolution and how a small group of gutsy staff run the banks business in Russia in 1917.Steve did a great job researching and documenting the events of the days. The book is especially relevant in todays events; history is about to be repeated, it is definitely worth reading if you are into history and adventure.I especially liked chapter 11; “When I walked down to work in the morning I did not realize that I was living under new government.” Things in Russia move slowly, but when they move, they move with the speed of light.Dmitry K

Just finished Into Russia’s Cauldron- couldn’t put it down. A fascinating journal of young banker living life in full through the Russian revolution. It’s foreign policy and banking insights are as relevant today as they were a century ago. The cultural history of life in St Petersburg for the expat community are wonderful.As a fellow Citi alumni I found particularly interesting the history of the banks global expansion and its close linkage with American diplomacy.I highly recommend this book for anyone interested in Russian history, international banking or just a good read!

A fascinating diary of a young man who went out to Petrograd in 1916 to try and help his bank get a commercial foothold in the Russian market. He outlines the global social, political and economic events happening in the world as they unravel around him, mentioning them at the beginning as rumours and hearsay, before they evolve into the seismic historical events that we know today. It is an engaging, contemporary take on world events by a naive, youthful adventurer who finds he has fallen into 'Russia's Cauldron'.

This book provides great insights about doing business in Russia at the time leading into the Revolution from foreigners' perspective. It is also a story told through the diary of a Citibanker who lived through the violent and unpredictable episode of Russian history.

Review written by Nadir Shaikh, an ex-Citi colleague of the author:The socio-political context around Steve Fisher’s book has been very well described in the review by S Taylor above, so I will focus on the aspects pertaining to National City Bank, now known as “Citi”.Steve’s admirable dedication to this project has brought alive a real treasure, a journal written on the spot while historic events were unfolding, capturing the thoughts and experiences of Leighton Rogers, the young American bank clerk in St Petersburg during 1916-18.To those of us who have lived and worked in challenging “Emerging Markets” over the past 40 years, Rogers’ description of how the bank was focused on accumulating deposits, investing in Russian Government bonds/bills, safekeeping valuables (including gold bars, securities and jewels for the Russian elite), shipping in expatriate staff, supporting foreign companies and working overtime under very difficult conditions, are all a very familiar story.What is also very familiar, is the close connection and sharing of intelligence between the US Embassy and the bank’s senior management in Russia (as in many countries) — in this case, with both parties on the ground completely missing the momentous nature of the impact that the Revolution was about to have on the country and the bank!Steve documents the thinking of the US Government on Russia’s role in the War and the optimistic assessments sent by the bank’s senior manager in Russia, Meserve, to National City Bank’s President Vanderlip, both bankers remaining blind to the obvious “country risk “ in the midst of an unfolding Revolution. Shockingly, they press on with the opening of the bank’s Moscow Branch after/during the Bolshevik insurrection, driven by the flow of incoming deposits (ie the “flight to quality” that we have witnessed in many Emerging Markets during times of turmoil).Steve has conducted intensive research and in the introductory pages to each section of Rogers’ journal, draws a tight-knit connection between the bank’s business, Rogers’ personal situation, Revolutionary events and the thinking of the World Powers at the time.For those who are interested in Russia and in Emerging Markets, Steve’s book and Rogers’ journal offer the following invaluable perspectives: an intense personal account of one of the most momentous events in world history, including descriptions of the street fighting and disorder in 1917; a look into social and political conditions in Russia at the time, including the stark differences in the lives of the rich and poor; a view of how America and a leading American bank viewed Russia in terms of an exciting and lucrative business opportunity; and a sobering final thought on how bankers, diplomats and business leaders can entirely misjudge the risks arising from events in which they are being engulfed (and not all had to pay a personal price, even a century ago)!This book is a wonderful addition to the storied history of “Citi” and the Russian Revolution itself.