One-Minute Book Reviews

May 12, 2010

Jonathan Dee’s Novel ‘The Privileges’ — Looking at ‘Moral Invertebrates’ Through the Glass Walls of a Diorama

Filed under: Novels — 1minutebookreviewswordpresscom @ 9:53 pm
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Will a New York couple’s marriage suffer when the husband veers into insider trading?

The Privileges: A Novel. By Jonathan Dee. Random House, 258 pp., $25.

By Janice Harayda

Adam and Cynthia Morey – young, rich New Yorkers with two beautiful children – are the marital equivalent of a highly profitable but closely held company: two chillingly self-sufficient people who show little need for the family, friends, and faith of their youth. They are also, in the fine phrase of James Wood of The New Yorker, “moral invertebrates.” You can read their marriage as a metaphor for Wall Street in the age of deregulation – it makes its own rules. So you can’t assume that the Moreys or their children will suffer after Adam becomes the prime mover of an insider-trading scheme that exploits information picked up at his private-equity firm.

This uncertainly lends a modicum of suspense to this tale of the first 23 years of the couple’s marriage. But The Privileges is a low-energy and somewhat exposition-heavy novel that has an appeal more intellectual than emotional. The Moreys resemble figures in the carpet of a certain New York social world instead of fully realized characters. And many of their actions are unearned, including some of Cynthia’s cruelties to others and Adam’s abrupt tossing of a Patek Philippe watch into the Hudson River during a charity benefit on a ship.

Jonathan Dee is an intelligent and graceful writer who never trivializes his subjects. And he shows you what this novel might have been in a climatic scene in a hospice that brings in two characters from the sidelines who finally make you feel all you ought to feel for the Moreys’ victims. Elsewhere, if Adam and Cynthia are moral invertebrates, Dee leaves you looking at them through the glass walls of a diorama and not, as you would like to be, standing inside it with them.

Best line: No. 1: “After four years at Morgan Stanley, an operation so vast that Adam’s true bosses existed mostly on the level of gossip and rumor, a feeling of toxic stasis had begun to provoke him in the mornings when he arrived at work.” No. 2: “‘If you’re ever hard up for money, just fly the family to LA, and both kids will have agents before they’re out of baggage claim,’ Conrad said.”

Worst line: “Unconsciously she pulls at the neckline of her bridesmaid’s dress to try to keep her tattoo covered.”If she’s trying to keep her tattoo covered, is the movement really “unconscious”?

Published: January 2010. The paperback edition of The Privileges is due out in October.

Consider reading instead of or in addition to this book: Michael Dahlie’s award-winning novel, A Gentleman’s Guide to Graceful Living,which deals more effectively with monied New Yorkers.

About the author: Dee is a staff writer for The New York Times Magazine.

You can also follow Jan Harayda (@janiceharayda) on Twitter.

© 2010 Janice Harayda. All rights reserved.

www.janiceharayda.com

February 10, 2010

Fake Book News #3 — World Bank Seeks Bailout From James Patterson

Filed under: Fake Book News — 1minutebookreviewswordpresscom @ 2:54 pm
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World Bank, running out of money, seeks $800 billion bailout from James Patterson.

Fake Book News posts on One-Minute Book Reviews satirize American literary culture, including the publishing industry. They consist of some of the most popular of the made-up news items that appear on Janice Harayda’s FakeBookNews page on Twitter. To read all the tweets in the series, please follow FakeBookNews (@FakeBookNews) on Twitter at www.twitter.com/FakeBookNews.

May 21, 2009

Kate Kelly’s ‘Street Fighters: The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street’

As a rule, the business of business books is anything but good writing. But the Wall Street Journal ran an excerpt from a new book by one of its reporters, Kate Kelly’s Street Fighters: The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street (Portfolio, 256 pp., $26.95), that had sprightlier writing than most in the category. And Tim Rutten quotes a telling paragraph from this hour-by-hour account of the last days of the Bear Stearns investment bank in his Los Angeles Times review:

“Regulators may never know what really happened [to cause Bear Stearns to collapse in 2008]. But one thing is clear: Once confidence in a company falls away on such a grand scale, it can never recover. Bear started that week with more than $18 billion in capital, its largest cash position ever. Three days later, negative headlines, a stock drop, lender reticence and big withdrawals from client accounts had cut those capital levels in half. Eight hours later, it was nearly dead.”

The first sentence of that paragraph, Rutten rightly notes, is chilling: “Regulators may never know what really happened.” He adds:

“ … this was a situation so threatening to the fabric and substance of global finance that Federal Reserve Chairman Ben Bernanke would subsequently insist that, absent government intervention to essentially force the deal with JPMorgan, Bear would have gone into bankruptcy, causing a ‘chaotic unwinding’ of investments in all the American markets.

“Yet regulators may never know what really happened.

“That’s the intolerable fact of public policy on which this whole mess turns, along with all the pain it set rippling through the nation’s human economy, the one where ordinary people struggle to pay the deceptive mortgages that backed all those derivatives and where women and men who’ve lost jobs as a consequence of this calamity now scratch to find new livings.

“There are timeless human failings to ponder anew in Kelly’s artful narrative journalism — ego, hubris, venality and folly, the whole sad crew. They, unfortunately, will always be with us, consequences of our fallen nature. What we need not tolerate is a federal regulatory structure that is blind to the operations of those who wheel and deal at the very center of the global economy and federal officials who are so uncertain of their aims and prerogatives that they fumble in the face of crisis.”

www.twitter.com/janiceharayda

December 1, 2008

Books About Financial Crashes, Panics, Bailouts and Meltdowns

Filed under: Nonfiction — 1minutebookreviewswordpresscom @ 12:06 pm
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Back in October, Martin Mayer described his five favorite books on financial meltdowns to the Wall Street Journal. One that has since remained timely: Irvine H. Sprague’s Bailout (Basic Books, 1986). Mayer told the Journal:

“Bailout is a superbly honest first-person account of the big bank traumas of the 1980s, written by a long-term director of the Federal Deposit Insurance Corporation. Irvine H. Sprague lived through it all – the collapse of Commonwealth Bank of Detroit, First Pennsylvania of Philadelphia, Penn Square of Oklahoma City, Seafirst of Seattle, Commonwealth of Chicago. … He wrote the book, he says, to show how banking regulators make decisions, and after reading Bailout we do in fact know more about how the sausage got to be sausage. He leaves us with a question: ‘Should megabanks continue to receive favored treatment?’”

Mayer also recommended Charles P. Kindleberger’s Manias, Panics, and Crashes (Basic Books, 1978), Stephen Fay’s Beyond Greed (Viking, 1982), Roger Lowenstein’s When Genius Failed (Random House, 2000) and James Grant’s The Trouble With Prosperity at online.wsj.com/article/SB122367719361224329.html. And Steve Fraser deals with financial crashes and panics as part of his brief and well-written new history of Wall Street Wall Street: America’s Dream Palace (Yale University Press, 2008) www.oneminutebookreviews.wordpress.com/2008/10/27/.

© 2008 Janice Harayda. All rights reserved.

September 22, 2008

Late Night With Jan Harayda – Steve Fraser’s New ‘Wall Street’

Filed under: History,Nonfiction — 1minutebookreviewswordpresscom @ 10:58 pm
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How long will it take Americans to recover from the latest upheavals on Wall Street? Steve Fraser makes a useful distinction between psychic and economic recovery his new Wall Street: America’s Dream Palace (Yale University Press, 200 pp., $22), a brief history of the Street yalepress.yale.edu/yupbooks/book.asp?isbn=9780300117554. After the Crash of 1929, Fraser writes: “Psychic recovery took longer than economic rebirth. A national preoccupation with security and an aversion to risk lasted for a long generation.”

© 2008 Janice Harayda. All rights reserved.

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