5 comments about On the Brink: Inside the Race to Stop the Collapse of the Global Financial System.

1. Paulson doesn't waste the reader's time with politically-correct posturing, nor does he play the blame-game and president-bashing so popular among the less mature. He states the facts as he sees them from his unique, hands-on perspective, and presents his analysis therefrom. This is an instructional read, not fluff. It holds the reader's interest.



2. Great job in explaining the complexities and the crisis nature of the near collapse of the world financial system. Great understanding of Hank Paulson and the near impossible job of working with congress to avert the collapse. Our congressional leaders do not have a clue except for their own personal self serving personal political agendas. One gains a greater respect for the team that Paulson assembled to deal with the crisis.



3. Many of my readers know that I am: (a) Reading every single book that comes out on the economic crisis of 2008, and (b) Reviewing every single credible book that comes out about the crisis of 2008, and (c) Writing my own book about the economic crisis of 2008 - one that I want to be a truly thoughtful and credible synopsis of what really, intrinsically, fundamentally caused the crisis. I have read so many books at this point that many go in one ear and out the other. However, a handful of books, whether I agreed with all of their prescriptions or not, have been so descriptively valuable I can not imagine what my project would look like without them. Hank Paulson's new 453-page On the Brink is all of that, and then some.
   
   As a participant in and observer of the greatest economic crisis since the Great Depression, one of the things I yearn for is more color behind what specifically and mechanically caused the events of September 2008. I believe a worldview is required that can make heads or tails of the TARP, specifically, and overall government response, generally. I am still fine-tuning my beliefs about what exactly should have been the proper response. As is often the case, there is an abundance of simplicity being applied to this mess that is neither intelligible nor useful in this dialogue. There is also an abundance of wicked ideology being applied that is dangerous and at the heart of why I feel this project is so important. It is easy for those of my market-driven, conservative ideology to dismiss everything Hank Paulson did as "statist". It is easy for a vulgar writer of a rock n' roll magazine to determine that Paulson was a tool of a vast Goldman Sachs conspiracy to take over the solar system. I do not know which one of the two mind-numbingly retarded conclusions are more ridiculous, but I do know that readers of this review hoping that I will paint Paulson as the major antagonist of this drama will be very disappointed. And as for the Oliver Stone-nutters, well, let's face it - you probably don't read me anyways. Not for long.
   
   The vast majority of the first few chapters are loaded with ammunition for what has long been a major thesis of mine about the crisis: We are being naive to minimize the role Fannie and Freddie played in causing it. I learned more from Paulson's book about the specific mechancis behind Fannie and Freddie's dreadful role in our financial crisis, and I actually mean a lot more here than merely the abysmal social policy the two institutions represented. I also mean what the real connection was behind the placement of those two parasite organizations into government conservatorship in early September and the subsequent failure of Lehman Brothers and AIG in mid-September. I really do not know where to start. If Fannie and Freddie had never existed, ever, I very much doubt that any housing bubble would have ever taken place, and therefore no housing implosion would have taken place. And once these two disastrous entities were allowed to exist, if they had not been continually built up by the powerful Congressmen who were being paid off by them, I do not believe the crisis would have ever taken place. And if once these powerful institutions had achieved their sweetheart status in our nation's capital they had then been forced to compete with private institutions for capital (apart from the insidious "implicit" guarantee of government money), I am certain that the crisis would have been averted. And if once they had functioned with total monopoly status for decades, governmental oversight had reined them in, muting the sociopathic forces in Congress that called for them to expand their lending practices more and more, I am sure the disaster would not have taken place. But by September of 2008, we were so deep into this pile of you-know-what, that it is hard to see what the options were. The placement of Fannie and Freddie into conservatorship in September of 2008 is hardly controversial. What I am offended by is that these beasts were ever given the right to life. And what I am unbelievably offended by is that now, eighteen months after the initial action to seize these companies (which already existed by government charter and had already indebted themselves to the tune of trillions of dollars with an "implicit government guarantee"), policymakers continue to prop up these dysfunctional entities, adding more funds (unlimited funds, to be exact), rather than selling them off bit by bit and setting the stage for fully-privatized models to assume control. It can be done, and it must be done, but to do so means letting go of one of the most religious tenets of government policy of my lifetime: the role of government in setting social policy through manipulation of the housing market. Anyone who reads Paulson's early chapters on Fannie and Freddie will come away disgusted, not by what happened in July and then September of 2008, but by the entire Fannie/Freddie fiasco.
   
   I told my wife when reading Paulson's book that I was waiting to read one of these many books that feature a play-by play of the week of September 12, 2008 without feeling physically ill. Paulson's book kept the tradition alive, for indeed, that horrfic nightmare of a week was told in passionate detail by Paulson, and my visceral reaction remains one of genuine physical discomfort. I have to wait until my own expanded commentary of the crisis to elaborate, but I truly believe that the obsession many of us have in criticizing the TARP is incredibly misguided. Some of the more cartoonish commentaries on the crisis that have said, "there wasn't really a crisis; we all would have been okay; the whole thing was made up" - reflect an incredible ignorance about the global financial system. I want to believe somewhere deep down inside of me that Paulson and his crew calculated that some company was going to have to die, and that the financial system's medicine would need to begin. But I don't really believe that. I think they let Lehman die because they actually believed the damage would be contained, and when they saw what was happening to the worldwide financial system when it did, the panic bells began ringing without a break. We are never going to know what would have happened had no version of TARP been passed. I do not believe that the motivation of the Treasury Secretary was to expand the role of government in our lives; I have absolutely no doubt in my mind that he believed (and still believes) that there was no choice at all if we were to avoid financial armageddon. I do not believe him that at the time he argued before Congress for the imperative need of TARP, his intention was for it to be used to purchase toxic assets, and then within a week or two of its passing realized that capital injections into the financial firms was the more prudent way to go. The reality is that I think they knew all along that this is what the TARP was going to be. The chapter in which Paulson tells us of McCain calling the emergency meeting in D.C. to discuss TARP makes me almost glad that he was not elected President (and amused at how badly his political strategists were out-maneuvered). The attempt by lawmakers to add on their particular agenda item to the bill paints the political process at its worst possible light. And most of all, the mere history of the passage of TARP leaves a breathing, thinking human being absolutely mystified at the political environment we are in today. The Democrats do not let a day go by without villainizing the horrors of the Wall Street bailouts, yet the reality is that this was a bill fervently supported by Nancy Pelosi, Barack Obama, Barney Frank, Charles Schumer, Hilary Clinton, John Kerry, Chris Dodd, and basically every single Demoractic lawmaker of consequence from top to bottom. Somehow, some way, the Democrats have managed to sponsor, rally behind, and pass the infamous bill known as TARP, and simultaneously condemn it, lambast it, and rhetorically crush it, all with the media as a willing accomplice to their crime.
   
   99% of what I intend to say about TARP has to do with why it never should have been necessary to begin with (because yes, government created this crisis), and why it should never be allowed to create the aftermath it is creating (things of the "do not let a crisis go to waste" variety). Only 1% of my thoughts on TARP have to do with how Congressmen and women voted that day. I believe that the attempts by leftist progressives to use this bill as an excuse to further the role of government in the nation's financial systems is hardly a surprising consequence. And as Jonah Goldberg has said, perhaps this "crap sandwich" should have caused some lawmakers to vote differently. But it is rather short-sighted to leave it there. Had the credit markets broken altogether, the country's financial system would today be fully and completely nationalized. The efforts of conservatives who value individual liberty need to be focused on never, ever again allowing the perfect storm of government policy to create such a crisis. It can be done. The paradigm that Paulson and his men imperfectly navigated through in the fall of 2008 was not the paradigm we want to live in. Let's change that paradigm, and more intelligently understand the financial crisis we went through.
   
   Ultimately, the idea that TARP was a bailout of Wall Street is pure, unadulterated nonsense. But that rhetoric is set in stone, and nothing is going to change the national perception at this point. The nation's financial companies could have been allowed to go into bankruptcy, as many surely would have (deservedly so). Depositors with over $100,000 of cash would have lost their funds, but depositor losses would look like a walk in the park compared to the losses of bondholders. And that, my friends, is what the bailouts of 2008 were about - a bailout of the debtholders of the world's financial system. Why this was the case, and what it means, will be explained in my ongoing commentary. Why Paulson and others were willing to let TARP be branded as a bailout of Wall Street firms when, in fact, the common equity of those firms was decimated, is a true mystery. The vast majority of Wall Street executives actually involved in running their firms into the ground were long gone by September of 2008. The largest bailouts had nothing to do with Wall Street firms at all, but were in fact an insurer (AIG) and two mortgage companies (Fannie and Freddie). Every one of the nine firms that took the initial draft of TARP money have paid it back at huge, huge profits to the taxpayers. What TARP did in hindsight was not to bailout Wall Street but actually allow it to be far more villainized in the American conscience than it ever needed to be. The farming industry which has been pillaging the American taxpayer in ways that would make Wall Street blush for three decades is actually considered a force of heroism. The automakers may be scoffed at, but they are hardly hated. TARP made all this possible. And I suppose what I would suggest to my readers is that TARP was the worst thing that ever happened to Wall Street, not the best. But as for the vote that took place in September of 2008 (and again a few days later in early October), I will not condemn the lawmakers who voted for the legislation that their Treasury Secretary told them would be necessary to save the system from collapse. The situation warrants more nuance than many are capable of granting it.
   
   Paulson's book is shocking in the extent it goes to at portraying George W. Bush as engaged, thoughtful, and courageous. Paulson surely knows Bush would have made an easy sacrifical lamb, and he went the exact opposite direction. With no benefit to Paulson whatsoever, I find that intriguing. The book is anything but defensive, and in fact, he makes it very clear in the book's powerful concluding chapters that he does not apologize for how he formulated the government response to the crisis. I believe Secretary Paulson and I would have vast ideological differences if I were ever allowed to dialogue with him directly about this crisis. But I hold him in high regard as a man and as a patriot. I do not question his intentions. You will not either if you give his book a fair read. I commend it to you wholeheartedly.



4. Paulson's view on the events are surely the best insight to what actually took place. The other accounts (journalists) out there in books are only a second hand account of the story. Paulson was a principle in the unfolding of the economic blow up and even if jaded would be best told by him. Very interesting and insightful from the number one player in this game.



5. Having read "Too Big to Fail" before reading "On the Brink", I was well aware that Paulson was the highest paid CEO on Wall Street in 2005 and that when he sold his Goldman stock to move to Treasury, his tax break on the sale was over $100 million. Paulson is a wealthy and extremely powerful man. I was unprepared for his attempts to portray himself as an oatmeal-eating "everyman", eating toast from an ancient toaster (because it still works)as he got up in the morning dressed in his boxers and t-shirt! Hank, you're never going to be like me! Don't try.
   Paulson goes through the blow-by-blow account. I learned some new details that escaped me at the time but was left with the feeling that I never got close to understanding his true feelings or frustrations. He comes across and just too nice and the book is too superficial.

5 comments about The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History.

1. This book is a 30k foot level view of the financial crisis, poorly conceived, poorly executed. I've read just about all of Michael Lewis's books and articles covering the financial crisis, and he did a piece for Portfolio Mag. before it went under about the same topic. By the end of that article I was on the edge of my seat because he took you INTO the action, you were sitting there making a trade. I still remember Lewis's description of the traders in his article sitting in Sept. 08, shaking, watching traders leave the NY Stock exchange, knowing what they'd just pulled off. Anyway, compare that to this... the whole thing is written with an air of naivete and awestruck envy, like as if Zuckerman asked Paulson to put together a roundup of his accomplishments so the former could introduce the latter at a cocktail party or something, or Zuckerman wants to get invited to the big "bashes" he continually says Paulson hosts.
   
   Zuckerman also looses credibility throughout the book. For example, on page 72, Zuckerman discusses Paulson's first foray into Credit Default Swaps (CDSes). After making a $500k bet, to insure $100 million, he writes "Soon their position faced some small losses. They discovered that the value of CDS protection falls as the underlying debt gets closer to maturity." OK, really? Zuckerman expects me to believe that they didn't know this? Paulson and co had been playing in derivative markets for decades, and this is standard behavior of most, perhaps all, date-based derivatives, and I think I learned this in my undergrad finance course the first week. Zuckerman gradually looses credibility like this the whole book until @ the end we wonder if he really knows what he's writing about.
   
   Another example of the just strange reporting (p. 38): "Paulson went out of his way to embrace Jenny and her family. The couple agreed to wed in an Episcopalian church in Southhampton, and Paulson became friendly with the priest. Light streamed through the seaside church's Tiffany windows as the sun set and the ceremony began." You would, reasonably, expect this paragraph to be followed by, well, a description of the ceremony perhaps? Or an anecdote on the significance of Paulson getting friendly w/ the priest? You'd be wrong on both counts -- this is just an example of many strange irrelevant facts unskillfully woven into the book -- the next paragraph actually jumps forward 3 years and talks about other aspects of Paulson's private life. That's all we hear about the priest and the ceremony!
   
   Anyway, the writing style here is not well developed -- gets annoying after about the first 50 pages.



2. After reading so many books of the recent economic tsunami this approaches the subject from a different direction, those who successfully profited on a large scale. Now, this is particularly painful as a Mortgage Trader who began giving speeches in 2004 of "The Coming Crash in Home Prices". Unfortunately my largest bond fund was heavily invested in BBB tranches of mortgage securitizations and I was too bull headed/stubborn to exit this tragic occurrence. But this book also shows the mechanism that so few on Wall Street used until too late, some of which were thought not to be available to individuals but proven wrong here.
   
   But is this any reason to not enjoy American Capitalism at its best as a different investors including John Paulson took contrary postions while watching them drop in value until the ultimate collapse made them wealthy beyond imagination. While normal length, this book reads incredibly fast and does not bog down in trying to explain all of the entries of mortgage securitizations. I think it does an exceptional job of stating just enough about the instruments to give a good understanding to the reader allowing him to focus on the importance of "the greatest trade ever".
   
   If you are to read one book about the crash, this would be it. I can't recommend this book higher.



3. This book tells the story of several hedge fund and real estate investors who made a fortune by shorting collaterized debt obligations (mostly mortgage-backed)and companies, banks and hedge funds who delt in them. It explains how these instruments were structured, how they were sold, and how they were shorted, in plain language that anyone can understand. In almost every case these people had little or no experience with these instruments but just used their common sense in the face of all the highly educated "experts", with all their arcane mathmetical structures, pedantry, and hubris.
   Zuckerman also fleshes out the characters, gives details of their life, and describes the mind wracking experience they went through while playing their positions, hoping they would not make a wrong decision that would cause them to lose everything. Most of the time the problems caused to ordinary people by them and by Wall Street were not a consideration. Ethics were not an overriding issue with anyone on either side.
   
   This book also explains the OTC collaterized investment vehicles, shady real estate lending and the subsequent credit default swaps, that almost destroyed much of the world's banking system. Lucky for them, the American tax payer was forced to rescue these implacable, rebarbative people who are now doing business as usual, but that is beyond the purview of this book.



4. I read a LOT of these books more for educational reasons as I do not expect to enjoy them and hardly ever do. This, however, was an exception. Cliched and corny as it might sound, this book read more like a novel and actually developed some real tension. It this genre is you bag, this is a MUST read.



5. Exceedingly well researched, well written account of the unbelievably few who foresaw the seemingly obvious sub-prime mortgage and real estate crash. The author does a very nice job of giving biographical detail of the various players and telling an engaging story.
   
   John Paulson and a few other clairvoyants bucked the popular belief that real estate never decreases in value, and remembered the classic random walk theory (the events of the past have no relevance of the price of a stock tomorrow) in their analysis. The result, in Paulson's case, was $20B over two years for his hedge fund, and $6B for himself. Most others lost millions or billions, and some financial institutions lost every thing (Bear Sterns, Lehman Bros., etc.).
   
   I particularly liked how the author traced the results of other less known investors who profited big time. Lahde, Greene, and Lipkin made millions using the same basic trade as Paulson - investing in esoteric investments known as credit default swaps (CDS) to short sub prime mortgages.
   
   At times the author was somewhat repetitive, resulting in a book that could easily have 50 less pages (304 pages in total), but overall a quick and enjoyable read.

5 comments about The Millionaire Next Door.

1. The theme of the book is to live below your means, pay off debt, then invest whatever is left. It is a great plan to follow, but I got the message after 30 pages.



2. This book is an excellent tool to empower you, your thinking on saving, investing and future success. This is a must read over and over again!



3. Great little book to get you thinking in the right direction to keep your money.



4. The book is still well maintained and I am satisfied with it. The delivery is in the stipulated period so I am satisfied with this too. Thanks.



5. I've always been frugal, but not good at getting money to really work for me. My husband and I are now putting any unexpected money into debt reduction and we haven't been living on credit for about 3 years. We're buying a bigger house out of necessity for our growing family, but stayed in our current small place 11 years. We have paid off our cars and don't want to ever have any loans except a house loan, and our goal is to one day pay off our house. I like Dave Ramsey and Clark Howard for financial inspiration, too.
   
   Most interestingly, I learned a lot from a section about siblings. My husband has a single sister and I have a single brother that are basically money pit's and probably will bleed our parents dry. My father-in-law had a 'talk' with me about who is going take care of my husband's older sister when they are gone (right after I read the book). I made it perfectly clear that we absolutely cannot financially support this 57 year old when we are much younger and should never have to bear this responsibility (even if we were older). My younger brother managed to squeeze quite a bit out of us over the years to the tune of thousands! Knowing and arming yourself against people who would like to separate you from you hard earned money is very important. Especially if they are charming family members and try to guilt you into it because they know you care about them. When I realized that my brother was continually asking me for money without regard for my debt, my future, or my children's future, I was done! Then I added up what we had done for him here and there and was furious at myself for being taken in for so long!
   
   I can't really do more than encourage my in-laws and parents to not 'spoil' our loser siblings. The parents try to keep it a secret that they are giving so much to these siblings. It really isn't fair, because my husband and I are working ourselves to the bone to get out of debt and have a healthy savings. I fully expect for these siblings to get the lion's share of inheritance because, as the book says, the parents might think they need it more. Sad that they [the siblings] would squander it in no time and the grandchildren would have nothing. I can't do much about passive parents, but I certainly would not reward one of my children for being lazy. Glad I was able to learn that from this book!

5 comments about Me, the Mob, and the Music: One Helluva Ride with Tommy James & The Shondells.

1. I was really surprised by this book. Having a connection to the many hit songs from Tommy James, it filled in a lot of important history for me. All that I remember was hit after hit and music that really left its mark on me. This book has the feel that Tommy is telling one awesome life story, while striking a nice balance in his views on Morris Levy and Roulette. The reader really has an appreciation for the ups and downs of being in the grip of such a powerful figure. The upside is that Tommy had the full might of Roulette focused on him, the downside is that Morris kept most of the money. I was amazed to hear the real story of what took place during these amazing years. I was also impressed at the artistic style of the book and what must be quite an achievement for Martin, who creatively assembled Tommy's story. After reading all the previous reviews, I must say that I agree with them all. Especially the comments about wondering why Tommy is not in the Rock and Roll Hall of Fame. Tommy captured a large piece of American music history with many songs that have survived the test of time. He lives on in my Hall of Fame as his music remains important to me and my life. During the years that his music dominated, his only equal was the Beatles based on sheer hit numbers as well as my personal experience. If you like Tommy's music, I highly recommend the "Live at the Bitter End" DVD. I own well over 200 music DVDs and this small production was really well done, especially the start of the concert where Tommy takes that stage to perform a fantastic version of Draggin the Line. If you know Tommy's music, this book is a great read that will leave you with lot's of lingering thoughts and feelings.



2. Thomas Gregory Jackson born on April 29, 1947 in Dayton, Ohio... would morph as a teenager into rock star Tommy James who along with various incarnations of the Shondells would sell over TWENTY-MILLION-ALBUMS-AND SINGLES-IN-EIGHTEEN-MONTHS... and yet make almost no royalty money. The reason is because of his signing a contract with Morris Levy and Roulette Records. The crux of James's story is that he tied his rock-and-roll dreams to a man who was "mobbed-up". In fact it wasn't Tommy's ultimate goal to sign with Levy. Levy was just one of a number of record companies that Tommy met with in looking for national representation for his first soon to be mega-hit "HANKY PANKY". Each company Tommy met with loved the record but by the time Tommy got back to his hotel Levy had told all the other companies to "BACK OFF" this guy's mine! And when your business associates include *ANTHONY "FAT TONY" SALERNO* of the *GENOVESE FAMILY* (Tony Soprano was modeled after Salerno.)... *GAETANO "CORKY" VASTOLA* an underboss for the DeCavalcante family... *DOMINICK "QUIET DOM" CIRILLO* a future acting boss of the *GENOVESE FAMILY*... *THOMAS "TOMMY RYAN" EBOLI* a *GENOVESE CRIME FAMILY HEAD... and *VINCENT "THE CHIN" GIGANTE* a future *GENOVESE FAMILY HEAD* with the longest run in Genovese history... among others... as daily associates most people shakingly did as they were told. Later in James's career which was marked by an amphetamine/upper addiction and heavy drinking... along with his fear of Levy and associates... he finally tried to confront Levy about his unpaid royalties... after having an audit taken. "THE NUMBERS WERE ASTONISHING. MORRIS OWED ME UPWARD OF FORTY MILLION DOLLARS. IT WAS JUST HORRENDOUS. EVEN WITH MY MISERABLE ROYALTY RATE HE OWED ME THAT MUCH."
   
   James takes you on a quick ride through his life that led him to this dangerous exhilarating conundrum. From his early love of music... to starting a teenage band... to working in a record store... to a high school pregnancy and marriage... to his string of all-time classic hits such as "I THINK WE'RE ALONE NOW"... "MONY MONY"... CRIMSON AND CLOVER"... "CRYSTAL BLUE PERSUASION"... "DRAGGIN' THE LINE"... and many more. Along with the drug and alcohol abuse there's the cheating on his first wife... cheating on his second wife (whose uncle happened to run a hotel in Florida that was connected with the Jewish Mob and "made-man" Santo Trafficante)... and his marriage to his third wife. The reader will be enlightened by how some of these "gold-records" were written... by whom... and the inspiration for some songs that became part of our everyday lexicon.
   
   Many times during this rapid two-hundred-twenty-five-page book you might wonder how Tommy could have possibly put up with being so massively short changed on money due him and his band... but then Morris and an associate would grab baseball bats that were always available in the office and put someone in the hospital who either owed them money or tried to run a counterfeit scheme "on-the-counterfeiter's"... and you will immediately begin to understand... and Tommy probably wished he had a new song entitled: "I WISH WE WERE ALONE NOW!"



3. This is a quick enjoyable read. I always find it interesting to learn about how songs come to be. The experience is so different from the ones who create it, to the ones who listen to it. For the listener it's the end product, it becomes locked in time, you remember that certain summer, or that person you were with. For the artist it's a story, a process. Tommy James takes us into his story and it is quite a ride, from his first hit with "Hanky Panky", which was reminiscent of the movie "That Thing You Do" You know, it's snappy, "Yeah, snappy, It's a hit record" to his deal with Morris Levy, the mob connected music executive who would pay no royalties, Tommy basically signed a deal with the devil, costing himself millions. The only complaint I have with the book is he doesn't say much about his first wife and son. He left them to pursue his career in NY, it would of been nice to learn if his relationship with his son ever developed. Aside from that, this book is "an offer you shouldn't refuse"



4. I had been anxiously awaiting the arrival of this book (I pre-ordered it from Amazon back in Dec.) well it was certainly worth the wait. I like to read, but I'm a very slow reader (usually 2-3 weeks for a book like this) I started reading it the evening I received it and was finished the next morning, it was certainly "one helluva ride". Whether your a Tommy James fan or never even heard one of his songs I would highly recommend this book!



5. If you've ever wanted to sit down with you favorite artist - in this case, rock legend Tommy James - and have them tell you about their life and career, then here's your chance.
   
   The "Me" refers to Tommy himself, who shares (in a first-person voice well captured by co-author, Martin Fitzpatrick) the amazing story of how a Midwest teen with a band and a dream ended up with the number one record in America ("Hanky Panky"), and went on to record a string of classic tracks. Along the way he weaves an engrossing tale of his personal behind-the-scenes struggles and triumphs, told with a healthy dose of trademark James wit.
   
   "The Mob" - as in THE MOB - appears in the guise of one of the seminal figures in early R&B and rock 'n' roll, Roulette Records owner Morris Levy. Levy knew a hit record when he heard one and knew how to make it happen. Despite his darker side, Morris acted as James' surrogate music biz father, providing Tommy with the environment and support needed for him to be successful. What he didn't provide to James was the singer's hard-earned money, a fact that ultimately led to a "family" break-up. Such material makes for fascinating reading about a complex relationship, one that still looms large in James' life, long after Levy's death in 1990.
   
   "The Music," of course, is why this book exists in the first place. From the garage-band "Hanky" to the party-rock "Mony Mony," the psychedelic "Crimson and Clover," the spiritual-pop ballad "Crystal Blue Persuasion," the singer/songwriter-anthem "Draggin' The Line" and many others, Tommy's musical legacy is rich and he has many a back-story to tell about how it came to be.
   
   Me, the Mob & the Music is a wonderful inside look at the turbulent music business of the 1960s/70s, the colorful characters who ran it, and one man who thrived and lived to tell about it. One helluva read, indeed.
   
   (I strongly urge you to have a copy of Tommy's 40 Years singles collection on hand so you can listen to the music while reading about it.40th Anniversary Singles Collection)

2 comments about Circle of Greed: The Spectacular Rise and Fall of the Lawyer Who Brought Corporate America to Its Knees.

1. There is something of interest for everyone in this book. It's a rocking good story, painstakingly researched and expertly told.



2. I am a lawyer, and have worked on class actions (for plaintiffs).
   
   Now half-way through the book, I find it interesting, but over-long and less than compelling. Judicious editing and better storytelling were needed.
   
   Also, the authors make obvious mistakes about some basic legal concepts. In particular, they confuse a motion to dismiss (defendant argues there is no legal basis for the claims) which occurs early in a case, with a motion for summary judgment (defendant asserts there is no evidence to support the claims), which occurs near the end, before trial.
   
   In sum, this is interesting to those who have been involved in class actions but will have trouble winning a larger audience.

5 comments about Confessions of an Economic Hit Man.

1. As if we needed more evidence that the World Bank, International Monetary Fund, World Trade Organization, and United Nations are all instruments of subjugation, now an insider tells all. Throughout the 70's and 80's, this author schemed to bring third world nations into debt-slavery by convincing their leaders to take huge loans from the World Bank and IMF to fund massive, ill-conceived infrastructure programs. The credit always came with conditions designed to force open each nation's vulnerable fledgling markets to international competition before viable domestic producers could emerge. The international competition destroyed domestic employment, driving down internal revenues, and increasing social welfare expenses. Eventually the infrastructure projects could not be completed and resulted in no significant economic development. More importantly (to the World Bank and IMF), the victim nations defaulted on their loans, and had to come hat-in-hand to their creditors, who would only refinance after significant natural resources concessions. Essentially this is a story of how first-world banks rape third world nations. Before you go thinking first-world banks are somehow on "your side", consider how their mechanations endanger us all by impoverishing regions, causing destabilization, war, and terrorism. It is an utterly disgusting, immoral tale, and kudos to Perkins for telling it.



2. While there are some elements in the Perkins book that are authentic and accurate, the implied conspiracy theories and self-inflating descriptions should be taken with more than one grain of salt. As a read, the book is moderately entertaining for its first half, but it lapses into tiresome moralizing as it goes on, which is less interesting. Economic development has always been a mixed bag, with the bad getting most of the press. The author's views of the process from inside an organization that in the end proved itself to be inept feels out of balance with reality, as others who went about development under the notion that successful business is a necessary catalyst for social change would maintain.



3. I would certainly say that this book is worth a read. If nothing else it is an eye opener revealing truths about a corporate culture that most Americans like to pretend doesn't exist. The beginning of this book is fantastically written and told like a suspense novel that is quite the page turner. However I only give 4 stars because it does seem to become slow towards the end as if the author is stretching the book out into more that it should be.
   
   Another reason I cannot give five stars is because the author repeatedly appears to be putting himself up on a pedestal as the one who did the right thing, when in reality he was one of the ones leading the charge and creating this culture. He is no better than the rest, and had more of a negative impact than many of the others.



4. I have found Confessions of an Economic Hit Man insightful and very interesting. All the more so since I live in the third world and know of some of the situations mentioned in the book. I believe this book is "must read" for all involved in international affairs especially those from the third world.



5. This book is enlightening and shocking. It is an incredible account of the more sinister side of business and politics. And it reads like a novel. I highly recommend it.
   
   I was a little disappointed, however, at the relatively superficial analysis of the causes of the human desire to expand an empire and take advantage of others. Therefore, the solutions he offers for how to address the problem of "corporatocracy" seem superficial and insufficient. I would love to read an updated version that offers better inspiration to change this sad side of humanity - if it is even possible.
   
   Nevertheless - this one book offers an amazing education in "corporatocracy."

5 comments about The Snowball: Warren Buffett and the Business of Life.

1. Buffet was smart to choose a biographer that would take the time to provide such an accurate and detailed portrayal of his life. I discovered there is a lot more to Warren Buffet than what I've seen in the media, and I found that this book presented a great look at the arc of Buffet's life, including how his experiences shaped who he is. That said, I think the biographer went overboard on the detail. There were places where the narrative was like wading through mud. Just too much detail to make sections of the read pleasurable, and at 850 pages you'd have to expect as much. I mean, even Warren Buffet doesn't need an 850 page biography. All in all, still a very worthwhile read, and I definitely recommend checking it out.



2. Personally, I think Warren Buffett is overrated. He is an excellent personal PR machine who sings his own glories exactly the way he wants to spin them and most of the media swallows it (a little like Obama and the mainstream media during the 2008 election). He is a smart, shrewd investor unquestionably; but his recent errors are pretty unforgiveable and it's amazing that he still has the following that he has. I'm impressed that Gates' father is impressed, this says something. But this book is more for the people who soak up aspects of his personal life than for serious students of his investing concepts and the extent to which they're still applicable. The Snowball: Warren Buffett and the Business of Life The Intelligent Investor: The Classic Text on Value Investing



3. This book does a wonderful job of shedding light on the real Warren Buffett. It really brings to light his human side, light and dark.
   
   Unfortunately, the author sidetracks the reader many times by offering overly-detailed accounts of specific events related to the story of Warren Buffet. Easily 50% (and probably more) of the 700 pages could be cut out without any loss of clarity around understanding who Warren Buffett really is.
   
   I hope this book gets vigorously edited down to remove much of the filler, as that will allow the reader to more easily get the powerful nuggets of information included within.
   
   -Tristan
   Seattle, WA



4. I enjoyed the details in this lengthy biography. Other reviewers have contributed most interesting thoughts.
   
   I just have two observations to add. First, Buffett seems to me to illustrate many of the points made by Malcolm Gladwell in his book Outliers, in which he looks at common threads in the lives of extremely successful people. Two of these particularly stand out. First, they are born in a time and place and family in which their particular gifts are likely to be rewarded. On page 817, Buffett speaks of winning the "Ovarian Lottery." "I have been very lucky. I was born in the United States in 1930 and won the lottery the day I was born. I had terrific parents, a good education, and I was wired in a way that paid off disproportionately in this particular society. If I had been born long ago or in some other country, my particular wiring would not have paid off the way it has."
   
   Second, as Gladwell discusses in "10,000 -Hour Rule," these individuals are often obsessed from childhood in pursuing their interests. As Buffett put it, "Intensity is the price of excellence."
   
   Second, the author's ability to clearly describe arcane financial instruments and transactions shines a light, not only on the life of Warren Buffett, but on the times in which he has operated, and particularly on factors leading up to the meltdown of recent years. It seems to me that, in the future, this work will be valuable far beyond its merit as a biography, as business and economic historians, as well as politicians, try to figure out what went wrong.



5. Let's face it, reading about Warren Buffett and his silent but formidable partner - Charles Munger - is often times insightful. Although Snowball, by Alice Schroeder, requires an investment from the reader, the payoff - for Buffett fans - is more insight into the infinite wisdom of Warren Buffett's thinking. This book serves as an excellent introduction for new Buffetteer's. For seasoned Buffetteer's; if you've read Roger Lowerstein's, The Making of An American Capitalist, certain parts of the book represent familiar territory. Wherever you are in the Buffett universe, you can't go wrong adding this book to your library because regardless of what you do for a living, a study of Warren Buffett's successes are intriguing, insightful and most of all, helpful.

5 comments about Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase.

1. I first picked up this book, intending to only read a section dealing with a company I formerly worked for. After 20 minutes, I was fascinated, and decided to read the entire book. It offers an interesting biography on the most prominent banker in the country. I liked the overview of the financial collapse of 2008. The day to day activities of JPMorgan during the fall of Bear Stearns was very informative. It was refreshing to read an account of this time written without condemning all participants. I believe it will take a few more years before we can fully and accurately assess credit and blame for what has happened.
   I only gave the book 3 star, because I felt it was written in a more favorable light than was deserved. It read more like hagiography than biography. The book is worth reading.



2. An interesting, at times fascinating book. Tons of small details that make it a page turner. But Dimon, who gets so many accolades (I guess, as there's few to respect in the banking industry) is just as negligent as the others. He just has better PR. He did not see the crisis coming (how anyone who took a walk down Main Street in 2006-2007 did not see it is beyond me), he did and has done little to curb the excesses and is still unapologetic. Chase still has done virtually nothing to help customers that they in reality screwed; and Dimon will be the first to run to Obama if China, Dubai or the EU turn sour on him. Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase



3. I am not willing to pay $15 for any mainstream e-book release. This is blatant price-gouging by publishers and I, for one, will not accede to the price increase from $9.99. Do not buy this book until it is in fair price range under $10.



4. There is nothing special about Jamie Dimon, he is the darling and creation of the banking insiders; Federal Reserve System, Council on Foreign Relations and their ordaining him as their self appointed "patron saint" of legal money laundering via "bailout bucks" fleeced from the American people.
   
   Readers, don't fall for this obvious piece of paid propaganda. This is just a tip off of why we need to watch this so called "rising star" of the world of finance, which is closer to a banking cartel or global, neo-mafia finance.
   
   John Piermont Morgan, was an actual plant inside our banking system near the turn of the century by Lord Rothschild. Jamie Diamon is nothing more than just another puppet dancing to the tune of his masters.
   
   The game is up...the exposure is real, and now the desperate banksters are pulling out all of their dirty little tricks by paying for books to promote their peon, mafia-bankster front man.
   
   To add insult to injury, the man responsible for this fleecing and defrauding of the American people namely Ben Bernanke(his picture on Time makes him look like the Patron Saint of Pickpockets) is picked as "Man of the Year" by Time. Of course, the magazine and most other mass media outlets are directly controlled by the Country Club members of the Council on Foreign Relations(Jamie Diamon is a member), Trilateral Commission and the Bilderberg Groupies.
   
   Dear Reader, don't waste your time and money reading trite propaganda....instead read about what has really transpired and what these banksters are up to.
   
   Read another book instead, which is available on Amazon: Creature from Jeykll Island: A 2nd Look at the Federal Reserve by G. Edward Griffin. Mr. Griffin has helped spark a counter revolution against these crooks. Recently, the Audit the Fed bill sponsored by Dr. Ron Paul(R) of Texas has gained steam. It is now supported by a sizeable majority of Congress and growing in support in the Senate. Insiders tell me Mr. Griffin's book is now being widely read by members of the House and a few more Senators.
   
   Another book worth reading is Tim Carney's: The Big Ripoff, which illustrates more of the symptoms of the robbery than the causes, but it does much to show what is really going on behind our backs. Where are most of our investigative journalists? Are they being cowered and threatened by the traitorous, controlled media moguls like Rupert Murdoch?
   
   The "house of cards" of these banksters is beginning to show signs of collapsing. Let's help the collapse by exposing these leeches, cockroaches and parasites. They have consciously robbed the American people of their wealth and future prosperity in their self enrichment. Let's turn on the light of exposure and watch these vermin run for cover!
   
   These crooks, contracted story tellers, fraudmeisters and their peons need to be exposed. I will not spend one FRAUD(Federal Reserve Audit Unit Dollars)purchasing this obvious piece of propaganda.
   
   The American people are awakening!!!!! We seek Truth, but "Truth is Treason in the Empire of Lies".



5. Duff McDonald's new book is titled, Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase. This is an engaging and readable story of a talented and intriguing personality whose leadership of a major financial institution seems to have beaten all competitors. Dimon comes across in Last Man Standing as a hard worker, who digs into details deeply enough to gain insight and understanding. Rarely one to suffer fools gladly, his blunt communication style leaves little doubt about the meaning behind his messages. As a leader he's strongly supportive of those talented people who work with him, and wants to be questioned and challenged in making key decisions. McDonald calls close attention to the impact of people decisions, especially the cost of the decision of Sandy Weill to fire Dimon. Throughout Last Man Standing, I came away with the perspective that Dimon respects others, and prefers honesty over anything else. While bordering at times on hagiography, Last Man Standing conveys the impact that one leader can have on a large organization, and how sticking to principles can lead to long term success. Every time I started to think he is too good to be true, an example of his success made me think he is really quite good at what he does. On top of his business success, Dimon places high priority on his family life, and that aspect of his life comes across in the book as normal and functional. When I finished the book, I thought of Jamie Dimon as the Winston Churchill of banking. Any reader with an interest in finance or leadership will find much to enjoy about Last Man Standing.
   
   Rating: Four-star (Highly Recommended)

5 comments about Liar's Poker: Rising Through the Wreckage on Wall Street.

1. If you a dying to work in the industry or imagine the stock market to be a big mystery this book might be more engaging.
   
   Personaly I found it a little boring and hard to get through. I am not impressed by the stories at all, and found it like listening to a sales person in a bar.



2. I was impressed about how fast this item was shipped to and actually received in Peru.



3. In today's economic climate this book remains a pertinent cautionary tale. We don't seem to learn much from our political approaches and faliures in monetary matters, perhaps because of greed and narrowness of view, and this book brings these historical matters to mind in relation to current problems. Perhaps this should be required reading for all in politics who can affect monetary, banking, and investing policy. The author manages to keep the readers interest, and despite the known and obvious conclusions to the tale, he makes it almost like a mystery raging to a bad end. Excellent read, pertinent today, and unfortunately likely tomorrow.



4. Michael Lewis' Liar's Poker is a revealing account of his days as a bond salesman at Salomon Brothers, a bulge-bracket investment house. In the 1980's, bonds were in their heyday, and consequently, investment houses dedicated a big part of their operations to the almighty bond. Enter Michael Lewis. Fresh out of the London School of Economics, he relies on -- at least partly, anyways -- some chance connections to land a job back on Wall Street. Lewis has a knack for fully developing the characters that made Salomon Brothers and it is both enlightening and entertaining to revisit his life in the frenzied 1980s on Wall Street. As hilarious as Liar's Poker is, it also, in some respects, is a bit of a sobering read, knowing now how much Wall Street has disintegrated since Lewis' time at Salomon Brothers. bought this book for 1 cent (plus $3.99 shipping, of course) and it remains one of my all-time favorite books. A must read for anyone who has any interest in business/finance or anyone who wants a closer look at what life was really like as a bond salesman in the 1980s.



5. A decent read about the happenings inside Salomon Brothers during the 1980s. The author's writing style makes the book very readable and is quite comical at times. It covers the birth of Mortgage backed securities and the junk bond market. A good intro into what the training class at Salomon was like back in the day and tales of various practical jokes/pranks that were apparently commonplace.
   
   A good weekend read if you are in the mood.

5 comments about Diary of a Hedge Fund Manager: From the Top, to the Bottom, and Back Again.

1. This book provides some interesting insights into the world of funds management.
   
   There are many factors that influence success in this business. I will focus on four factors highlighted in this book.
   
   1. Hunger to win - many people think they have this, but a true hunger to win is driven by an innate competitive drive. And it is a drive to win, not a drive to merely compete, and shouldn't be confused with a drive to gain recognition or status. There is a great scene in the book where the author is interviewing for a graduate job at (the now defunct) Lehman Brothers. He asks '"Do you have a ball?" The Lehman Brothers executive met my question with a blank stare... the guy looked at me like I had just made a rude comment about his wife... "A ball?" he asked. "What do you mean?"... "That thing you throw. Tennis ball, soccer ball, any ball. Do you have one?"... The whole exchange had started with him asking me why I believed I was Lehman material... I told him "If you took every college recruit here, put us all in a room, and then shut the doors and turned off the lights, so it was pitch black, and then threw the ball in the room for us to chase around... I can guarantee you.. that I'd be the one coming out of there with the ball."' He was offered the job.
   
   2. Hard work - there are a lot of smart people in funds management, but not all of them work hard. The author recognized this and one of the things he decided to do was to work harder than his competition. Everyday.
   
   3. Independent thought - it is not enough to simply follow the trend, be one of the heard. As the saying goes "the trend is your friend until the bend at the end". Well it's the bend at the end where all the action happens; where fortunes are won and lost. If you're not thinking for yourself, then it is likely that you will get crushed. However, thinking for yourself can result in situations where your view is the minority view. And if it relates to a situation that only resolves itself in the long-term, then you end up holding a minority view for the majority of time. This is a difficult position for many people to put themselves in because they will be constantly derided by the majority of their peers for the majority of the time. Which is why you need...
   
   4. Emotional resilience.
   
   An enjoyable book that is highly recommended.



2. Many reviews seem to laud the author as a hero. I don't understand why. He went into a business whose point is to make as much money as possible for oneself, with little regard for benefit to mankind, and did well for himself, without, in fact, being a particularly stellar manager (the author is absolutely right that there was a bubble in the industry, since otherwise people without any visible talents [except that for screwing his partners, as the author readily admits -- he also admits to remorse, but, except to catholics among us, regretting your questionable acts does not actually make them right] would not make [as the author boasts] eight figures). Having made this money, he neither gave it all to charity, nor used it to sail around the world, or buy tickets on the space shuttle, or spend the rest of his life playing golf at Pebble Beach, but instead, started (as far as I can tell) a "mock hedge fund", which produces analyst's reports, and runs a paper portfolio, which, to me, seems about as interesting as playing poker for matchsticks. I am in the industry myself, and to me this book was interesting, because the author is exactly the opposite of the cerebral types who I know, and interestingly, in the author's circle, the primary qualification seems to be involvement in organized sports (primarily hockey) -- this may be the American way, but it may also be why Renaissance is eating these guys' lunch. The author seems to think that the usual 2 and 20 fee structure is unreasonable, but he should speak for himself: my reaction (as a professional) to his comment (relating to his own short-lived hedge fund), that he "never used leverage" is: who is this guy? If you are not capable of risk-managing a leveraged porfolio you SHOULD be running some mutual fund with a 50 basis point cost ratio. Just hope people give you a few hundred million...
   
   The author's tale of growing up in Thunder Bay is not very relevant, except for character development. Character development is a fine thing for a work of fiction. Less so for what is supposed to be "an inside look at the secretive hedge fund industry". I should say that I (as a student in Toronto) have met many people from TB, and not a one who actually wanted to go back there -- the author appears not to be a counterexample (he lives in CT, as far as I can tell), but despite this talks about his home town in misty tones (he also talks of his father in misty tones, but in fact it appears that his promising hockey career was derailed due to following his father's bad advice).
   
   In any case, to me this book was of some interest because it gave me somewhat more understanding of jocky sell-side salesmen than I had previously had, but I fail to see any other benefits. If you want to understand the trading business, you are better off reading Reminiscences of a Stock Operator Annotated Edition. If you want to understand the causes of the financial crisis (and the reason why so many funds were overleveraged), read Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics



3. I've read lots of history books from Liar's Poker in investments to Military history and there is a certain historical "flow" that a book must give to not give the reader a feeling that you're constantly stopping and going like a car in downtown during rush hour. This book has that stop and go feeling with constant interruptions and non-critical background information that makes it hard to read.
   
   For example, the author constantly is telling about some hedgefund manager and no matter who it is feels it necessary to go back and give about a 1/2 page of history on this person right in the middle of any plot or development.
   
   Content-wise it's great insight into how a hedge fund manager is developed and thinks. For example, you get a great insight into the greed at any cost mentality when the author chooses more money at a competing hedgefund vs ok money and good working relationships at his current hedgefund. And you get to see the end result which I won't spoil here...
   
   I bought this book because I develop consumer and professional investment software products and knowing everything you can about the end consumer is a must. This is a rare book that offers such an insight. However, writing-wise the author needs much more work - maybe a second edition can fix it.
   
   Overall I give it 2 stars for its content but subtract 3 stars for it's difficult to read style.



4. This book is an easy and fun read for those of us interested in the investing world. The story of Keith's rise to success is inspiring. At the same time, for many investment managers like myself, who are not on Wall Street, but rather on the "fringe", working everyday to help regular folks and retirees prosper in an obviously manipulated system, it is very refreshing. All of us "fringers", know that the playing field is not level, but Keith gives us more insight into how that whole Wall Street world works. Most inspiring is Keiths drive for integrity and transparancy in our system. That research group that he has created occurs to me as a way that Keith has chosen to give back to the larger investing community and share his talents and knowledge with those of us who are willing to pay him to get up at 2:30 in the morning, so we don't have to.
   
   A must read for anyone interested in investing or the Wall Street Mayhem.
   
   Great Work Keith!



5. This is a book that gives a feeling for being in hedge fund management, rather than a dry description of what needs to be done if you are in the rare position of being asked to manage a hedge fund.
   
   The author was an ambitious guy. Growing up in Canada, he wanted to play professional hockey. He played ably in youth leagues, the minors, and college. Making the pros was not to be.
   
   So, what does a competitive guy do when he can't pursue his dream? He pursues another dream, managing money. He works hard, and gets one break after another, and eventually manages his own firm, which he sells out to a larger one. He gets a plum job at a firm that proves less than patient with his current performance, and he gets let go. Even that is a triumph for the author. He starts his own firm, which is what he is still doing today.
   
   Think of an analogy to sports -- every player makes mistakes, but the best players recover from mistakes well and learn from them. The author definitely got his share of breaks, both good and bad, but he responded to the bad breaks well, and came out the better for it.
   
   Though this book is about hedge funds and other areas of investing, really, this book is about the author. It tells his story, and as the story gets told, you pick up incidental points along the way:
   
   * What is it like to be an intern at a trading firm?
   * How do you learn as you go?
   * What was it like inside CSFB during the dot-com bubble?
   * How to interview management teams to get an edge.
   * How to sense if someone is lying.
   * In general, the Fund of hedge funds operators are not desirable clients.
   * Get a sense of the strength of consumers
   * Get a sense of the three time horizons -- days/weeks, months, and years. (He uses other terms than this, but I appreciated his logic here, because it seemed a lot like what I did as a corporate bond manager. Have a sense of short-term momentum, medium-term trend and long-term mean-reversion.)
   * Very good to good means sell
   * Very bad to bad means buy
   * The value of keeping a trading journal, and reviewing performance.
   * Be careful who you do business with, because eventually they may show you the door for less than good reasons.
   * Surviving the credit bubble's bust. Buying back in when people are panicking.
   
   The book runs 204 pages, but roughly 30 don't have much on them. The book is breezy, and though I mentioned a lot of things that I got out of the book, readers less familiar with the subject matter might miss some of the points. He does not spend a lot of time on the details. On the other hand, a reader less familiar will get a feel for what it is like to be a part of a fast-paced area in investments.
   
   Who would benefit from the book: Those that would like to read the tale of an interesting guy who had a tiger-by-the-tail initial career in investments.