No comments about How Starbucks Saved My Life: A Son of Privilege Learns to Live Like Everyone Else.

5 comments about Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World. . .and Then Nearly Lost It All (Wall Street Journal Book).

1. I read this book to get some insight into Sandy's right hand man Jammie Diamond who was about to become the CEO of Chase, the company I worked for. I must say that it was so interesting that I could not put the book down. It's a biography that reads like a novel. The world of finance and Sandy's role in it's history is spell binding. Monica Langley did an excellent job writing this book and look forward to reading anything else she's done.
   If this subject is of any interest to you then you will be glad you took the time to read this book.



2. An interesting read for anyone pursuing a career in financial services. Further interesting given the state of Citigroup in this day and age.



3. This is a very well written book and is full of details about Sandy Weill but the entire book plays on him being an undertrodden jew, but he fails to take into account that you don't have to be jewish to be the underdog - take Frank Lowrys Pushing the Limits he was jewish lived in the ghetto and there was not one mention that he was a victim he just got on with life and made the best of it. Again this is a very good book just read past the constant comments about how he was always being victimised jew.



4. Another potential title for this book is "Jew-boy from Brooklyn done good". This story does a great job demonstrating how Sandy Weill fought his way to the top, battled anti-semitism, encouraged diversity, and reached a level of success that few can compare to. An excellent read and interesting history lesson of Wall Street during its technology expansion phase.



5. Whether you like Sandy Weil or not is not the issue here. This is just a fascinating book and one of the best books I have read in a while. You will not regret the time that you spend reading this.

5 comments about The Monk and the Riddle : The Education of a Silicon Valley Entrepreneur.

1. You can't be happy in life, being an entrepreneur, unless you find a way to find meaning into you business. Venture Capital, post "the bust", is very hard to come by; finding meaning in your business will be a key component in providing you with the drive necessary to overcome the many obstacles inherent with owning your own business. VC's know this and want to see it when your giving your spiel before they fork over the cash. There you go; save your money. Define it and use it as your central drive in life and business. I was a little duped into buying the book. Babson College requires it for one of their entrepreneurship classes. What's with professors making you buy books that tell you what they (the professors) can tell you in just one paragraph?



2. After reading 4- hour work week by Tim Ferris, I am a big fan of NOT living the Deferred Life Plan. Tim recommends this book so I read it in a few hours. Other critics like to say negative things about what the book wasn't, but I am going to tell you about what it was.
   
   It was a little slow in the middle due to all the story telling about the his life and experiences intermingled with a few characters he was currently dealing with.
   
   It was enlightening on how the VC business works and what one goes through when deciding on who to invest in. My favorite quote in the middle was that Randy believes in the "Romance not the Finance." The bottom line has to be more about something than just making $!
   
   But most of all it hits home for so many people who are doing what they have to do now, so they can do what they want to do later. Chapter 9: The Gamble is where it gets good. I found the words he uses to describe the differences of business risks and personal risks to be exactly where I am in life (28 with a great job that I could continue to make $, but have to compromise my creativity, work with people I don't respect, working for a company who's core values are different than mine, and doing something I don't care about). Or seek out that other career that is not so certain but is my passion and I could see myself doing it for life.
   
   Thanks Tim and Randy for the words. I am a Whole Lifer Now!
   
   RC



3. Liked the author, enjoyed the insight into the world of venture capitalism but this book could have been an article in a magazine. It seemed to me like a long walk for a short pay-off. I get the point but felt like the author was purposely stringing you along for some bigger pay-off that did not happen.



4. Randy did a great job of taking the readers through a seris of conversations that first started with Randy and Lenny than later to introduce Allison. Looking beyond the business venture and the excitement of starting a company, the few imporant points that caused me to refoucus were-What really excites me enough to want to do it for the "rest of my life" and Create YOUR onw meaning of success not what someone elses meaning of success.
   
   I also like Randy's thoughts about defering life so you can chase a pot of gold IS NOT the answer. If you're going to work hard you may as well work hard doing something you love and that something should make a difference in the lives of others or IMO, it's not worth doing. That was a wake up call for me.
   
   I am all about building wealth but I had to get my priorities straight as it relates to the path I was talking to get there! I was Lenny in the flesh. Thanks Randy, I appriate the book!



5. I read this last Saturday in one fell swoop and ended up with a very 'eh' feeling about it. On one hand, it's an interesting insight into his years as a CFO and CEO of various companies and the big lessons he learned, but on the other it's wrapped around a questionably authentic story about a stereotypical sales guy trying to get VC money. It ends up feeling about as authentic as Rich Dad, Poor Dad, that is to say, not at all. The biggest take away is 'do what you're passionate about', but there, I already said it, no need to read the book. His anecdotes about the early lives of the tech startup's he's been involved with were interesting, but not really enlightening. If I'm going to start a startup, I'm not going to be spinning off of Apple or bowing down to the VC gods of Sand Hill Road, and I doubt many people who read this book will.
   
   If you're looking for something interesting on how to balance your life and work, this isn't it. The title is completely inappropriate, aside from his message about doing what you're passionate about. Go read the Four Hour Workweek by Tim Ferris instead (The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich), it has a lot more to say about creating life value.
   
   This book would have been a lot more interesting if he'd cut the 3/4's about his daily routine and the story of [...], and instead focused more on how he went about bicycling around Burma or what have you.

1 comments about Howard Hughes: Power, Paranoia & Palace Intrigue.

1. More than four dozens books about Howard Hughes have been published since the 1960s. It would seem that there's little more we can learn about his life. Why, then, should you bother to read another book about Hughes? Because, in addition to being well-written and entertaining, it's the most exact summary of his documented life to date, and because it also has some thoughtful theories on mysteries that still swirl around the erstwhile aviator.
   
   Schumacher's book is a hybrid. In some regards, it's a synthesis of the plethora of previous Hughes works. Schumacher combed through what must have been an endless array of news clippings and tomes of Hughesiana. But he also availed himself of rare and unique primary sources at UNLV Special Collections, the Nevada State Museum and Historical Society, and the treasure troves of private collectors. His thoroughness definitely shows. I doubt there's much about Hughes-particularly his four Las Vegas years-that Schumacher doesn't touch on.
   
   The book starts with a quick summary of Hughes B.V. (before Vegas), then discusses his lesser-known earlier stays in Las Vegas, including his 1943 Lake Mead crash and his purchase of the "Green House," which is still intact on the land of KLAS-TV, in 1953. Then he brings in the story of Hughes' right hand, Bob Maheu. Maheu's story has been well-documented, but seems to gain something by being placed in the context of Hughes.
   
   Here's where business really starts to pick up. As the Hughes roller coaster inches higher up the initial slope, Schumacher stops to describe "what Vegas saw" with a quick chronological survey of contemporary media coverage the Hughes Las Vegas years (1966-1970). The he dives into the real substance of the book-detailed chapters on Hughes in Vegas. These run the gamut from profiles of significant figures such as Hank Greenspun, Paul Winn, and John Meier, to discussions of key topics: the Clifford Irving hoax biography, the Palace Coup that brought Maheu down, and the sometimes-outlandish fight over the estate in the face of competing Hughes wills, none of which was proved authentic. Melvin Dummar's tragicomic tale-more tragedy than comedy, it now seems-gets ample space, and probably its best analysis yet.
   
   Schumacher then jumps tracks, switching from biographer to critic with a section called "Hughesiana" that features a mix of non-Vegas profiles (Jane Russell, Rupert Hughes, and the RKO fiasco) and extended takes on "Weird Tales" (obscure Hughes texts) and "the Fictional Hughes," which is an up-to-date consideration of the reams of paper and reels celluloid fantasy that Hughes has inspired.
   
   The book's key strength is Schumacher's attention to detail and thoughtful use of his sources. Without an axe to grind, he is able to write a dispassionate book about the eccentric billionaire, a decided rarity. One of the mavens quoted on the back cover commented that few Hughes books are "as lucid as this one." I think that is an astute judgment by an extremely insightful critic. Since Hughes was far from balanced, he invites wild speculation and still, more than thirty years after his death, an almost messianic fervior. Schumacher immersed himself in his sources without becoming captured by them-a hard task, indeed, where Hughes in concerned.
   
   If you enjoy books about Las Vegas, I'd say that there is room in your library for this book. Unless you are a Hughes-obsessed maniac, I guarantee that you'll learn something new from it, and you'll probably find, as I did, that Schumacher is able to make some intelligent guesses that make sense of some of the enigma surrounding Hughes-the Mormon will saga, in particular. Barring the discovery of authentic new documents or revelatory confessions from heretofore silent associates, this book will likely be the last word on Hughes in Vegas.

5 comments about Softwar: An Intimate Portrait of Larry Ellison and Oracle.

1. I have to admit that this book really caught me. It isn't light reading, and it isn't a beacon of objectivity, but the book is packed with action, and very little of it is filler. Having Ellison comment on this is also very interesting read. The book is written the clarity, even if lot of it is just quoting people the author has interviewed, but it does seem like he was asking the right questions and his interviewees did not hesitate to answer candidly.
   
   The book doesn't actually talk much about Oracle's database, but is more focused on Ellison's new integrated suite vision. While it certainly is interesting, I believe Oracle is still very much a database company so the database part is conspicuously over-downplayed/ignored. And the book does tend to go back and forth in time quite a bit.
   
   But the book is worth every minute. Ellison's management practice isn't textbook materials, but in this case, it does seem to work.



2. True to its subtitle Softwar does indeed deliver an 'intimate portrait' of billionaire business leader Larry Ellison. Unfortunately, although the book is enthralling and features an incredibly interesting format including written responses by Ellison to points raised by Symonds, it falls short in two important areas for biographies.
   
   Firstly, Symonds is not objective - he clearly worked very closely with Ellison and certainly paints a more rosy picture of the complicated man than a more impartial observer may. Secondly, the structure of the book is lacking. The first section of the book (although it is not actually divided as a section) covers Ellison's business life chronoligically and perhaps in too detailed a manner to always remain interesting (there's an alphabet soup of executive names that are never heard from again). Then what I would consider the second section of the book jumps around from business to personal ventures and lacks a real 'feeling of time'. A more traditional fully integrated narrative of the personal and business sides to Ellison's life would perhaps have been superior since it's difficult to gage how much pressures in one area of Ellison's life are affecting the other.
   
   Even with its flaws, Softwar is well written and comes as close to being autobiographical as a non-autobiography can. The subject himself is certainly interesting enough to warrant the 500 pages, and the unique response format is refreshing.



3. very interesting book overall, paints larry in a very (probably almost too) positive light. (the author was selected by larry to write the book.) the most interesting part is that larry adds his own notes to the bottom of various pages. the parts about sailing at the end were sort of boring, but it's nice to know that larry is planning on donating to medical foundations when he retires from oracle.



4. This book is a comprehensive, detailed collection of Larry Ellison anecdotes and quotes from people around him. Author Matthew Symonds occasionally interjects himself, but mostly lets his sources talk. Perhaps for fairness, he quotes many people who disagree with each other about important decisions at Oracle. Perhaps for journalistic objectivity, he generally refrains from judgment. This shows the reader every perspective, even if it doesn't define context, chronology or direction. You get all of the pieces of a jigsaw puzzle, though you may want a clearer box top picture. Some of the technology coverage will intrigue only tech industry buffs, but overall you will learn a great deal of interesting information about Ellison and Oracle.
   We also found that Ellison's character came most into focus when the book entered the world of yacht racing, his passion. The author also includes poignant, revealing anecdotes about Ellison's childhood and candid reports about his personal life. Larry Ellison was allowed to review the manuscript and his comments appear as counterbalancing footnotes on many pages. That guy, he always does things a new way - as you will see.



5. In the late 1960s and early 1970s, it was an open secret that if you were what was called then "one of the freaks" and you had, perhaps, taken a few physics or math classes involving computer usage, you could get work for any number of banks, insurance agencies and other mainframe users. The boss was grateful for your work, and, you could pretty much control the conditions.

   It appears that Larry Ellison was one of these early programmers, whose maturation is documented in this book. But as with any maturation, it includes the acquisition of blind spots.

   For while I in general support Larry's goal of eliminating "islands" within organizations of isolated and contradictory data and code, I am more pessimistic than he as to whether it can be accomplished.

   The well-known and by now well-worn theme of Derrida, that of the undecidable gap between writing and speech, means that the ultimate grand vision, of "one" data base, may never be attained.

   Larry is right about the Internet: it is the Last Big Thing. This can be proven apriori. For given two or more networks, and given zero cost and high benefit in their connection, whether through a narrow gateway or broadband, then we can say that the two networks "want" to become one network and instantaneously, at warp speed, shall do so. In the late 1980s, several networks operated in academia, government and privately did just this because there is, absent security considerations, a seemingly irresistable craving on the part of networks to join other networks and indeed to become the Internet.

   This is the synthetic apriori argument, for both the existence and unity of the Internet as a given. However, and as soon as it is constructed, the reverse, analytic argument against the Internet's usability by the corporation may be constructed, which will return us to Mr. Ellison: for I fail to see how the possibility, of constructing a single logical path to a single data base for the organization, means it can be actualized.

   I fail to see this because this has long been an unmet promise of ultimate managerial control within organizations (the "executive dashboard" being one such foolish idea), a control which manages to dismiss the fact that an organization consists of the labor of intelligent beings all the way down...to the person who picks up the trash.

   I fail to see this because as a form inescapably of writing, data systems imply their own multiplicity. The "scribe" in all societies develops his own agenda and there is no check on him available to power as such, because power as such relies on the self-interested "scribe" to transmit its will and an almost (but not quite) mathematical problem results in the self-reflexivity.

   The crisis is in Mr. Ellison's genuine concern with the way in which data and human intelligence systems failed to predict September 11, a concern which I happen to share. Indeed, I believe that September 11 starkly fulfilled a dismal prophecy of the late hero computer scientist Edsger Dijkstra.

   Unlike many highly-placed figures in the computer science establishment, hero computer scientist Dijkstra was concerned, all the way down, about the quality and even the basic correctness of the data systems being designed over his lifetime, and he said at one point that he feared that organizations would collapse under the cumulative overcomplexity of their unmastered data systems. The stark images of a collapsing center for symbol processing on September 11 may be the fulfillment of this prophecy.

   One of the FBI field agents assigned to investigation of terrorism prior to September 11, Colleen Rowley, testified before Congress that she did not even have the capability to enter Boolean format queries in the FBI data base, for example of the form "terrorist association and attends flight school".

   Of course, Oracle data bases of the sort Larry and his company provide, provide this capability in mass quantities. At the same time, their very complexity (which may be unavoidable) generates scribal bureaucracies which are in both Plato's and Derrida's sense pharmakon, poison and cure, and, in general, the hair of the dog.

   It is clear that these sorts of scribal bureaucracies at the FBI felt that some sort of extension or hack to provide rapidly the needed capability at the FBI was a "hard" problem, because these scribal bureaucracies reproduce themselves by insisting that such problems are "hard", and that the CEO is too busy to involve himself with writing...in a stark, if completely unconscious, replication of Plato's account of writing.

   The result today is that a great deal of social inequality, created in part by fortune-seeking by the scribal class, means that it's impossible to create a unified written "intelligence" for policy making, and the result is an out of control foreign policy which as I write is creating preconditions for further terrorism.

   Symonds breathlessly notes that Larry and his wife are both big fans of Donald Rumsfeld. Bush, and Bush's war, have deep roots in the self-interest of the new, successful American elite.

   This elite marched and protested its parent's war in Vietnam, and, Ellison was a supporter of Robert Kennedy's fatal bid for the 1968 presidential nomination. Rumsfeld, for that matter, was an anti-war Republican under Nixon.

   However, it appears that Larry may be blind to realities in much the same way that middle-aged managers were blind to the downside of enormous mainframe computing in the early 1970s. He views the future as one of large corporations competing, especially in his own industry, for a diminishing pie.

   However, large corporations are composed of intelligent agents, who act from a unique combination of self-interest and complete irrationality, and, just as Ellison's own generation constructed its own reality in the form of microcomputer and micro culture, the next generation may prove him wrong. Or, Dijsktra's prophecy may come true, in which case we'll be busy gathering firewood and not worrying about SQL.

5 comments about Julian Robertson: A Tiger in the Land of Bulls and Bears.

1. I had the pleasure of working for Tiger Management for a few years. It was thrilling. Whether or not the book reflects it, Mr. Robertson was an investment genius.
   
   Mr. Robertson was part of the value investing community. He invested in things with value, not hype. The fund was criticized for not keeping up with the Internet bubble. Mr. Robertson could not understand why the Internet start-ups were valued so high. They had no fundamental value and could not justify their price tag. So rather than invest in hype, he closed the fund.
   
   A year later, the Internet stock bubble collapsed, and Mr. Robertson was right.



2. A number of reviewers here on Amazon called this book by Strachman a hagiography on Robertson, so my expectations for the book were not high. That said, I find I am generally able to glean something from almost any book--and for some time I have been meaning to pick up a biography about Robertson, so I picked up the book anyway. Yes, it could have been better. A stronger editor would have pared back some of Strachman's writing excesses (those excesses, for the most part, are exaggerated by some of the reviewers here), but Strachman is more critical of Robertson than some of the reviews here would have led me to believe. Strachman seems to have had good access to both Robertson and the "Tiger Cubs" (former employees of the Tiger)--but I highly suspect that the cost of this access was a promise to show Robertson at least portions of the manuscript. In many places the book feels like a give and take between Strachman wanting to maintain some objectivity (various criticisms of Robertson DO make themselves into the book), followed by passages that almost seem to be direct rebuttals worked in from Robertson himself. That obviously detracts from the work overall, but a fair amount of the book is still valuable because you still get some insight into Robertson's thinking on several macro trades. (The best chapter is "Dawn of a New Era," which describes how Robertson and Tiger thought about the interplay between the U.S. and Japanese economies/markets during the late 1980s. While Strachman's discussion obviously can't capture the insights you can glean from a book like Soros' Alchemy of Finance--more or less lifted directly from Soros' own trading diaries--more of this would have made the book even stronger.) My final criticism is that I wish Strachman had spent more time on Robertson's formative years and development as a financial professional, rather than the disproportionate amount of time he spends on Robertson's charity work in the chapter "Noblesse Oblige" (which does stray dangerously into hagiography). Until a better profile comes along, this book is still worth a read, especially since there are not exactly a lot of other books chronicling Robertson's life.



3. I am not kidding. A drunk retarded 3rd grader could have written a better book. If you like poor editing of terrible writing that introduces absolutely nothing new about Robertson or Tiger, then this book is for you. Otherwise just read some old articles and save a couple hours and 20 bucks. The only reason it got one star is that Amazon does not allow a reviewer to give negative stars, of which Strachman certainly has earned many for this effort (or lack thereof).



4. Horribly written. No sequence or point. I can't imagine Robertson gave the author more than 20 minutes of access and didnt answer a real question. Contradictions abound.
   Save yourself time and money. One of the worst books I've read in a while.



5. A superficial, mind-numbingly stupid love song to the controversial fund manager who up-ended in early 2000. Every mistake justified or ignored, every act of hubris minimized. Absolute garbage that must surely go down in history as one of the worst business books of recent years.

5 comments about I'm Living Your Dream Life: The Story of a Northwoods Resort Owner.

1. Michele Cozzen's book I'm Living Your Dream Life: The Story of a Northwoods Resort Owner reveals the grit, grime, and behind the scenes goo (stains on blankets) waiting for anyone daring enough to entertain thoughts of opening a charming little resort far away from it all. When Cozzens and her spirited husband Mike chuck a perfectly lovely suburban California life to open a lakeside resort in a remote area of Wisconsin, she enters a new phase of her life. She learns to wear a tool belt, scrub toilets, smile at demanding tourists, cope with a barrage of stupid questions, deal with insane lawsuits, rake a beach, and change sheets in world record time. While coping with these less-than glamorous activities, she raises her two spunky daughters, keeps her marriage healthy, and takes in an occasional glorious sunrise from the dock of her resort--early enough in the day to avoid being pestered by any of her holiday-happy guests.
   
   This book deals with the major theme of most modern women's lives--how to balance a career with children--without being preachy or bitchy about the tight-wire most of us walk while combining a career with motherhood. In her own peculiar scenario, Cozzens never finds the answer, but she keeps searching for the silver lining in her log-cabin reality. Cozzen's endearing optimism and obvious love for family and business kept me glued to her story.
   
   Michele Cozzens tells the truth about her life and the decisions she has made. Her writing gushes in emotional spurts that left me reflecting on my own career choices, my personal attempts at having it all, my guilt over not always getting it right. Because of Cozzen's memoir, I understand a little more about myself. Highly recommended, even if you're not in the toilet-scrubbing sheet-changing business. I'm considering buying a tool-belt.
   
   Robin Meloy Goldsby is the author of Piano Girl: A Memoir and the solo pianist featured on Twilight and Songs from the Castle



2. 5 years living expenses saved and no profit for over 7 years...Should be titled yuppies buy a resort.



3. Excellent work. A must read for every wannabe resort owner. I wish every occupation had such helpful inside tips as this.



4. I was drawn to this book orginally because of my love of disc golf and I was intrigued about a published book that not only was written by a fellow golfer but also featured the sport. However, I learned the book was more about running a resort than the sport of disc golf but I also learned that the book was well-written and tells a wonderful story. I also learned I will probably never run my own business but also appreciate the owner of my company (a small family business) more now.
   
   Mrs. Cozzens story is hard to put down and will be a favortie of anyone who enjoys a good story of any genre. It moves briskly along and you begin to feel like one of the family. As an ironic twist this book would be perfect for reading on the Sandy Point Beach during your week's stay in one of the cabins.
   
   Mrs. Cozzens, if you read this review, I ask you to please find time to write another book (If you already have I apologize but please tell me what the title is) and tell all of us more about life at Sandy Point and Tuscon, or maybe you can write the book which truly does justice to the disc golf world and makes that world more accessible to everyone.



5. My husband and I are thinking of owning a B&B. Making the move from private practice as a holistic practitioner and a product creator/manufacturer for my website [...], I wanted to get someone's firsthand experience at dealing with the public when that public-on-your-property and no-privacy is your source of income. Michele's story is wonderful, insightful, amusing, and a quick-read. We live in Wisconsin so we are fully aware of the hardships of winter and of living in the northwoods, but we are also aware of the beauty of nature. Whereas this really didn't address my questions about B&B ownership in specific, it gave me insight as to employee issues and the liberties that customers take. It certainly gave me fodder for thought and more study before we venture forward. It's a great read!

5 comments about Louis Vuitton: The Birth of Modern Luxury.

1. WAY TOO EXPENSIVE...ILLUSTRATIONS ARE JUST AS GOOD AS WHAT YOU FIND ONLINE...EBAY EVEN. HISTORY IS HIGHLY INFORMATIVE, HOWEVER. THANKS.



2. Fantastic history and beautiful illustrations. It has almost everything you've wanted to know about Louis Vuitton.
   
   Plus great pictures so you can see what all the fuss is about!



3. This book is filled with the history of the company from the person, Louis Vuitton's childhood, up through the generations that came after him. There are pictures of LV pieces scattered throughout the book. Not enough for those of us who love to look at LV bags and luggage. Overall a great addition to a collectors collection. The book retails in the boutique for $135.



4. This is a must have for all LV officianados. I have been collecting and using LV for over twenty-one years. This is an excellent literary and pictorial compilation of La Maison de Vuitton. Cudos! to the author, publisher, and of course La Maison de Vuitton for their continued commitment to perfection, elegance, and extrordinary products. Cudos, to the artisians for their pain-staking perfectionism in creating such works of art. This book is a tribute to over 150 years of leathercrafting, and now within the past 5 years pret-de-porte, couture, and precious metals. Vuitton continues to allow those of us loyal to the House to continue pushing the boundaries of style and fashion,and subtly encouraging admirer's of the House to indulge.
   
   Life is a journey, so why not travel with the best. Well done LV! Tres magnifique!



5. If you are a Louis Vuitton collector as I am, or LV enthusiast, this tome will be a magnificent addition to your collection, or to your library. It is full of remarkable LV family history and full of the most beautiful photographs, some suitable for framing.
   
   It contains manyo of the LV Posters for example, that I've tried to collect, and now have them in this book. It could make a wonderful coffee table book this holiday season.
   
   One drawback: The center page is wonderful but terribly flawed by the center binding. It should have been a pull-out page instead.
   
   I also saw it on eBay for more dollars and listed as "rare". Hardly!
   
   Enjoy it.

5 comments about Maestro : Greenspan's Fed and the American Boom.

1. ~Maestro: Greenspan's Fed and the American Boom~ is a rosy bit of economic subterfuge heralding Greenspan as an economic saviour when in reality we're paying the price for the Federal Reserve's inflationary scheme throughout the 1990s. If the markets set interest rates, we wouldn't see the vicious cycles of boom and bust, the subprime mortgage crisis, and the housing bubble. But such subversion is always attendant to fractional-reserve banking. A wiser more honest Alan Greespan wrote an essay entitled 'Gold and Freedom' in the 1960s. Therein, he observed: "In the absence of the gold standard, there is no way to protect savings from confiscation through inflation... The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Greenspan intuitively knew this was still true when Rep. Ron Paul of Texas grilled him in hearings before the House Banking Committee.
   
   People can mock the alarmists and goldbugs, but the U.S. Dollar is poised to fall over a precipice of hyperinflation in the twenty-first century. For years, it has enjoyed prestige as the reserve currency of central banks and reserve currency for OPEC exchange, but it is steadily starting to unravel. Too much public sector indebtedness, a 10-trillion dollar debt, trillions in unfunded federal liabilities, and an aging workforce will all point to American economic decline. In the 1990s, almost 65-70% of U.S. Dollars in existence were in circulation abroad. There is no telling how much it is today. The results will be catastrophic if a shockwave hits, and those Dollars come back home in mass. It doesn't necessarily entail a 1929 crash, but it will likely result in economic stagnation where inflation surpasses real economic growth and/or near-double-digit unemployment.
   
   There is nothing special about Greenspan. He had wisdom to get out and find a fall guy in the new Federal Reserve Chief Ben Bernanke. Bernanke will take the hit for his mistakes. Bernanke is afraid to do any needed correction, or surgery in the form of tightening monetary policy, and will continue to prime-pump the economy and foment an inflationary shockwave and economic stagnation. The cure for inflationary woes is always more inflation. It's a melancholy fate, and the market correction will be devastating. His career will be short-lived and he will be the scapegoat. John Keynes, hardly a model economist, was prescient nonetheless when he observed: "By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some....The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose."
   
   "The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered."
   --Thomas Jefferson



2. After reading this book I realized how fascinating a book can be when it is written by a washington insider like Woodword. Amazing book describes Greenspan, Fed, Whitehouse and the economics and politics behind it in the most lucid manner possible.
   
   Very true in nature expresses very candidly Chairman Greenspan's political manuevering and how Whitehouse makes a non political instituion political.
   
   Excellent and much more interesting to read compared to Mr. Greenspans own auto biography which in itself is a very good book.



3. The coziness of our nations politically elite always makes for interesting reading. While there are some interesting tidbits throughout, i.e. Alan Greenspans association with Ayn Rand; the familiar names of the politically entrenched and the precarious state of our nation's economic machinations, this book was a bit boring. With that said, there were two things I found fascinating about D.C. life. First, there is an extremely strong current of Ivy League uber-ambition in our nation's capital; along with an extraordinary confluence of academic uber-achievement (PhD's lawyers & double majored PhD's). Second, I didn't know Alan Greenspan, along with his longtime and classy arm-charm Andrea Mitchell, were such savvy political operatives on the so called D.C. cocktail circuit or what a critical role socializing played in the running of our country. Other than that, I was a bit disappointed with this effort.



4. Among collegiate literature which I have been exposed to, I have found Bob Woodward's Maestro to be one of the most informative and educational. With this simple and easy to understand narrative, I have been taken inside the doors of the Federal Reserve, and have been given a picture of how the FOMC truly operates. I feel more equipped to discuss and express opinion towards the operations of the Fed. Upon the completion of this book, I sat back with a sense of gratification, in my newly acquired, practical understanding of the U.S. economy. Woodward was able to portray Monetary Policy in a sense that really applied to my level of thinking.
   With an inside look at the decisions of Alan Greenspan and his role as chairman of the Federal Reserve, I was stuck with a sense of amazement watching this man operate mathematically and politically, still maintaining a sense of pure awareness and concern for the long-term affects of his resolutions. I would definitely recommend this book to any reader in search of a practical and realistic understanding of the economic engine which drives the U.S.



5. I read this book wanting to be better informed about how The Fed and Greenspan operate, and wound up being nicely informed and entertained. Understanding how banks, the White House and political appointments co-exist in the field of economics, I never thought I would ever use the phrase "hard-to-put-down" in connection with an economics/banking book but this one really did it for me. It is a genuine page turner and definitely Woodward's most underrated and under-discussed books. (No caller mentioned this work during his 3-hour C-Span interview a few months back.) Get your hands on a copy of this book and prepare for an interesting and enjoyable ride. My one complaint: I wish it were longer. Although this book answered all my "Fed" questions, I wished its time track would continue to the present, or perhaps delve a little deeper into the past. But this minor complaint notwithstanding, the book was an excellent and engaging read.

5 comments about Dark Side of Fortune: Triumph and Scandal in the Life of Oil Tycoon Edward L. Doheny.

1. Well written biography. Moves along with a smooth pace. Has the feel of an exciting novel rather than a history. Will be of interest to southern Californians and particularly Angelenos. Those who have seen the movie, "There Will Be Blood" will find this story worthwhile.



2. The book was very interesting and historical. The writer was excellent and easy to read and understand.



3. Good read, except for the fact that the author deliberately omitted the fact that Ned Doheny & Hugh Plunkett were gay. Ned Doheny probably was bisexual and he spent a lot of time with his buddy Hugh Plunkett. Certainly the Doheny family asked the author to downplay this issue in exchange for their co-operation with the book. Hugh was more than a "private secretary". I assume the author is straight; so she would not understand Ned's sexuality; Ned was spoiled rotten, an only child, and was given everything money could buy. It is a wonder Hollywood never made a film of this story; perhaps the Doheny family have something to do with this? In 1929, it was assumed that Ned and Hugh were lovers. Ms Davis has tried to change history? For a price? The public is not that stupid. Especially now with the scandals coming out of that seminary in Camarillo for pediphile priests that Estelle Doheny donated so many millions to. It is a wonder the Doheny family did not provide more photos as there are more at the USC library than Ms Davis was able to come up with in this book. The Beverly Hills Historical Society has a better collection of photos of Greystone; fully furnished in its heyday than you see in this book. Behind every great fortune there is a great crime. I expected to read something I had not heard before; but she is afraid to go there. Did Lucy Battson die with her secret? It was scandalous to be gay in those days, but not now. Maybe a gay author could have done the story justice. Her details about the oil fields are great; it is the social history that is lacking. We all know that the greatest export from Ireland is its people.......



4. This book is a fascinating look at the life and times of one Edward Doheny the onetime founder of Mexican Oil Company prior to the nationalization of reserves by the revolutionary PRI party in the early days of their power. The narrative follows the career of Mr. Doheny from his modest prospector days in the Wild West to the heights of his infamy during the Teapot Dome scandal.

   This is perhaps a timely book as well given the questions being raised at the time of this writing about corporate malfeasance and corruption in the U.S. (Enron). Teapot Dome was one of the biggest political scandals in the first half of the 20th century and involved the leasing of government/public lands in preserve areas for energy development. More than one person went to prison and wrongdoing was proven against multiple individuals in the matter.

   The book makes the case that Doheny was more or less guilty of poor judgment and being in the wrong place at the wrong time more or less. It is true of course that Doheny was found innocent on the charges and it is also true that despite this Teapot Dome is the matter for which he is best known (despite for instance being a contemporary and rival of John D. Rockefeller in the oil business). If in fact he was innocent of the charges then he paid a heavy price in terms of his health and the somewhat mysterious death of his son, which was either suicide or murder depending on who you ask and how you look at it.

   For those with an interest in the biographies of the early titans of U.S. industry this is a worthy read in that it does detail Mr. Doheny's rise to power as well as his fall from grace. He came from a modest background and did not make his fortune until after the age of 40 in a time before life expectations averaged 70+. He suffered through personal loses and setbacks and managed at the time of his death, despite the misfortunes, to bequeath a sizeable fortune to his heirs. This book may also be of particular interest in the study of Los Angelos in particular and California in general in that the Doheny's were prominent citizens who built some noteworthy structures in the city including religious and educational facilities.

   The author acknowledges that she had the cooperation and blessings of the descendants of Mr. Doheny and that a good body of original documentation was available for review and research. This provides an intimate look at the lives of the people in question but it also may cause the thesis to lean towards their views. The book does tend to exonerate Doheny in Teapot Dome and it does make a good argument that his involvement was not profitable and that the Navy Dept in fact sought him out because of rising fears of the Japanese Navy in the years leading up to WWII. It was a condition of Mr. Doheny's development of the area under lease to him that he build an extensive oil storage and supply facility for the Navy in the Hawaiian Isles out of his own pocket. This he did and subsequently was not reimbursed when the lease was negated despite having spent many millions in pre-WWII monies. It is also I believe true to state that it was Henry Sinclair who was the actual lease holder on the Teapot Dome acreage and that Doheny was leased an entirely separate parcel of public land. Sinclair along with Interior Secretary Albert Fall went to prison in the affair but Doheny was also tarred and feathered by the affair.
   Whether the delivery of $100,000 in cash by Doheny's son to Sec. Fall was in fact a personal loan much as one might expect between old prospecting buddies (which they were) is really a matter of conjecture. At any rate there was clearly the appearance of impropriety in the matter and both Doheny's son and the man accompanying him that night were involved in a murder/suicide after indictment but before trial. With the principle witness gone and little other corobative evidence Mr. Doheny's celebrity legal representation did get him acquitted although he was convicted in the court of public opinion.

   Personally I am inclined to believe a man of his stature might loan a friend the sum in question but I also would not be surprised if a quid pro quo were expected in return. You see there was any number of companies competing in secret for the government contracts and it is interesting that both men who won had either the appearance of impropriety or were outright convicted of bribery. Part of the reason Doheny was spared prison was in fact due to the death of his son and his earnest and teary eyed appearance on the witness stand where he looked the part of a grieving grandfatherly figure who had lost something money could not replace.
   It is an intriguing story and well written book, not terribly long or archaic for the casual reader. While it is a history book it is in fact also the story of an interesting chapter in American business and personality history.




5. Margaret Leslie Davis has done it again with another fine biography. Ms. Davis shows us the inner man of Edward L. Doheny, one of the richest and greatest Californians in history, virtually the John D. Rockefeller, Sr. of the West. Doheny was flat broke at the ripe age of 40 and yet within a few years he became one of the richest men in the country through his wild-cat oil discoveries in Los Angeles and Mexico. The break-up of Rockefeller's Standard Oil by the U.S. Supreme Court left Doheny an opening which he exploited adroitly. Most impressive is Ms. Davis's keen legal understanding and her scrupulous attention to noting her sources. In fact, the "notes" at the end of the book are arranged so that the top of the page refers the reader to the page number of the text thereby making it very easy to flip back and check the source. A small detail, perhaps, but much appreciated. Ms. Davis is a true scholar; her legal training shows itself especially when discussing the Tea Pot Dome scandal that ultimately tarnished Doheny's reputation. In short, Ms. Davis is becoming our finest historian on the West and particularly California.