Following the money becomes easier in this thoroughly researched, if dispiriting, work of investigative journalism.
A deep-reaching look at the inner workings of Deutsche Bank, Donald Trump’s lender of choice.
At the heart of this aptly titled book is the suicide of a Deutsche executive in 2014 and the subsequent quest of his son to find out the reasons for it. That story, well rendered by New York Times finance editor Enrich (The Spider Network: How a Math Genius and Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History, 2017), takes many twists and turns, but its outlines are familiar: A corporation with a dodgy history (including financing the construction of Nazi death camps) goes straight for a time, guided by people of conscience who are eventually overwhelmed by executives willing to let ethics slide in the quest for profit. The latter category includes a banker who sat onstage at Trump’s inauguration—and without whose legally problematic help, Enrich suggests, Trump would never have attained office. While many financial institutions refused to lend to Trump because of his habit of reneging, Deutsche was “the only mainstream bank consistently willing to do business” with him—and at the time of the presidential election, he owed the bank $350 million. But did he really, or was the bank merely a front for funding from other sources headquartered in Moscow? The author works his way through a spaghetti tangle of leads with all sorts of unsavory connections, including the family of Trump’s son-in-law, members of whom “were moving money to the Russians at the same time that Russia was interfering in the American presidential election.” The implications are more than suggestive. What is inarguable, by Enrich’s account, is that Deutsche suffered through a clash of corporate cultures by which one side strived to comply with such things as financial stress tests while worrying that a newly elected Trump would default, leaving it “the ugly choice between seizing the president’s personal assets or not enforcing the loan terms,” even as the other continued corrupt practices for nearly two decades.
Following the money becomes easier in this thoroughly researched, if dispiriting, work of investigative journalism.Pub Date: Feb. 18, 2020
ISBN: 978-0-06-287881-6
Page Count: 416
Publisher: Custom House/Morrow
Review Posted Online: Dec. 21, 2019
Kirkus Reviews Issue: Jan. 15, 2020
BOOK REVIEW
For Howard Zinn, long-time civil rights and anti-war activist, history and ideology have a lot in common. Since he thinks that everything is in someone's interest, the historian—Zinn posits—has to figure out whose interests he or she is defining/defending/reconstructing (hence one of his previous books, The Politics of History). Zinn has no doubts about where he stands in this "people's history": "it is a history disrespectful of governments and respectful of people's movements of resistance." So what we get here, instead of the usual survey of wars, presidents, and institutions, is a survey of the usual rebellions, strikes, and protest movements. Zinn starts out by depicting the arrival of Columbus in North America from the standpoint of the Indians (which amounts to their standpoint as constructed from the observations of the Europeans); and, after easily establishing the cultural disharmony that ensued, he goes on to the importation of slaves into the colonies. Add the laborers and indentured servants that followed, plus women and later immigrants, and you have Zinn's amorphous constituency. To hear Zinn tell it, all anyone did in America at any time was to oppress or be oppressed; and so he obscures as much as his hated mainstream historical foes do—only in Zinn's case there is that absurd presumption that virtually everything that came to pass was the work of ruling-class planning: this amounts to one great indictment for conspiracy. Despite surface similarities, this is not a social history, since we get no sense of the fabric of life. Instead of negating the one-sided histories he detests, Zinn has merely reversed the image; the distortion remains.
Pub Date: Jan. 1, 1979
ISBN: 0061965588
Page Count: 772
Publisher: Harper & Row
Review Posted Online: May 26, 2012
Kirkus Reviews Issue: Jan. 1, 1979
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
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