A rousing exposé of extreme financial greed and yet another example of modern corporate hubris.
A comprehensive report on the WeWork startup from windfall to downfall.
Wall Street Journal reporters Brown and Farrell recount their long-running media coverage of the melodramatic rise and fall of WeWork, another tech startup with lofty aspirations but dubious motivations and faulty executive leadership. The company debuted in 2010 in New York’s SoHo district as a shared-workspace venture led by charismatic CEO Adam Neumann, an Israeli businessman who got his start selling children’s clothing. The breathless narrative, propelled by diligent reporting, chronicles the startup’s rapid expansion worldwide, eventually becoming the most valuable startup in the country. Excessive spending, private jets, lavish corporate retreats, and outrageous employee perks followed, all buoyed by a “fund-raising conveyor belt” of nonstop investors, including the “second-largest private investment ever made in a U.S. startup,” courtesy of Japanese holding company SoftBank in 2017. The authors then chart WeWork’s inevitable decline once investors began balking at Neumann’s esoteric, obsessive business ventures and his obvious bouts of financial euphoria. Drawing from interviews with former WeWork and SoftBank staff, rivals, friends, and family members, Brown and Farrell vividly piece together the details of how Neumann persuaded backers to invest in his company with minimal oversight while those same venture capitalists also believed WeWork was a remunerative tech firm rather than the perilous real estate company it truly was. In what the authors call a bait-and-switch debacle, tens of billions in company value evaporated in 2019, and the company immediately unraveled. There followed Neumann’s ouster, regulatory investigations, investor lawsuits, and banks running scared and reneging on lending agreements. The book’s coda includes an update on Neumann’s status: “Eager and full of energy,” he is “yearning to get back in the game” and attempting to reattract funders and staff “who hadn’t turned on him.”
A rousing exposé of extreme financial greed and yet another example of modern corporate hubris.Pub Date: July 20, 2021
ISBN: 978-0-593-23711-3
Page Count: 464
Publisher: Crown
Review Posted Online: May 31, 2021
Kirkus Reviews Issue: June 15, 2021
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
Well-told and admonitory.
Young-rags-to-mature-riches memoir by broker and motivational speaker Gardner.
Born and raised in the Milwaukee ghetto, the author pulled himself up from considerable disadvantage. He was fatherless, and his adored mother wasn’t always around; once, as a child, he spied her at a family funeral accompanied by a prison guard. When beautiful, evanescent Moms was there, Chris also had to deal with Freddie “I ain’t your goddamn daddy!” Triplett, one of the meanest stepfathers in recent literature. Chris did “the dozens” with the homies, boosted a bit and in the course of youthful adventure was raped. His heroes were Miles Davis, James Brown and Muhammad Ali. Meanwhile, at the behest of Moms, he developed a fondness for reading. He joined the Navy and became a medic (preparing badass Marines for proctology), and a proficient lab technician. Moving up in San Francisco, married and then divorced, he sold medical supplies. He was recruited as a trainee at Dean Witter just around the time he became a homeless single father. All his belongings in a shopping cart, Gardner sometimes slept with his young son at the office (apparently undiscovered by the night cleaning crew). The two also frequently bedded down in a public restroom. After Gardner’s talents were finally appreciated by the firm of Bear Stearns, his American Dream became real. He got the cool duds, hot car and fine ladies so coveted from afar back in the day. He even had a meeting with Nelson Mandela. Through it all, he remained a prideful parent. His own no-daddy blues are gone now.
Well-told and admonitory.Pub Date: June 1, 2006
ISBN: 0-06-074486-3
Page Count: 320
Publisher: Amistad/HarperCollins
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: March 15, 2006
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