An absorbing and definitive take on the criminally unscrupulous deceptions committed by Prudential Securities in its aggressive marketing of chancy limited partnerships during the 1980s. Drawing on a wealth of authoritative sources, New York Times correspondent Eichenwald offers a tellingly detailed account of the long-lived scandal and its enormous toll. In roughly chronological fashion, he recounts how Pru, an insurance colossus (that likens its integrity and stability to the Rock of Gibraltar), almost offhandedly acquired Bache, a Wall Street also-ran, in 1981. The cash-strapped brokerage house nonetheless had a lucrative niche in oil/gas, real estate, and other kinds of limited partnerships that its registered reps pushed on all comers as high-yield investments with tax advantages. At the upper echelons of the corporate hierarchy, it was an open secret that the partnerships Pru-Bache was assiduously packaging and peddling in billion-dollar lots were extremely risky propositions. Thanks to flashy promotional material that minimized or ignored egregious LP hazards (including a lack of secondary markets), the RRs were duped along with their clients. When returns missed forecast marks or disappeared altogether, though, Pru and its partnership sponsors stonewalled queries and complaints, whether from employees or customers. The author makes a particularly good job of recapping how underfunded but determined state regulators helped the SEC bring Pru to book and ensure equitable recoveries for bilked investors. And unlike Kathleen Sharp in her account (In Good Faith, p. 765), Eichenwald leaves precious little doubt that the venality was systemic, not attributable to a few corrupt individuals. And he provides ample evidence of the enduring swindle's vast human costs on both the sell and buy sides. A masterful reconstruction of a substantive financial scandal, one that bears comparison with such landmark exposÇs as Barbarians at the Gate, Den of Thieves, and The Predators' Ball. (8 pages photos, not seen) ($100,000 ad/promo; author tour)
Pub Date: Aug. 2, 1995
ISBN: 0-88730-720-5
Page Count: 496
Publisher: N/A
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: June 15, 1995
A moving meditation on mortality by a gifted writer whose dual perspectives of physician and patient provide a singular...
A neurosurgeon with a passion for literature tragically finds his perfect subject after his diagnosis of terminal lung cancer.
Writing isn’t brain surgery, but it’s rare when someone adept at the latter is also so accomplished at the former. Searching for meaning and purpose in his life, Kalanithi pursued a doctorate in literature and had felt certain that he wouldn’t enter the field of medicine, in which his father and other members of his family excelled. “But I couldn’t let go of the question,” he writes, after realizing that his goals “didn’t quite fit in an English department.” “Where did biology, morality, literature and philosophy intersect?” So he decided to set aside his doctoral dissertation and belatedly prepare for medical school, which “would allow me a chance to find answers that are not in books, to find a different sort of sublime, to forge relationships with the suffering, and to keep following the question of what makes human life meaningful, even in the face of death and decay.” The author’s empathy undoubtedly made him an exceptional doctor, and the precision of his prose—as well as the moral purpose underscoring it—suggests that he could have written a good book on any subject he chose. Part of what makes this book so essential is the fact that it was written under a death sentence following the diagnosis that upended his life, just as he was preparing to end his residency and attract offers at the top of his profession. Kalanithi learned he might have 10 years to live or perhaps five. Should he return to neurosurgery (he could and did), or should he write (he also did)? Should he and his wife have a baby? They did, eight months before he died, which was less than two years after the original diagnosis. “The fact of death is unsettling,” he understates. “Yet there is no other way to live.”
A moving meditation on mortality by a gifted writer whose dual perspectives of physician and patient provide a singular clarity.Pub Date: Jan. 19, 2016
ISBN: 978-0-8129-8840-6
Page Count: 248
Publisher: Random House
Review Posted Online: Sept. 29, 2015
Kirkus Reviews Issue: Oct. 15, 2015
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
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