Tag Archives: bankruptcy

A Hazy Shade of Winter

So Much for That: A Novel by Lionel Shriver (Harper; $25.99; 433 pages)

“…the biggest tipoff that she was not in as much denial as she feigned was that Glynis had no interest in the future.   That left everyone pretty much stumped.   When you weren’t interested in the future you weren’t interested in the present either.   Which left the past, and she really wasn’t interested in that.”

This is a fictional tale of two American families in 2005.   They are typical, yet atypical in that they are both being worn and ground down by the twin pressures of a fiscal recession and deadly diseases.   The primary family, the Knackers, is composed of Glynis, sculptress, wife and mother and mesothelioma victim (a form of cancer that is killing her quickly); Shep, the ever dutiful husband who is a millionaire on paper; their absent college age daughter Amelia; and their clueless teenage son Zach.   Their friends, presumably Jewish, are Jackson and Carol Burdina.   Jackson is an angry co-worker of Shep’s who is insecure about being married to the ever-beautiful Carol.   They have two daughters, Flicka, who was born with Familial Dysautonomia (FD) – which will likely kill her by the time she is 30 – and Heather, their healthy overeating daughter who is growing larger by the hour.

Shep Knacker’s longtime dream is to cash in on his home improvement business in order to live what he calls The Afterlife on an island.   However, just as he sells his business for a cool $1 million, Glynis is diagnosed with the cancer that gives her a little over a year to live.   The longer Glynis lives, the more Shep’s Merrill Lynch account will be drawn down.   Shep quickly learns that a million dollars does not last long in a world where an aspirin costs $300 and a regimen of chemotherapy goes for $30,000.

“That had been one revelation, insofar as there was any: everything was equal.   There were no big things and little things anymore.   Aside from pain, which had assumed an elevated position… all matters were of the same importance.   So there was no longer any such thing as importance.”

One of the ironies of this tale is that while 51-year-old Glynis fights to hang on to life to the point where she becomes a near madwoman, young Flicka looks forward to the day – at 18 – when she can end her own.   And while they trouble themselves with such basic issues, Jackson becomes obsessed with penis enlargement surgery – something he presumes will please his attractive spouse.

“(It was) a world where oblivion was nirvana, where one was never allowed the hope of no pain but only of less.”

Glynis eventually becomes angry as her supposed friends either treat her like a woman already dead, or fail to follow through on their original promises to be there for her when the going gets rough.   Yet, she stubbornly refuses to ever accept a fatal diagnosis, even while undergoing a year-long regimen of toxic chemo.   She begins to view herself as a marathon runner who never seems to be able to complete the 26th and final mile.

Shep is a man who has prided himself on being responsible his entire life.   He’s the man who has always paid his own way and played by the rules.   But others tell him that he’s a responsible taxpaying sucker especially when Medicaid won’t buy Glynis even a single aspirin for her pain.   He’s not sure what to do until, surprisingly, his ever raging and thought-to-be-dense friend Jackson sends him a message.

This is a work about human values and morals in the face of impending financial ruin and death.   What would we do – any of us – in order to keep our health and our homes for an extra day, week, month or year?   In this weighty and timely fictional tale you will find an answer.

Highly recommended.

This review was written by Joseph Arellano.   A review copy was provided by the publisher.   So Much for That is also available as an unabridged audio book and as a Kindle Edition download.

Advertisements

1 Comment

Filed under Uncategorized

When the Music’s Over

A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers by Lawrence G. McDonald with Patrick Robinson (Crown Business Reprint Edition; $16.00; 368 pages)

A Colossal Failure of Common Sense describes a CEO acting as if his firm was too big to fail…  One might be tempted to think that Lehman’s bankruptcy was too mild a punishment for the firm’s management.”   James Freeman, The Wall Street Journal 

The bankruptcy of Lehman Brothers is now 2 years behind us.   It was the largest bankruptcy in history and the first in a series of banking and financial institutional failures linked to the housing bust.   It marked a low point in the chronology of Wall Street.   Former Lehman vice president of trading, Lawrence McDonald, and a veteran professional writer, Patrick Robinson, have painstakingly detailed the intellect, honesty and caring at the heart of the Lehman trading groups that tried valiantly to warn upper management of the impending doom.

This one hundred and fifty-eight-year-old institution was leveled by a small clique of men at its very top who lacked the restraint and manners that were the key to traditional corporate culture at Lehman.   The arrogance, greed, weak egos and excesses (think of TV’s Dynasty) are similar to the unfortunate behaviors exhibited by members of any and all cliques.

We view the action from McDonald’s perspective starting with his early yearning to work at a major player on the Street.   If you think every aspect of the real estate bubble and bust has been examined and reported on, think again.   This hefty book is written from an insider’s perspective.   Credit is given to whomever it is due at both ends of the spectrum of good and evil.  

The reader can feel the suspense building as the story continues to develop.   This book became a true page-turner prior to its end, even though its conclusion had already been written.   Recommended.

This review was written by Joseph Arellano.   Reprinted courtesy of Sacramento Book Review.

Leave a comment

Filed under Uncategorized

Do You Believe in Magic? (A Review of Busted: Inside the Great Mortgage Meltdown)

Veteran New York Times economics reporter Edmund L.  Andrews uses two distinct voices as he chronicles his and the world’s recent descent into near bankruptcy.   Andrews uses simple sentences and overtly simple logic when he focuses on his own life.   At times the reader is treated to some crude expressions of frustration and hostility as he spreads out his marital dirty laundry.   His new wife, Patty, is often described as the true love and soul mate in his life.   But she is also painted as the primary source of his frustrations and money woes because she is not a “go getter” in the corporate world after being a stay-at-home mom for 20 years in a prior relationship.   Andrews apparently was unaware that people do not change their nature, no matter how much one may want it to happen.

Although Andrews could barely afford a decent apartment in the aftermath of his divorce, he financed an over-priced home on a tree lined street outside Washington, D.C.   His rationale was that he and his new love would be cozy and happy in a cute new abode.

In contrast, Andrews’ accounting of the U.S. and world-wide economic tailspin appears to be simply a compilation of many articles he wrote for the Times.   The polished diction is markedly different from the narrative of his personal tale.   We are told that bogus assumptions were used to justify absurd conclusions and the assumptions were rationalizations for judgments that had no basis in fact.   Andrews often adopts the patronizing tone of a disgruntled professor, to the point where the reader fears the dreaded and inevitable pop quiz!

Subsequent to this book’s publication, it was revealed that new wife Patty twice declared bankruptcy, once during the period covered here.   Andrews’ omission of this fact appears to be a glaring and highly relevant defect in the telling of this flawed morality tale.   At one point, Andrews casually writes “it was easier to borrow a half-million dollars and buy something,” as if he were writing about Monopoly money.   There is something very troubling in the contradiction between the reporter-author’s learned big picture view of the U.S. economy, and his seeming inability to focus on the poor habits that resulted in his own economic distress.   It is a bit like reading a Guide to Good Health written by a four pack-a-day cigarette smoker.

This review was written by Joseph Arellano.   Reprinted courtesy of Sacramento Book Review.Busted (right)

Leave a comment

Filed under Uncategorized