Tag Archives: wealth

Down the Drain

Beer-Money-Cover

Beer Money: A Memoir of Privilege and Loss, & The Decline of a Detroit Dynasty by Frances Stroh (Harper, $25.99, 336 pages)

“The house (my father had purchased in New York City when I was six) and most of its contents would soon be gone, just as the brewery was. We’d somehow allowed ourselves to be pinned into place by these things; and in our search for freedom, some of us had self-destructed.”

Despite the title, this poor little rich girl memoir offers no insight into the brewing industry. That’s because Frances Stroh, a one-time partial heir to billions of Stroh Brewery dollars – all of which vanished into thin air, was far removed from the family’s management (and mismanagement) of the company. As with most of these memoirs, Frances did not realize early on how rich her family was. In her bored teen and early adult years she carelessly used and abused alcohol and drugs. And as a grown-up she learned to mourn the fortune she would never acquire.

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However, the rich are different. Even as Frances writes about Stroh’s going down the drain, she makes sure to inform the reader that she flies first class; she lives in a fine abode in San Francisco. And when her spendthrift brother came to visit her in The City, he’d rent out entire floors of swank hotels for parties and feast on the best food and drink from room service.

Stroh’s was a “beer giant… in the eighties and nineties…” But Frances has no explanation for the Detroit company’s rapid downfall other than to admit, “we’d simply blown it.” Indeed.

Beer Money 2

Beer Money is a pointless, meaningless tale of privileged denial.

Joseph Arellano

A review copy was provided by the publisher. Note: According to Forbes magazine, the Stroh Brewery Company blew through $9 billion in profits. That’s a lot of beer money.

stroh-brewery-familyBIG-IMAGE-1974_1024x576

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Oh! Darling

The Darlings: A Novel by Cristina Alger (Penguin Books, $16.00, 352 pages)

“I’ve been stumbling on good hearts turned to stone…”   Bruce Springsteen

Cristina Alger’s debut novel is to Wall Street and corrupt investments what Robert Daley’s Prince of the City was to corruption inside New York City’s criminal justice system; and it makes just about as powerful a statement about contemporary life in this country.   This is a story about New York’s monetary elite (the One Percent) and about Greed with a capital G.   It’s a frightening tale about a place in which people equate money with love – in which money is, quite simply, the most important thing in the world.

As the novel opens, financier Morty Reis has killed himself.   Reis, a figure apparently based on Bernie Madoff, is an outside manager for Delphic, the investment company hedge fund run by the powerful billionaire Carter Darling.   (“The Frederick Fund, Delphic’s only single-strategy fund, had 98 percent of its assets invested with Reis Capital Management…  Morty was a brilliant investor.”)   The problem, as Darling’s son-in-law Paul Ross soon finds out, is that Reis Capital Management was a Ponzi scheme and Delphic’s clients stand to lose billions of dollars.   Ross, in need of a job after being pushed out of the Manhattan law firm he worked for, learns this sad truth soon after becoming the head of Delphic’s legal team.   He’s barely had a cup of coffee before learning that the SEC is on the phone.

It’s a Grisham-like opening but Alger, who has worked as both a financial analyst (Goldman, Sachs, & Co.) and white glove firm attorney, quickly steers the action to the fiscal side.   And she exposes the reader to the rough underbelly of life in the top stratum of New York high society – a class in which a small apartment in the Big Apple goes for $1 million with grossly high monthly maintenance fees, tuition for one child at a private school runs $34,000 per year, a summer rental in the Hamptons goes for $100,000, and SAT tutors ask for $1,000 an hour.   “Who had the stomach to run these kinds of numbers?   For even the very rich, this sort of daily calculus required a steely nerve…  a ruthless will to succeed.   (Carter’s daughter) Merrill would see schoolchildren on Park Avenue, golden-haired cherubim in pinafores and Peter Pan collars, and she would think:  Those are the offspring of killers.

Merrill is soon to find that her father is the most ruthless of the outlaws on The Street – a man who hides behind opulence – and his actions may have doomed not only his own livelihood and reputation, but also those of Paul and Merrill.   “Carter Darling was hard to miss for anyone who read the financial news.”   The strong-armed, patrician Darling is presented as a man who possesses some of the personality traits of both Donald Trump and Mitt Romney.   He’s proud of his success (Merrill refuses to give up her maiden name when she marries Ross) but God only knows what he’d be without his hundreds of millions of dollars…  His wife knows that he sees her as little more than a cash drain, “an extra person on the payroll.”

To her credit, Alger permits us to examine a legal system in which cheap, easy quick wins are valued more than prosecutions that can achieve social and economic justice.   For today we live in a world in which billionaires can outspend local, state and federal agencies in the courtroom.   When justice has been turned upside down – and the accused control the process – it’s all about the plea agreement, the deal.   (Financial wheelers and dealers are extremely proficient at fashioning the deals that benefit themselves the most.)

The Darlings (paper)The reader knows that Paul Ross, aided by his legally trained spouse Merrill, and an investigative reporter looking into Delphic are going to have to make some hard moral choices before the story comes to its conclusion.   The same is true for the near-omnipotent (if flawed) Carter Darling.   Alger cleverly ties together two plot lines at the conclusion of this powerful novel in a way that’s not foreseen before the final chapters.

Who wins in the end – the white hats or the black hats?   You will need to read The Darlings to find out.

Highly recommended.

Joseph Arellano

A review copy was provided by the publisher.  “Alger…  knows her way around twenty-first-century wealth and power…  a suspenseful, twisty story.”   The Wall Street Journal

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Prince of the City

The Darlings: A Novel by Cristina Alger (Pamela Dorman Books/Viking, $26.95, 352 pages)

“I’ve been stumbling on good hearts turned to stone…”   Bruce Springsteen

Cristina Alger’s debut novel is to Wall Street and corrupt investments what Robert Daley’s Prince of the City was to corruption inside New York City’s criminal justice system; and it makes just about as powerful a statement about contemporary life in this country.   This is a story about New York’s monetary elite (the One Percent) and about Greed with a capital g.    It’s a frightening tale about a place in which people equate money with love – in which money is, quite simply, the most important thing in the world.

As the novel opens, financier Morty Reis has killed himself.   Reis, a figure apparently based on Bernie Madoff, is an outside manager for Delphic, the investment company hedge fund run by the powerful billionaire Carter Darling.   (“The Frederick Fund, Delphic’s only single-strategy fund, had 98 percent of its assets invested with Reis Capital Management…  Morty was a brilliant investor.”)   The problem, as Darling’s son-in-law Paul Ross soon finds out, is that Reis Capital Management was a Ponzi scheme and Delphic’s clients stand to lose billions of dollars.   Ross, in need of a job after being pushed out of the Manhattan law firm he worked for, learns this sad truth soon after becoming the head of Delphic’s legal team.   He’s barely had a cup of coffee before learning that the SEC is on the phone.

It’s a Grisham-like  opening but Alger, who has worked as both a financial analyst (Goldman, Sachs, & Co.) and white glove firm attorney, quickly steers the action to the fiscal side.   And she exposes the reader to the rough underbelly of life in the top stratum of New York high society – a class in which a small Manhattan apartment goes for $1 million with grossly high monthly maintenance fees, tuition for one child at a private school runs $34,000 per year, a summer rental in the Hamptons goes for $100,000, and SAT tutors ask for $1,000 an hour.   “Who had the stomach to run these kinds of numbers?   For even the very rich, this sort of daily calculus required a steely nerve…  a ruthless will to succeed.   (Carter’s daughter) Merrill would see schoolchildren on Park Avenue, golden-haired cherubim in pinafores and Peter Pan collars, and she would think: Those are the offspring of killers.”

Merrill is soon to find that her father is the most ruthless of the outlaws on The Street – a man who hides behind opulence – and his actions may have doomed not only his own livelihood and reputation, but also those of Paul and Merrill.   “Carter Darling was hard to miss for anyone who read the financial news.”   The strong-chinned, patrician Darling is presented as a man who possesses some of the personality traits of both Donald Trump and Mitt Romney.   He’s proud of his success (Merrill refuses to give up her maiden name when she marries Ross) but God only knows what he’d be without his hundreds of millions of dollars…  His wife knows that he sees her as little more than a cash drain, “an extra person on the payroll.”

To her credit, Alger permits us to examine a legal system in which cheap, easy quick wins are valued more than prosecutions that can achieve social and economic justice.   For today we live in a world in which billionaires can outspend local, state and federal agencies in the courtroom.   When justice has been turned upside down – and the accused control the process – it’s all about the plea agreement, the deal.   (Financial wheelers and dealers are extremely proficient at fashioning the deals that benefit themselves the most.)

The reader knows that Paul Ross, aided by his legally-trained wife Merrill, and an investigative reporter looking into Delphic are going to have to make some hard moral choices before the story comes to an end.   The same is true for the near-omnipotent (if flawed) Carter Darling.   Alger cleverly ties together two plot lines at the conclusion of this stunning debut novel in a way that’s not foreseen before the final chapters.  

Who wins in the end – the white hats or the black hats?   You will need to read The Darlings to find out.

Highly recommended.

Joseph Arellano

A review copy was provided by the publisher.   The Darlings will be released on Monday, February 20, 2012.

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The Darlings

Imagine if the Bernie Madoff scandal had become public only after his death.   This is one of the key plot elements in The Darlings: A Novel by debut author Cristina Alger.   The Darlings will not be released until February 20, 2012, but you can read the first 33 pages now:

http://cristinaalger.com/about-the-darlings-by-cristina-alger/excerpt-from-the-darlings-by-cristina-alger

Joseph Arellano

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Everybody Knows This is Nowhere

Mrs. Somebody Somebody: Fiction by Tracy Winn (Random House; $14.00)

“Lucy Mattsen was nobody – like all the women I worked with – until the day the baby fell out the window.”

With that near-perfect opening sentence, Tracy Winn delivers a collection of short stories that promises more than they deliver.   This is not a bad collection, it’s just that the stories are uneven in tone although they – in theory – are joined by being the tales of a group of individuals who lived in a dying mill town in the Northeastern region of the United States.   These are stories about people in different walks of life:  rich by inheritance and work versus the poor; old bloods versus immigrant arrivals; foppish people of privilege who live in dated but glorious mansions versus the people who live down in the boondocks in the abandoned mills.

What these individuals have in common is that of all the places to live in the world, in this country, they have chosen (or had chosen for them) to live in a place whose time has come and gone.   There’s a sense that they are ghosts in the town where one mill operates in the place of the six that once made it a place of prosperity.   And even that one remaining mill closes.

It is left to the reader to determine the time frame, the date, of each story.   Generally the only clue provided by Winn is a mention of the make and model of an automobile (Chevy Bel Air, Chevette, Dodge Aspen).   Other than this, there’s a sense of disorientation that occasionally may remind the reader of Audrey Niffenegger’s (Her Fearful Symmetry) prose.

Winn can write:  “He imagined her taking long strides under the sprawling shade trees, past the trim hedges of sunny Fairmont Avenue…  the lithe lines of her, the symmetry of her lean face, her pulse beating in the tender skin below her ear.   She’d swing her bare arms, the hot sun on her face, her skirt swishing declaratively.   She walked the way she thought, in a straight clear path.   She sliced through life, clean-edged.”

The issue is that while Winn can build interest in her characters, to this reader they never felt like real persons, true human beings; the stories  often have the feel of writing exercises, of something written for an academic assignment.   Thus, we never come to feel at one with these individuals; these quasi-ghosts remain just that.   (They are not persons we wish to spend much time with.)

The best stories in this group come at the end, as if Winn was beginning to warm up, to find her voice, the closer she came to completing the work.   Tracy Winn surely shows her potential here, although the potential is largely unrealized.   If you’re currently in the market for a collection of short stories, a preferable choice would be Both Ways is the Only Way I Want It by Maile Meloy (reviewed on this site on June 21, 2010, “Having It All”).   But be warned that Meloy does not open her set with a near-perfect first sentence.

Joseph Arellano

A review copy was provided by the publisher.

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There I’ve Said It Again

How to Buy a Love of Reading: A Novel by Tanya Egan Gibson (Plume; $15.00; 400 pages)

Two highbrow writers and several low brow nouveau riche folks who reside in a community ruled by excess and one-upmanship are skewered with wicked satire in this irresistible debut novel by Tanya Egan Gibson.   Rest assured, Ms. Gibson takes the time, and she has the talent, to fully develop her characters.   Everyone from the protagonist, Carley Wells, to the object of her affection, Hunter Cay, takes their turn in the spotlight.

This is far from the usual ugly duckling or misfit gone berserk story.   Rather, the reader is permitted to delve into the complexities of what appears to be a very “simple” girl.   Carley is the vulnerable 16-year-old daughter of a brassiere mogul.   She does not fit in size-wise or intellectually with her prep school classmates.   Moreover, Carly has not encountered a book that she likes.   This is problematic as she is expected to earn a passing grade in prep school literature and go on to college.   To make matters worse, her harridan of a mother, Gretchen, lacks even a smidgen of empathy or love for anyone but herself.

Hunter Cay is a brilliant writer and obscenely beautiful fellow who is one year Carley’s senior.   He and Carley formed an unusual friendship when he and his mother became part of the wealthy community following his mother’s divorce from his billionaire father.   Carley loves him unconditionally and proves it by her willingness to accept whatever attention and caring he gives her.   She dotes on him and is also a first-class enabler of his vices.

There are parties galore to celebrate birthdays, literature and Hunter’s mother’s engagement.   The descriptions of the elaborate decorations, clothing and food for these events are spot on for a wealthy enclave, which makes this reviewer think that Ms. Gibson may have attended a few such parties in her own lifetime.   Carley’s birthday party has the craziness reminiscent of the masquerade ball in the classic film “The Pink Panther.”

All of this foolishness aside, there is much more to this book than a satirical plot.   The theme explores the idea of growing up into who you need to be to allow yourself to lead a meaningful life.   There are casualties along the way – the notion of the value of extreme wealth being one of them.   Even with billions, some of the characters are hard pressed to escape their personal fears and demons.   By the end of the tale, the reader will have a deeper understanding of human frailties and an expanded sense of compassion.

Highly recommended.   The trade paper version was recently released.

This review was written by Ruta Arellano.   A review copy was received from the publisher.

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