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IN GOOD FAITH

THE INSIDE STORY OF PRUDENTIAL-BACHE'S MULTI-BILLION-DOLLAR SCANDAL THAT DEFRAUDED THOUSANDS OF INVESTORS AND FRACTURED THE ROCK

A hit-or-miss recap of events leading up to a 1993 decision by Prudential Securities to settle fraud charges with the SEC, albeit without admitting guilt, from a journalist who is not up to the job of explaining, let alone illuminating, a perdurable scandal. Drawing mainly on secondary sources and interviews with a handful of minor players with axes to grind, Sharp offers a rough idea of the trouble Prudential Insurance bought with its 1981 acquisition of Bache, a second-rate Wall Street brokerage firm. A financial force to be reckoned with, Pm has 140-odd subsidiaries, vast resources, and an enviable consumer franchise (reinforced by its familiar Rock of Gibraltar logo). For all its assets, the mutual insurance company's foray into retail brokerage proved a disaster. Bache's stock in trade was limited partnerships, which its registered reps hawked as tax shelters with high-yield investment appeal. Although federal tax law changed during the mid-1980s, Pm-Bache's venal, high-pressure tactics did not; tens of thousands of clients were duped into buying inappropriate and economically unsound LPs. Lawsuits were filed, and regulatory authorities eventually got into the act, but not before $5 billion was lost. In her first book, Sharp attempts to tell this sorry tale through low-echelon hucksters who either left or were dismissed by the firm and a few investors who lost money on Pm-Bache deals. Her approach will leave most readers puzzled as to whether the corruption was systemic or attributable to a few rogues (as the parent organization still insists). The narrative's clarity also suffers from the author's bent for going off on tangents. At no point does Sharp probe the cultural differences that make buttoned-down insurance underwriters and freewheeling brokerage houses strange bedfellows in the first place. A dispensable take on fiscal misdeeds that await perceptive coverage.

Pub Date: Aug. 1, 1995

ISBN: 0312304595

Page Count: 256

Publisher: Dunne/St. Martin's

Review Posted Online: May 19, 2010

Kirkus Reviews Issue: June 1, 1995

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THE CULTURE MAP

BREAKING THROUGH THE INVISIBLE BOUNDARIES OF GLOBAL BUSINESS

These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.

A helpful guide to working effectively with people from other cultures.

“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.

These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.

Pub Date: May 27, 2014

ISBN: 978-1-61039-250-1

Page Count: 288

Publisher: PublicAffairs

Review Posted Online: April 15, 2014

Kirkus Reviews Issue: May 1, 2014

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GOOD ECONOMICS FOR HARD TIMES

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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