Informative—if often apologetic and even fawning—attempt by Sobel (Business/Hofstra University; The Life and Times of Dillon, Read, 1991, etc.) to put into ``historical perspective'' the Wall Street shenanigans of Michael Milken. As Sobel sees it, Milken is one of a noble line of post-WW II rugged individualists who fashioned new financial instruments and methods to make themselves and others rich. Precursors include Louis Wolfson—like Milken, ``shy and assertive, loyal and patriotic,'' and a Jewish outsider—who was the first to buy up the stock of technically ``undervalued'' companies, break up the companies, and sell off the pieces at huge profits: In 1967, he was convicted of stock manipulation. Another predecessor, James Ling, a high-school dropout from Oklahoma, devised new ways to raid a corporate treasury to finance hostile takeovers and was able to form early conglomerates in the 1960's, notably LTV. More respectably, Charles Merrill, head of Merrill Lynch in the 1950's, established the first nationwide network of stockbrokers and bond traders—those who later would sell billions of dollars' worth of Milken's high-yield, low-quality corporate junk bonds to S&Ls, insurers, and an unsuspecting public, and who would provide fuel for raiders such as T. Boone Pickens to finance hostile, leveraged takeovers of a size and scope previously unimaginable. As Sobel delineates these deals—which ultimately brought ruin to thousands of S&L depositors, insurance-annuity holders, and employees of dismantled companies—his technical analysis is crystalline, but his sympathies are obviously with Milken, who, he says, has ``a social vision.'' In fact, Sobel builds a not-so-sly and certainly unconvincing case that Milken's prosecution and 40-month sentence were the result of anti-Semitism, even ``demonism'' (Milken's lawyer's term). Sobel hopes that Milken will enjoy a ``second act.'' Many may disagree, but the facts of high finance in the 1980's remain fascinating, even in the author's less-than-neutral hands.
Pub Date: May 21, 1993
ISBN: 0-471-57734-0
Page Count: 256
Publisher: Wiley
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: April 1, 1993
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
SEEN & HEARD
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection...
A Dumpster diver–turned-CEO details her rise to success and her business philosophy.
In this memoir/business book, Amoruso, CEO of the Internet clothing store Nasty Gal, offers advice to young women entrepreneurs who seek an alternative path to fame and fortune. Beginning with a lengthy discussion of her suburban childhood and rebellious teen years, the author describes her experiences living hand to mouth, hitchhiking, shoplifting and dropping out of school. Her life turned around when, bored at work one night, she decided to sell a few pieces of vintage clothing on eBay. Fast-forward seven years, and Amoruso was running a $100 million company with 350 employees. While her success is admirable, most of her advice is based on her own limited experiences and includes such hackneyed lines as, “When you accept yourself, it’s surprising how much other people will accept you, too.” At more than 200 pages, the book is overlong, and much of what the author discusses could be summarized in a few tweets. In fact, much of it probably has been: One of the most interesting sections in the book is her description of how she uses social media. Amoruso has a spiritual side, as well, and she describes her belief in “chaos magic” and “sigils,” a kind of wishful-thinking exercise involving abstract words. The book also includes sidebars featuring guest “girlbosses” (bloggers, Internet entrepreneurs) who share equally clichéd suggestions for business success. Some of the guidance Amoruso offers for interviews (don’t dress like you’re going to a nightclub), getting fired (don’t call anyone names) and finding your fashion style (be careful which trends you follow) will be helpful to her readers, including the sage advice, “You’re not special.”
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection or insight.Pub Date: May 6, 2014
ISBN: 978-0-399-16927-4
Page Count: 256
Publisher: Portfolio
Review Posted Online: June 22, 2014
Kirkus Reviews Issue: July 15, 2014
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