Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction


David Enrich - 2020
    Bill Broeksmit had helped build the 150-year-old financial institution into a global colossus, and his sudden death was a mystery, made more so by the bank’s efforts to deter investigation. Broeksmit, it turned out, was a man who knew too much.In Dark Towers, award-winning journalist David Enrich reveals the truth about Deutsche Bank and its epic path of devastation. Tracing the bank’s history back to its propping up of a default-prone American developer in the 1880s, helping the Nazis build Auschwitz, and wooing Eastern Bloc authoritarians, he shows how in the 1990s, via a succession of hard-charging executives, Deutsche made a fateful decision to pursue Wall Street riches, often at the expense of ethics and the law.Soon, the bank was manipulating markets, violating international sanctions to aid terrorist regimes, scamming investors, defrauding regulators, and laundering money for Russian oligarchs. Ever desperate for an American foothold, Deutsche also started doing business with a self-promoting real estate magnate nearly every other bank in the world deemed too dangerous to touch: Donald Trump. Over the next twenty years, Deutsche executives loaned billions to Trump, the Kushner family, and an array of scandal-tarred clients, including convicted sex offender Jeffrey Epstein.Dark Towers is the never-before-told saga of how Deutsche Bank became the global face of financial recklessness and criminality—the corporate equivalent of a weapon of mass destruction. It is also the story of a man who was consumed by fear of what he’d seen at the bank—and his son’s obsessive search for the secrets he kept.

The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives


Jesse Eisinger - 2017
    The Chickenshit Club—an inside reference to prosecutors too scared of failure and too daunted by legal impediments to do their jobs—explains why in “an absorbing financial history, a monumental work of journalism…a first-rate study of the federal bureaucracy” (Bloomberg Businessweek).Jesse Eisigner begins the story in the 1970s, when the government pioneered the notion that top corporate executives, not just seedy crooks, could commit heinous crimes and go to prison. He brings us to trading desks on Wall Street, to corporate boardrooms and the offices of prosecutors and FBI agents. These revealing looks provide context for the evolution of the Justice Department’s approach to pursuing corporate criminals through the early 2000s and into the Justice Department’s approach to pursuing corporate criminals through the early 2000s and into the Justice Department of today, including the prosecutorial fiascos, corporate lobbying, trial losses, and culture shifts that have stripped the government of the will and ability to prosecute top corporate executives.“Brave and elegant….a fearless reporter…Eisinger’s important and profound book takes no prisoners (The Washington Post). Exposing one of the most important scandals of our time, The Chickenshit Club provides a clear, detailed explanation as to how our Justice Department has come to avoid, bungle, and mismanage the fight to bring these alleged criminals to justice. “This book is a wakeup call…a chilling read, and a needed one” (NPR.org).

Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork


Reeves Wiedeman - 2020
    Adam Neumann, an immigrant determined to make his fortune in the United States, landed on the idea of repurposing surplus New York office space for the burgeoning freelance class. Over the course of ten years, WeWork attracted billions of dollars from some of the most sought-after investors in the world, while spending it to build a global real estate empire that he insisted was much more than that: an organization that aspired to nothing less than "elevating the world's consciousness."Moving between New York real estate, Silicon Valley venture capital, and the very specific force field of spirituality and ambition erected by Adam Neumann himself, Billion Dollar Loser lays bare the internal drama inside WeWork. Based on more than two hundred interviews, this book chronicles the breakneck speed at which WeWork’s CEO built and grew his company along with Neumann’s relationship to a world of investors, including Masayoshi Son of Softbank, who fueled its chaotic expansion into everything from apartment buildings to elementary schools.Culminating in a day-by-day account of the five weeks leading up to WeWork’s botched IPO and Neumann’s dramatic ouster, Wiedeman exposes the story of the company’s desperate attempt to secure the funding it needed in the final moments of a decade defined by excess. Billion Dollar Loser is the first book to indelibly capture the highly leveraged, all-blue-sky world of American business in President Trump’s first term, and also offers a sober reckoning with its fallout as a new era begins.

$2.00 a Day: Living on Almost Nothing in America


Kathryn J. Edin - 2015
    Modonna Harris and her teenage daughter Brianna in Chicago often have no food but spoiled milk on weekends. After two decades of brilliant research on American poverty, Kathryn Edin noticed something she hadn’t seen since the mid-1990s — households surviving on virtually no income. Edin teamed with Luke Shaefer, an expert on calculating incomes of the poor, to discover that the number of American families living on $2.00 per person, per day, has skyrocketed to 1.5 million American households, including about 3 million children. Where do these families live? How did they get so desperately poor? Edin has procured rich — and truthful — interviews. Through the book’s many compelling profiles, moving and startling answers emerge. The authors illuminate a troubling trend: a low-wage labor market that increasingly fails to deliver a living wage, and a growing but hidden landscape of survival strategies among America’s extreme poor. More than a powerful exposé, $2.00 a Day delivers new evidence and new ideas to our national debate on income inequality.

Squeezed: Why Our Families Can't Afford America


Alissa Quart - 2018
    Many realize that attaining the standard of living their parents managed has become impossible.Alissa Quart, executive editor of the Economic Hardship Reporting Project, examines the lives of many middle-class Americans who can now barely afford to raise children. Through gripping firsthand storytelling, Quart shows how our country has failed its families. Her subjects—from professors to lawyers to caregivers to nurses—have been wrung out by a system that doesn’t support them, and enriches only a tiny elite.Interlacing her own experience with close-up reporting on families that are just getting by, Quart reveals parenthood itself to be financially overwhelming, except for the wealthiest. She offers real solutions to these problems, including outlining necessary policy shifts, as well as detailing the DIY tactics some families are already putting into motion, and argues for the cultural reevaluation of parenthood and caregiving.Written in the spirit of Barbara Ehrenreich and Jennifer Senior, Squeezed is an eye-opening page-turner. Powerfully argued, deeply reported, and ultimately hopeful, it casts a bright, clarifying light on families struggling to thrive in an economy that holds too few options. It will make readers think differently about their lives and those of their neighbors.

Armchair Economist: Economics & Everyday Life


Steven E. Landsburg - 1993
    But Steven E. Landsburg...is one economist who fits the bill. In a wide-ranging, easily digested, unbelievably contrarian survey of everything from why popcorn at movie houses costs so much to why recycling may actually reduce the number of trees on the planet, the University of Rochester professor valiantly turns the discussion of vexing economic questions into an activity that ordinary people might enjoy. -- Joe Queenan, The Wall Street Journal The Armchair Economist is a wonderful little book, written by someone for whom English is a first (and beloved) language, and it contains not a single graph or equation...Landsburg presents fascinating concepts in a form easily accessible to noneconomists. -- Erik M. Jensen, The Cleveland Plain Dealer ...enormous fun from its opening page...Landsburg has done something extraordinary: He has expounded basic economic principles with wit and verve. -- Dan Seligman, Fortune

How Music Got Free: The End of an Industry, the Turn of the Century, and the Patient Zero of Piracy


Stephen Richard Witt - 2015
    It’s about the greatest pirate in history, the most powerful executive in the music business, a revolutionary invention and an illegal website four times the size of the iTunes Music Store. Journalist Stephen Witt traces the secret history of digital music piracy, from the German audio engineers who invented the mp3, to a North Carolina compact-disc manufacturing plant where factory worker Dell Glover leaked nearly two thousand albums over the course of a decade, to the high-rises of midtown Manhattan where music executive Doug Morris cornered the global market on rap, and, finally, into the darkest recesses of the Internet.Through these interwoven narratives, Witt has written a thrilling book that depicts the moment in history when ordinary life became forever entwined with the world online — when, suddenly, all the music ever recorded was available for free. In the page-turning tradition of writers like Michael Lewis and Lawrence Wright, Witt’s deeply-reported first book introduces the unforgettable characters—inventors, executives, factory workers, and smugglers—who revolutionized an entire artform, and reveals for the first time the secret underworld of media pirates that transformed our digital lives.An irresistible never-before-told story of greed, cunning, genius, and deceit, How Music Got Free isn’t just a story of the music industry—it’s a must-read history of the Internet itself.

Moneyland: Why Thieves and Crooks Now Rule the World and How To Take It Back


Oliver Bullough - 2018
    He could buy himself a new car or build himself a nice house or give it to his friends and family, but that was about it. If he kept stealing, the money would just pile up in his house until he had no rooms left to put it in, or it was eaten by mice.And then some bankers in London had a bright idea.Join the investigative journalist Oliver Bullough on a journey into Moneyland - the secret country of the lawless, stateless superrich.Learn how the institutions of Europe and the United States have become money-laundering operations, undermining the foundations of Western stability. Discover the true cost of being open for business no matter how corrupt and dangerous the customer. Meet the kleptocrats. Meet their awful children. And find out how heroic activists around the world are fighting back.This is the story of wealth and power in the 21st century. It isn't too late to change it.

13 Bankers: The Wall Street Takeover and the Next Financial Meltdown


Simon Johnson - 2010
    Anchored by six megabanks—Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley—which together control assets amounting, astonishingly, to more than 60 percent of the country’s gross domestic product, these financial institutions (now more emphatically “too big to fail”) continue to hold the global economy hostage, threatening yet another financial meltdown with their excessive risk-taking and toxic “business as usual” practices. How did this come to be—and what is to be done? These are the central concerns of 13 Bankers, a brilliant, historically informed account of our troubled political economy. In 13 Bankers, Simon Johnson—one of the most prominent and frequently cited economists in America (former chief economist of the International Monetary Fund, Professor of Entrepreneurship at MIT, and author of the controversial “The Quiet Coup” in The Atlantic)—and James Kwak give a wide-ranging, meticulous, and bracing account of recent U.S. financial history within the context of previous showdowns between American democracy and Big Finance: from Thomas Jefferson to Andrew Jackson, from Theodore Roosevelt to Franklin Delano Roosevelt. They convincingly show why our future is imperiled by the ideology of finance (finance is good, unregulated finance is better, unfettered finance run amok is best) and by Wall Street’s political control of government policy pertaining to it. As the authors insist, the choice that America faces is stark: whether Washington will accede to the vested interests of an unbridled financial sector that runs up profits in good years and dumps its losses on taxpayers in lean years, or reform through stringent regulation the banking system as first and foremost an engine of economic growth. To restore health and balance to our economy, Johnson and Kwak make a radical yet feasible and focused proposal: reconfigure the megabanks to be “small enough to fail.” Lucid, authoritative, crucial for its timeliness, 13 Bankers is certain to be one of the most discussed and debated books of 2010.

Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves


Andrew Ross Sorkin - 2009
    From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy. “We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world’s financial system would experience. Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing neverdisclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle. This true story is not just a look at banks that were “too big to fail,” it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.

Den of Thieves


James B. Stewart - 1991
    Stewart shows for the first time how four of the eighties’ biggest names on Wall Street—Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine —created the greatest insider-trading ring in financial history and almost walked away with billions, until a team of downtrodden detectives triumphed over some of America’s most expensive lawyers to bring this powerful quartet to justice. Based on secret grand jury transcripts, interviews, and actual trading records, and containing explosive new revelations about Michael Milken and Ivan Boesky written especially for this paperback edition, Den of Thieves weaves all the facts into an unforgettable narrative—a portrait of human nature, big business, and crime of unparalleled proportions.

Glass House: The 1% Economy and the Shattering of the All-American Town


Brian Alexander - 2017
    Today it is damaged, discouraged, and fighting for its future. In Glass House, journalist Brian Alexander uses the story of one town to show how seeds sown 35 years ago have sprouted to give us Trumpism, inequality, and an eroding national cohesion.The Anchor Hocking Glass Company, once the world’s largest maker of glass tableware, was the base on which Lancaster’s society was built. As Glass House unfolds, bankruptcy looms. With access to the company and its leaders, and Lancaster’s citizens, Alexander shows how financial engineering took hold in the 1980s, accelerated in the 21st Century, and wrecked the company. We follow CEO Sam Solomon as he tries to rescue the company from the New York private equity firm that hired him. Meanwhile, Alexander goes behind the scenes, entwined with the lives of residents as they wrestle with heroin, politics, high-interest lenders, low wage jobs, technology, and the new demands of American life: people like Brian Gossett, the fourth generation to work at Anchor Hocking; Joe Piccolo, first-time director of the annual music festival who discovers the town relies on him, and it, for salvation; Jason Roach, who police believed may have been Lancaster’s biggest drug dealer; and Eric Brown, a local football hero-turned-cop who comes to realize that he can never arrest Lancaster’s real problems.

American Kingpin: The Epic Hunt for the Criminal Mastermind Behind the Silk Road


Nick Bilton - 2017
    In 2011, a twenty-six-year-old libertarian programmer named Ross Ulbricht launched the ultimate free market: the Silk Road, a clandestine Web site hosted on the Dark Web where anyone could trade anything—drugs, hacking software, forged passports, counterfeit cash, poisons—free of the government’s watchful eye. It wasn’t long before the media got wind of the new Web site where anyone—not just teenagers and weed dealers but terrorists and black hat hackers—could buy and sell contraband detection-free. Spurred by a public outcry, the federal government launched an epic two-year manhunt for the site’s elusive proprietor, with no leads, no witnesses, and no clear jurisdiction. All the investigators knew was that whoever was running the site called himself the Dread Pirate Roberts. The Silk Road quickly ballooned into $1.2 billion enterprise, and Ross embraced his new role as kingpin. He enlisted a loyal crew of allies in high and low places, all as addicted to the danger and thrill of running an illegal marketplace as their customers were to the heroin they sold. Through his network he got wind of the target on his back and took drastic steps to protect himself—including ordering a hit on a former employee. As Ross made plans to disappear forever, the Feds raced against the clock to catch a man they weren’t sure even existed, searching for a needle in the haystack of the global Internet.Drawing on exclusive access to key players and two billion digital words and images Ross left behind, Vanity Fair correspondent and New York Times bestselling author Nick Bilton offers a tale filled with twists and turns, lucky breaks and unbelievable close calls. It’s a story of the boy next door’s ambition gone criminal, spurred on by the clash between the new world of libertarian-leaning, anonymous, decentralized Web advocates and the old world of government control, order, and the rule of law. Filled with unforgettable characters and capped by an astonishing climax, American Kingpin might be dismissed as too outrageous for fiction. But it’s all too real.

Narconomics: How to Run a Drug Cartel


Tom Wainwright - 2016
    From creating brand value to fine-tuning customer service, the folks running cartels have been attentive students of the strategy and tactics used by corporations such as Walmart, McDonald's, and Coca-Cola.     And what can government learn to combat this scourge? By analyzing the cartels as companies, law enforcers might better understand how they work—and stop throwing away 100 billion a year in a futile effort to win the “war” against this global, highly organized business.     Your intrepid guide to the most exotic and brutal industry on earth is Tom Wainwright. Picking his way through Andean cocaine fields, Central American prisons, Colorado pot shops, and the online drug dens of the Dark Web, Wainwright provides a fresh, innovative look into the drug trade and its 250 million customers.     The cast of characters includes “Bin Laden,” the Bolivian coca guide; “Old Lin,” the Salvadoran gang leader; “Starboy,” the millionaire New Zealand pill maker; and a cozy Mexican grandmother who cooks blueberry pancakes while plotting murder. Along with presidents, cops, and teenage hitmen, they explain such matters as the business purpose for head-to-toe tattoos, how gangs decide whether to compete or collude, and why cartels care a surprising amount about corporate social responsibility.More than just an investigation of how drug cartels do business, Narconomics is also a blueprint for how to defeat them.

Catch and Kill: Lies, Spies, and a Conspiracy to Protect Predators


Ronan Farrow - 2019
    As Farrow drew closer to the truth, shadowy operatives, from high-priced lawyers to elite war-hardened spies, mounted a secret campaign of intimidation, threatening his career, following his every move and weaponizing an account of abuse in his own family.All the while, Farrow and his producer faced a degree of resistance that could not be explained - until now. And a trail of clues revealed corruption and cover-ups from Hollywood, to Washington, and beyond.This is the untold story of the exotic tactics of surveillance and intimidation deployed by wealthy and connected men to threaten journalists, evade accountability and silence victims of abuse - and it's the story of the women who risked everything to expose the truth and spark a global movement.Both a spy thriller and a meticulous work of investigative journalism, Catch and Kill breaks devastating new stories about the rampant abuse of power - and sheds far-reaching light on investigations that shook the culture.In a dramatic account of violence and espionage, Pulitzer Prize-winning investigative reporter Ronan Farrow exposes serial abusers and a cabal of powerful interests hell-bent on covering up the truth, at any cost.