Category: Career Memoir

The Death of Money / Dealings – BONUS POST

The first Bonus Book of the Week is “The Death of Money, The Coming Collapse of the International Monetary System” by James Rickards, published in 2014. This was an all-over-the-map hodgepodge of generalizations on global financial trends, economic theory and what the author claimed was the devastation those trends could lead to, as of the book’s writing.

Prior to 9/11, the CIA possessed no expertise in the nefarious goings-on in the securities industry that could presage the occurrence of a terrorist attack. America’s law enforcement and security agencies had plenty of data, but inter-agency rivalry inhibited information-sharing and creativity– that would have allowed them to “connect the dots” in getting more specific information.

Prior to 9/11, American intelligence did detect irregular trading patterns in the stocks of the two airlines whose planes were targeted in the attacks. A tiny percentage of those trades were illegal because they were made by insiders– by the terrorists who knew those airlines’ share prices would soon plummet; the remaining percentage of anomalous trading was done by those who noticed the unusual activity (but not the reason for it) and jumped on the bandwagon.

After the attacks, threat-detection software was created for monitoring not just stock trading, but also currency and precious metals trading. The author wrote that a recently trendy means for bringing down an enemy-nation is: doing serious economic and financial harm rather than physical harm. Assaults on a nation’s technology and infrastructure such as the money-handling parts of cyberspace, aviation, dams and utilities, instead of targeting a country’s military and weapons or people of a specific ethnic group, is becoming the new normal.

The author remarked that China’s institutions are actually at risk for attacks, because the country’s government, economically, owns a large chunk of the means of production and arguably, labor; not to mention, capital. Wealthy Chinese business owners and executives have a co-dependent relationship with (corrupt) government officials. Besides, there are: “cross ownership, family ties, front companies, and straw man stockholders.”

The author warned the reader that a global financial crisis is likely in the offing due to prevailing circumstances in the economic heavy hitters of the world (like, the United States and China); among those circumstances: misallocation of investment funds; employers’ power to minimize benefits and compensation; red ink and the ever-widening, (allegedly alarming) gap between rich and poor. Financial panic is correlated with social unrest. That can lead to revolution.

The magnitude and accelerating frequency of financial bailouts of the last twenty-five years just shows how fragile the economic systems of the world are. In the United States, excessive deregulation fueled out-of-control greed, etc., etc., etc. In Europe, the group of nations that agreed to adopt one currency (the euro) thought the other nations would help mitigate their own economic problems, when in reality– they were putting all their eggs in one basket. In effect, they had to get permission from the others to make significant changes to their economic policies; they were forced into unhealthy co-dependent relationships.

Read the book to get the lowdown on: all the different groups of nations which were trying to diminish the U.S. dollar’s hegemony (hint: BRICS, BELL, GIIPS, SCO, GCC) at the book’s writing; the United States’ economic system explained for laypeople (via a Venn diagram, along with how the author defined “money” and “death”– both buried in the middle of the book); and everything you ever wanted to know about the value of gold, among other factors in the American dollar’s declining power in the world.

The second Bonus Book of the Week is “Dealings, A Political and Financial Life” by Felix Rohatyn, published in 2010. This bragfest described the life of the typical alpha male who rode a fabulous career in the securities industry, starting in the 1950’s.

The aforementioned first Bonus Book described the trends indicative of a dire future global financial situation. Many such untoward events have already occurred in the last couple of centuries (!), and keep happening. Every time, the seeds of financial disaster are sown decades prior to when it hits the fan.

The selective memory and cherry-picking of data of participants and victims (not to mention propagandists!) cause readers to perceive that those kinds of events are unprecedented, or are becoming more frequent. Excuse the cliche, THERE IS NOTHING NEW UNDER THE SUN (For more info, see this blog’s posts: Serpent on the Rock, A Fighting Chance, Since Yesterday, Why I Left Goldman Sachs, The Zeroes and Dot Bomb).

Rohatyn described a few major stressful economic near-disasters that he was asked to help remedy. One situation was early 1970’s Wall Street, which was a house of cards about to collapse. Another was the near-bankruptcy of New York City in the mid-1970’s.

The late 1950’s saw the city becoming a bloated, bureaucratic civil-service gravy train, due to the increasing power of unions. The costs of generous contracts (along with other sociological factors) was eroding the city’s tax base. Local politicians stayed in power by staying friendly with the unions. One hand washed the other.

At the dawn of the 1970’s, the city needed more and more short-term loans from banks. Creative accounting allowed the debt explosion to continue. The city got subsidies from the state and federal governments, but only at the end of its fiscal year, so its deficit ballooned annually before then. The city got generous borrowing terms because it was in the state’s and fed’s best interest (excuse the pun) to deregulate the lending banks, as they were political patrons, too. Eventually, push came to shove.

In June 1975, Rohatyn was appointed to a bipartisan (truly bipartisan!) committee to help New York State governor Hugh Carey draft a bailout plan for the city, three weeks before the date on which the city would be forced into bankruptcy. Fortunately, Carey possessed the right temperament for saving the world.

Read the book to learn more about how the author helped impose some adult supervision in various, serious economic episodes in his career, and more about his career itself.

Appointment at the Ends of the World

The Book of the Week is “Appointment at the Ends of the World, Memoirs of A Wildlife Veterinarian” by William B. Karesh, published in 1999.

The American author traveled to exotic locales to participate in conservation projects for the Wildlife Conservation Society and other international aid organizations, which manage and study animals and their habitats and resources in tens of countries. He got special permission from governments to bring a vast quantity of supplies and equipment to jungles, savannas, forests, etc.

The author spent part of the year at the Bronx Zoo. In 1995, he flew to northeastern Zaire to treat an infection in one okapi, and was driven hours to enter a safari park to study white rhinos. His luggage weighed 220 pounds. It was full of sampling supplies (tubes, racks, pipettes, towels, etc.), drugs for the animals, immobilization / capture equipment (like oxygen and carbon dioxide tanks, cartridges and numerous accessories), animal-handling and marking equipment (clips, cards, etc.), books, cords, converters and other miscellaneous items, and camping gear. Not to mention, clothing.

In Bolivia, the author performed various tests to measure the amount of environmental contaminants in the bodies of wild caimans because they live thirty to forty years. Examining the reptiles at intervals can indicate changes in their aquatic habitats.

In Cameroon, the author encountered shenanigans. For, he had to hire local guides; the leader (a native Nigerian) was fluent in the English language, and allegedly skilled at finding forest-elephants. The leader led the group on a “wild-goose chase” for weeks. When the group finally got close enough to one animal at which to shoot a radio-transmitter dart and a tranquilizer-dart, the leader missed twice shooting the former dart. The adrenaline was pumping in the people too, because the territorial elephants can crush humans to death.

The author conceded that he was doing an extremely controversial job. He and his employers threw vast amounts of resources at animals to save their lives or help them survive. He behaved like a Darwin-award candidate at times, and at other times, ironically, over the long run– made conditions worse for his charges. Ecotourism, too, whose goal is profiteering (rather than sincere concern for endangered species)– has taken its toll on disrupting animal habitats.

The phrase “white savior complex” could now be applied to the way wealthy people condescendingly think that saving a few individuals will solve the extremely complex problems of survival faced by all of the earth’s organisms. It is fair to say that in recent decades, money has actually corrupted global efforts to save lots of them.

To boot, the decades wasted searching for aliens and Bigfoot have just muddied the waters more. Incidentally, as is well known, on the TV show Star Trek, the aliens always speak perfect American English. Lastly, people who bother animals to get attention are still a “thing” on the idiot box, despite Steve Irwin’s cautionary tale. Anyway, read the book to learn a wealth of additional details on the author’s career, and how it shaped his lifestyle.

The Life and Times of Little Richard

The Book of the Week is “The Life and Times of Little Richard, The Quasar of Rock” by Charles White, published in 1984. This story included quotes from people who knew the subject, and quotes from the subject himself. WARNING: As is well known, Little Richard was a rock star; this volume described graphic sex scenes.

Born in Macon, Georgia, Richard Penniman was the third child of thirteen born to a teenage mother in December 1932. He was a problem child and class clown, having a crying need for constant attention. Fortunately, he was supervised and disciplined by a tight-knit African-American community that encouraged his talent, so although he was always getting into trouble, he avoided doing serious harm to people or damaging property, or becoming a career-criminal. Throughout his life, he vacillated between singing religious music, and singing music he perceived as banned by his religion.

At a young age, Richard began singing gospel music with a group of other kids organized by an adult from the local church. His mother was raised as a Baptist; his father, a Methodist. He himself preferred to attend a Pentecostal church. In high school, he learned to play the saxophone in a marching band. In the 1950’s he saw traveling musicians at the local concert hall, and even got to meet a few of the greats of that era, such as Cab Calloway.

At fourteen years old, Richard left home to become a singer in the floor-show of a literal traveling snake-oil-salesman. He soon transferred his talents to singing and developing his own style of attention-grabbing choreography, with a band that played the standards, that traveled all over the state of Georgia. Over the next few years, he performed with a series of bands, met lots of people in the community, and attended numerous shows of the period– minstrel, vaudeville and night-club.

In October 1951, Richard got his first recording-contract with RCA. He was to deal with various music companies in the years to come. At that time, he was singing rhythm and blues, and wore a pompadour. He sang other people’s songs. He soon switched to rock and roll.

Later, Richard’s signature song got lots of laughs from night-club audiences for its initial obscene lyrics– “Tutti Frutti, good booty – if it don’t fit, don’t force it, you can grease it, make it easy…” Of course, the song had to be rewritten to be played on the radio. Richard resented the fact that Pat Boone (a white singer) sang a cover version that was made number one in the radio countdown. Richard’s own concert audiences were about 90% white.

In the 1950’s, the back room of a furniture store served as a recording studio. The space was large enough to accommodate a full orchestra and grand piano. But someone had to make adjustments for the acoustics of the room via careful placement of microphones and locating the drummer outside the door.

After a while, Richard realized he had been repeatedly cheated of reasonable compensation, given his talent and how hard he worked. In the mid-1950’s, pursuant to his contract, he made half a cent for each record sold.

The powers-that-be obviously knew how to maximize profits– the early rhythm and blues holding-companies had music-publishing companies, which owned the record companies. One way Richard and his concert-entourage wised up, was to demand half their pay when they signed a contract, and collect their remaining pay just before they went onstage. Or else they wouldn’t go onstage.

Richard eventually accumulated sufficient wealth to buy a house for his mother and siblings in the Sugar Hill district of West Los Angeles, next door to Joe Louis. Other famous singers such as Elvis, Bill Haley and Buddy Holly began covering Richard’s songs. When Richard gave concerts with his band, the Upsetters, he wore crazy clothes, makeup and had long hair. The band members got their hair done at a beauty salon. At one performance in El Paso, Texas, Richard was arrested for having that long hair.

Read the book to learn a wealth of additional details on Richard’s life, including what transpired when: Richard found God again, stopped his drug addiction, alcoholism and promiscuity, had to deal with racial issues, and much more.

L.A. Justice – BONUS POST

The Bonus Book of the Week is “L.A. Justice, Lessons from the Firestorm” by Robert Vernon, published in 1993.

In 1954, the author joined the Los Angeles Police Department (LAPD). Through the decades of his career, he watched the LAPD become corrupted by the worst aspects of human nature. By the early 1990’s, the department had scrapped the civil service system in favor of using patronage in awarding promotions. This necessitated pleasing local politicians. Always a bad idea.

So at the tail end of April 1992, when the verdict was announced in the Rodney King legal case, law enforcement was unprepared for the rioting that broke out in South-Central Los Angeles.

The author, lately named assistant chief of police of Los Angeles, bragged about helping start a community program in 1990– successful at the book’s writing. It was called “Operation Cul-de-Sac” and involved transforming a high-crime neighborhood into a gated community. It was implemented in about seven hundred households in South Central Los Angeles. The author wrote, “… changing behavior must begin by influencing a belief system.”

The program must have done so, as it created support networks of families and friends, significantly reduced crime, and significantly increased school attendance.

Unfortunately, despite its success, the program was not to last much longer. The reason? It was funded by the LAPD– not special-interest political groups in the community. So local politicians were left out of the loop– unable to hand out patronage jobs.

Read the book to learn of all kinds of other frustrations suffered by the author in his experiences with the LAPD.