Sum It Up

The Book of the Week is “Sum It Up” by Pat Summitt with Sally Jenkins, published in 2012. This ebook is the autobiography of a long-time coach of the women’s basketball team at the University of Tennessee; Olympian, Olympic coach, daughter, wife, mother, etc., etc.

Summitt’s childhood consisted of doing hard labor on her family’s Tennessee farm, drag racing and playing aggressive basketball with her three older brothers. Her father was a gruff, hard worker who refrained completely from showing affection toward his family. Nevertheless, he had a passion for basketball. Therefore, in the mid 1960’s, he had the family move to a fixer-upper residence so that his daughter could play high school basketball on a very good team.

Unfortunately, the team was part of a pathetic interscholastic program that existed for girls at the time. There were many inequalities between male and female sports programs in Summitt’s generation. For one, she had to pay full college tuition, because “…athletic scholarships for women simply didn’t exist in 1970.”

At 22 years old in 1974, even when she was named head coach of the women’s basketball team at her alma mater, she was given a budget that was a fraction of the men’s team’s budget. Also, unlike a male coach, she had to play many roles in addition to coaching, such as serving as driver, laundress, ankle-taper, gym-floor cleaner, and bench assembler. Her office was at the top of five flights of stairs in a hot attic with no elevator and no air conditioning. At the same time, she was taking four master’s degree classes and was required to teach undergraduate classes.

Finally, in 1975, Title IX– which was supposed to “even the playing field” for male and female athletes– was signed into law by President Gerald Ford (according to the book). Summitt started to benefit from progress, but even in the late 1970’s, the men’s sports teams still had bigger marketing budgets and staffs than the women’s teams; plus the men traveled by airplane while the women had to drive hours and hours.

Summitt also discusses basketball as a metaphor for other aspects of life. She writes, “The point guard position in basketball is one of the great tutorials on leadership… they only follow you if they find you consistently credible… If there is a single ingredient in leadership, it’s emotional maturity.”

Read the book to learn about the coaching-career teams, victories, setbacks, comebacks and defeats; and family, health and retirement issues in the life of this overachiever.

Personal History

The Book of the Week is “Personal History” by Katharine Graham, published in 1997.

The autobiographer was born in June 1917. She grew up in a large, wealthy family, in New York City, Washington, D.C. and Mount Kisco (upstate New York). She attended private schools. At high school dances, “Of course, no boys were allowed so all the girls put on evening dresses and corsages and danced with each other.”

The autobiographer’s father, Eugene Meyer, a business tycoon, purchased the Washington Post in 1932. In 1942, she wed Phil Graham, and took his name. Over the next ten years or so, they had four children (a daughter and three sons) who survived to adulthood. In 1946, her husband was named publisher of the Post. In 1963, she experienced serious personal problems that led to her taking over the paper.

Two of the Post‘s journalists, the infamous Woodward and Bernstein, were the first to seize upon the story of the break-in at the Watergate Hotel (the 1972 campaign headquarters of the Democratic party) by Republican party operatives. Over the next few years, the paper proceeded to reveal the corruption present in the Nixon administration with regard to the president’s reelection and the start of the Vietnam War. The story was extremely complex. The paper was at once courageous and foolish for casting aspersions on the Federal government. For, the Washington Post Company owned television and radio stations, in addition to print publications. These media holdings found themselves the victims of retaliatory action when it came time for the FCC to renew their broadcast licenses.

Lawsuits were launched in connection with the scandals over whether news articles published by the Post, were revealing State secrets that would compromise the national security of the United States. Many people thought the government was simply trying cover up its own embarrassing conduct. As is now evident, the post-Nixon decades saw history repeat itself many times over both in terms of similar scandals and overzealous classification of documents.

There occurred a mid-1970’s debilitating four and a half month strike of the many unions on which the Post had become too dependent through lax management. Before disgruntled workers walked out, some sabotaged the printing presses and thereafter waged a campaign of telephone threats and physical violence on picket-line crossers. Graham got right down in the trenches, moonlighting alongside non-union executives to get the paper out. She also achieved several female “firsts” and provided various examples of how being female subjected her to treatment males would not have experienced.

The Post had its ups and downs through the years.  In early 1991, Graham handed down leadership of the Washington Post Company to one of her sons.

Leg the Spread

The Book of the Week is “Leg the Spread” by Cari Lynn, published in 2004.  The author interviewed several current and former commodities-futures traders, providing detailed descriptions of their days at the market in Chicago.

Some traders, employees of a broker-dealer, actually stood on the trading floor, yelling and waving paper from the time the market opened at 8am until mid-afternoon.  Others traded online.  They had good days and bad days.

One female who formerly made a large amount of money on the trading floor before becoming burnt out, had many bad days, both because the job itself was stressful, and because the vast majority of people around her– practically all men– were sexist.  In many cases, the way for a female to get ahead besides having super luck, quick math skills and keen intuition about human behavior, was to sleep with one’s (male) boss.

Read the book to get a comprehensive, entertaining picture of the American commodities-futures market in the mid-single-digit 2000’s.