The Courage of Strangers

The Book of the Week is “The Courage of Strangers” by Jeri Laber, published in 2002. This autobiography describes the making of a passionate human rights activist.

The author grew up in privileged surroundings in New York City, in the Sunnyside section of Queens, and Jamaica Estates when the wealthy suburban enclave was in its infancy. This was because her Russian father was a multi-skilled home builder with his own business. On the family’s newly-constructed home: “Back in 1936, it was a technological wonder, with central air-conditioning, a built-in room-to-room intercom system, garage doors that opened automatically, and, buried under the steep cobblestone driveway, wires that heated up to melt the snow.”

In the early 1950’s, Laber wanted to study Russian in graduate school, but her father objected partly because it was the McCarthy Era, and because he felt over-education would hurt her chances for marriage. She defied him. In 1954, she got the opportunity to visit Moscow with three other students. Their tour guides tightly restricted their activities, allowing them to visit only tourist sites, and Moscow State University. She recorded her impressions of the people she met, including, “They have replaced God with Lenin and Stalin…These people are healthy and happy, as long as they conform.”

Excuse the cliche, but “The more things change, the more they stay the same.” At that time, there was the “Military-Industrial Complex.” Now there is the “Military-Corporate Complex.” However, world annihilation via nuclear war was the biggest fear in the 1950’s. The continuing increase in global oppression via telecommunications and other underhanded means is the biggest fear in the early 2000’s.

The author was an eyewitness to the different speeds at which different countries threw off their communist yoke, as she visited various countries behind the Iron Curtain in turn. She writes that people in the former Soviet Union had lived under communism for decades longer than their Eastern bloc counterparts. The older ones residing in the latter had known a better quality of life prior to Soviet takeover. “They looked around them and saw corrupt, repressive governments, failing economies, contaminated water, polluted air, alcoholism, and apathy.” The more things change, the more they stay the same.

Read the book to learn of Laber’s career adventures in Eastern Europe, her checkered love life, the difference she made at meetings with top Soviet leaders and others by speaking out against injustice, and Eastern Europe’s radical political and social changes in the 1990’s.

In the Name of Profit – Bonus Post

This blogger skimmed the ebook, “In the Name of Profit” by multiple co-authors, originally published in 1972. This depressing set of anecdotes on corporate greed simply reminds the reader that there is nothing new under the sun.

One theme is that through the 1950’s and 1960’s, big manufacturers such as Goodrich and General Motors had constructive knowledge that the products they sold were defective. Purchasers had bad experiences, and were seriously injured or were killed by those products. The companies’ attorneys and their employees rationalized that “‘planned obsolescence” meant progress. “But the meaning is clear: ‘Go cheapen the product so we can make more money.” In the case of drug company Richardson-Merrell, the product wasn’t cheapened, but rather, serious side effects were downplayed or hushed up and the results of FDA pre-approval testing were fabricated. Unsurprisingly, the company and its subsidiaries hired top-dollar attorneys skilled at helping businesses weasel out of legal trouble.

Another topic covered was Napalm, whose evolution began at Guadalcanal during WWII. “The Napalm fire bomb was deliberately designed as an indiscriminate terror weapon for mass destruction and death among civilians.” When people in Vietnam were harmed, Dow Chemical’s legal defense was bolstered by the fact that it had received orders by the U.S. Government to make the controversial product.

This ebook also discussed stock manipulation and corporate takeover. SEC laws were shown to be very lax in the 1950’s and 1960’s, as one particular perpetrator did jail time for various securities violations, but after his release, went right back to his old tricks. One Herbert Korholz repeatedly gamed the system with acquisitions. President of the Susquehanna corporation, he was able to bribe directors and officers in taking over another company with a secret tender offer of a share price higher than what was to be offered to the general share-owning public. “Profit-making firms can cut their taxes magnificently by merging with big losers…” One Maurice Schy, an attorney, attempted to make the government aware of Korholz’s unethical, unlawful and disgusting behavior, by filing lawsuits through the years, to no avail. Government officials were mired in conflicts of interest (favorable to Korholz’s interest) and ruled against Schy every time except one; a ruling was pending as this book was being released in 1972. Schy had finally gotten a possible break only because there was another case brought by another party against Korholz’s companies’ illegal activities.

In sum, we human beings are a mixed bag of evolutionary traits; altruism and greed among them. On many occasions, greed wins out, and we never seem to learn from those past occasions.

The Stray Bullet – Bonus Post

This blogger skimmed the ebook, “The Stray Bullet: William S. Burroughs in Mexico” by Jorge Garcia Robles, translated by Daniel C. Schechter, published in 2006.

The author William S. Burroughs was of the “Beat” generation of the 1950’s. Such people engaged in an unconventional lifestyle, as they were artists and writers. Many took drugs and consumed alcohol in large quantities. In 1949, Burroughs and his wife Joan moved to Mexico, where there was lots of vice and corruption. He was a heroin addict and she was an alcoholic. They had a son and a daughter.

Read the book to learn the minutiae of the family’s lifestyle, and the untoward occurrence that engendered much grief for everyone involved.

Fake

The Book of the Week is “Fake” by Kenneth Walton, published in 2006. This book’s author tells a suspenseful story about his 2003 eBay activities that were deemed a crime.

A friend who was well-versed in the business, sparked Walton’s passion for hunting for paintings at antique shops, thrift stores and flea markets, and reselling those paintings at a profit on the online auction site. However, as Walton honed his entrepreneurial skills, he got greedy and began to collude with his friend, using deception to make more money.

Read the book to learn of what happened when Walton found himself in serious trouble, and how he realized he could make money honestly through a different pursuit for which he had natural ability, and for which he developed a passion.

The Billionaire’s Apprentice

The Book of the Week is “The Billionaire’s Apprentice” by Anita Raghavan, published in 2013. This ebook describes the investigation into the activities of a few Wall Streeters who were accused of insider trading in the past several years. Most of the accused happened to be of South Asian descent–from  Sri Lanka and India.

One concept the book conveys to readers is that it is unknown how many American securities-industry professionals are benefiting from insider trading, but the people in this book just happened to get caught because there was sufficient evidence against them to prompt the SEC, US Attorney’s office and FBI to go after them, rather than other possible offenders. The departments involved included the SEC’s Market Abuse Unit and the Department of Justice’s Securities and Commodities Fraud Task Force in the legal jurisdiction of the Southern District of New York (covering Manhattan and the Bronx, according to the author).

Another concept is that the investigating organizations and the securities industry are staffed with many people who, during their careers, switch allegiances. They might go from being a prosecutor to being a defense attorney, or from brokerage executive to government regulator, or vice versa. In this book the “old boy network” is alive and well. Arguably, conflicts abound.

Read the book to learn, among other extremes, about wiretapping (not the NSA’s), about one of the accused who “had several phones– at least thirteen– and he used them all” and a $30 million legal bill.