Banker Motivation

As I mentioned in December Book Lust I’m reading Dan Pink’s new book Drive: The Surprising Truth About What Motivates Us. The book’s publisher had perfect timing, with  January’s headlines of banker bonuses and the prospect of taxing TARP recipients.

There’s a lot of hand wringing about what will happen to the entire economy if the financial sector is reined in:

• Will “under paid” (therefore presumably under qualified) bankers screw up the economy?
• Will all the good financiers move to hedge funds, leaving our big banks in the hands of a bunch of brain-dead drones willing to work for a mere 25x their average company worker’s wage?
• Is limiting banker compensation the last nail in capitalism’s coffin?

And then there’s the rumor that Goldman Sach’s Lloyd Blankfein will be taking a $100m bonus for 2008′s work. That’s in contrast to the US Census Bureau’s report that the average 2008 per capita income was just under $27k. I don’t think the feudal lords of the dark ages made those multiples.

Before jumping in with Drive‘s analysis of human motivation,  I’ll let The Daily Show guide us down memory lane with those to whom much was given and nothing was demanded:

The evolution of motivation

Mr Pink says Motivation 1.0 centered around survival. Sometimes survival meant stealing a meal or a spouse but eventually the human species figured out that cooperation was a less painful, more humane way to conduct ourselves, and Motivation 2.0 came into being.

Motivation 2.0 centered around punishment and reward and “it is so deeply embedded in our lives that most of us scarcely recognize that it exists.”

Despite its greater sophistication and higher aspirations, Motivation 2.0 still wasn’t exactly ennobling. It suggested that, in the end, human beings aren’t much different from horses — that the way to get us moving in the right direction is by dangling a crunchier carrot or wielding a sharper stick. But what this operating system lacked in enlightenment, it made up for in effectiveness. It worked well, extremely well. Until it didn’t.

The Seven Deadly Flaws of Carrots and Sticks:

1. They can extinguish intrinsic motivation
2. They can diminish performance
3. They can crush creativity
4. They can crowd out good behavior
5. They can encourage cheating, shortcuts, and unethical behavior
6. They can become addictive
7. They can foster short-term thinking

This is not to say that carrots and sticks are always bad

Drive has a chapter on circumstances where punishment and rewards work very well, thank you very much. But we’re headed full gallop into Motivation 3.0, which recognizes that while people are at times profit maximizers (and therefore extrinsically driven), we are also “purpose maximizers,” which means we’re motivated intrinsically as well.

For the word lovers among us, “purpose maximizers” has its own Latinate descriptor: Homo Oeconomicus Maturus (Mature Economic Man).

Bruno Frey, an economist at the University of Zurich says “Intrinsic motivation is of great importance for all economic activities. It is inconceivable that people are motivated solely or even mainly by external incentives.“

Mr Pink lists several highly successful business people who are driven by intrinsics to achieve and even asks us to ponder whether the intrinsically-motivated Warren Buffett and Oprah Winfrey are any less economically successful than Jeff Skilling and Donald Trump (whom most would agree are Motivation 2.0 poster boys). 

What about the bankers?

Americans are stuck in Homo Oeconomicus (Economic Man) mode, instead of Homo Oeconomicus Maturus mode. We aspire to big bucks ourselves, so while there’s still a chance we can make the current system work for us, we’re loathe to reform it. I think this is why we  didn’t DEMAND taxpayer representation on the boards of the organizations we taxpayers saved from the ash heap in October 2008. That,  plus the fact that the moneyed class and the politicians they own have convinced us that we should fear big government more than big business (or perhaps anything else).

We’ve seen what extrinsically motivated bankers can do for society. I’m sure we can find some Homo Oeconomicus Maturus boards and managers out there — aren’t they the ones running credit unions?

Maybe Sir Richard Branson could bring “Virgin Money” to the US, too. The CEO (a woman!) says “Our aim is to make ‘everyone better off’ in the way we do business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a growing profit to shareholders. Our approach to banking is founded on developing a sustainable, savings-based business.”

Finally, I’m not in a position to judge whether Lloyd Blankfein believed himself when he declared that his firm does “God’s work.” Stephen Colbert seems to have an answer to that question:

December Book Lust

On a sad reading note, I opened this month’s “Fortune Small Business” to learn it was the last.  RIP to a great publication I’ve been reading on dead trees for years. Maybe earlier adaptation of e-readers would have saved it. On that e-reader note, which do you prefer, Nook or Kindle? With my birthday coming up in January I’ll graciously accept either — and you don’t even have to wrap it. Making it easy for you, dear readers!

This month’s selections reflect facets of my wide range of interests. A real hodgepodge.

Dan Pink’s Drive

If Dan Pink wrote a cookbook I’d buy it. Lucky for me, instead he’s written Drive: The Surprising Truth About What Motivates Us. Due out 12/29/09 I pre-ordered it.

Publishers Weekly: According to Pink (A Whole New Mind), everything we think we know about what motivates us is wrong. He pits the latest scientific discoveries about the mind against the outmoded wisdom that claims people can only be motivated by the hope of gain and the fear of loss. Pink cites a dizzying number of studies revealing that “carrot and stick” can actually significantly reduce the ability of workers to produce creative solutions to problems. What motivates us once our basic survival needs are met is the ability to grow and develop, to realize our fullest potential. Case studies of Google’s “20 percent time” (in which employees work on projects of their choosing one full day each week) and Best Buy’s “Results Only Work Environment” (in which employees can work whenever and however they choose—as long as they meet specific goals) demonstrate growing endorsement for this approach. A series of appendixes include further reading and tips on applying this method to businesses, fitness and child-rearing. Drawing on research in psychology, economics and sociology, Pink’s analysis—and new model—of motivation offers tremendous insight into our deepest nature.

Technical Analysis Using Multiple Timeframes

With so much paper wealth lost in this recession, it’s probably high time investors learned the fundamentals — even if (or perhaps especially if) they’re hiring a professional to advise them. Thanks to fellow Charlottean and Stocktwits blogger Derek Hernquist for introducing us to Technical Analysis Using Multiple Timeframes.

Derek: Brian Shannon carries a reputation for integrity through his work at www.Alphatrends.net, and I was fortunate enough to stumble upon his insights after joining Twitter. A must-follow of the StockTwits crowd, he is a master at laying out ideas that conform to his style of trading with the trend. His book gives traders at all levels the chance to learn more about the concepts he rattles off with each day’s market analysis.

Published in 2008 by an independent, the first sight of the book sets the tone with its old school look. I felt like a kid at the library checking out a book on dribbling by Bob Cousy or skating by Gordie Howe. Basic writing, rich diagrams, and no fluff. This style lends perfectly to the simply elegant way he describes concepts such as market structure, trend alignment, and risk management.

As much as these concepts are native to market players, they may be foreign to those interested in learning the game. Brian has a rare ability to break these concepts into digestible but hard-hitting lessons that are hard to forget. I’ve journaled my trades and thoughts for nearly 20 years, yet I pulled lines out of this book that were a great wake-up call. “Anyone can recognize an existing trend, but finding the low-risk areas to enter the trend and knowing when to exit is what separates the sheep from the wolves” shouted to me right from the beginning.

I’m a little biased here, because his approach to markets parallels mine regarding the impact of human behavior on market prices. Investors with a purely fundamental approach may not embrace his philosophy that the reaction to news matters as much the news itself. In addition, those looking for a secret formula are rightly told early on to look elsewhere. That said, I believe ALL investors could learn from his disciplined approach to managing financial and psychological risk.

Most of the books I recommend to newbies and veterans alike were written decades ago, but this one joins that group offering timeless lessons to traders on all levels. It’s my belief that this book would have been appropriate in 1950, and will still be relevant in 2050. Knowing what to say is a critical skill, but also knowing how to say it is a rare combo that Brian has achieved. Anyone looking to improve how they think about trading will be happy they read this budding classic.

By the way, you can follow Derek on Twitter @derekhernquist and read his StockTwits blog.

Beyond Blue: Surviving Depression & Anxiety and Making the Most of Bad Genes

I hope someday we won’t call someone “brave” for talking about life with mental illness; after all, we don’t say a cardiac patient is “brave” for discussing stints and Plavix.

Publishers Weekly: After compiling several books of essays featuring other people’s voices (I Like Being Catholic), popular Beliefnet.com blogger Borchard lifts her own voice to tell her story. She’s a mental health train wreck—recovering alcoholic, bipolar, a touch of obsessive-compulsive, highly sensitive and therefore easily overstimulated in places like Toys R Us, where mothers of young children are sentenced to go. Fortunately for Borchard’s family and herself, too, this is a funny book that she lived to write, after six psychiatrists, 23 medication combinations and hospitalization. Borchard’s gift and distinction is her humor, the golden rope out of the pit of despair and a tool for transforming hysteria into hysterical laughter. She does a good job of countering the you-are-what-you-think crowd who blame the mentally ill for their own illness. Some readers might find there’s TMI (too much information), but the author’s desire to be helpful is boundless. This self-help memoir offers hope, particularly for those with intractable depression. Even better, it offers levity.

Talking About Detective Fiction

I got hooked on English drawing room mysteries in high school thanks to Agatha Christie.  I have a nice leather-bound set of everything she ever wrote. The author of this book, PD James, is a titan of the genre — author of twenty books, most of which have been filmed and broadcast on television in the United States and other countries. James spent thirty years in various departments of the British Civil Service, including the Police and Criminal Law Department of Great Britain’s Home Office. She has served as a magistrate and as a governor of the BBC. The recipient of many prizes and honors, she was created Baroness James of Holland Park in 1991.

Publishers Weekly: One of the most widely read and respected writers of detective fiction, James (The Private Patient) explores the genre’s origins (focusing primarily on Britain) and its lasting appeal. James cites Wilkie Collins’s The Moonstone, published in 1868, as the first detective novel and its hero, Sergeant Cuff, as one of the first literary examples of the professional detective (modeled after a real-life Scotland Yard inspector). As for Conan Doyle’s Sherlock Holmes stories, James argues that their staying power has as much to do with the gloomy London atmosphere, “the enveloping miasma of mystery and terror,” as with the iconic sleuth. Devoting much of her time to writers in the Golden Age of British detective fiction (essentially between the two world wars), James dissects the work of four heavyweights: Agatha Christie, Dorothy L. Sayers, Margery Allingham and Ngaio Marsh. Though she’s more appreciative of Marsh and Allingham (declaring them “novelists, not merely fabricators of ingenious puzzles”), James acknowledges not only the undeniable boost these women gave to the genre but their continuing appeal. For crime fiction fans, this master class from one of the leading practitioners of the art will be a real treat. 9 illustations.

The Harvard Psychedelic Club: How Timothy Leary, Ram Dass, Huston Smith, and Andrew Weil Killed the Fifties and Ushered in a New Age for America

I was born in the ’60′s but am not a student of them. Dennis McNally is a scholar of the time, having written books on the Grateful Dead and Jack Kerouac. McNally says “I suspect I’m not the only person who thought the psychedelics-at-Harvard story had been pretty well settled, but Lattin’s work has widened my perspective considerably. By focusing on Huston Smith and Andrew Weil as well as Leary and Alpert, he’s created a stimulating and thoroughly engrossing read.”

Amazon: This book is the story of how three brilliant scholars and one ambitious freshman crossed paths in the early sixties at a Harvard-sponsored psychedelic-drug research project, transforming their lives and American culture and launching the mind/body/spirit movement that inspired the explosion of yoga classes, organic produce, and alternative medicine.

The four men came together in a time of upheaval and experimentation, and their exploration of an expanded consciousness set the stage for the social, spiritual, sexual, and psychological revolution of the 1960s. Timothy Leary would be the rebellious trickster, the premier proponent of the therapeutic and spiritual benefits of LSD, advising a generation to “turn on, tune in, and drop out.” Richard Alpert would be the seeker, traveling to India and returning to America as Ram Dass, reborn as a spiritual leader with his “Be Here Now” mantra, inspiring a restless army of spiritual pilgrims. Huston Smith would be the teacher, practicing every world religion, introducing the Dalai Lama to the West, and educating generations of Americans to adopt a more tolerant, inclusive attitude toward other cultures’ beliefs. And young Andrew Weil would be the healer, becoming the undisputed leader of alternative medicine, devoting his life to the holistic reformation of the American health care system.

It was meant to be a time of joy, of peace, and of love, but behind the scenes lurked backstabbing, jealousy, and outright betrayal. In spite of their personal conflicts, the members of the Harvard Psychedelic Club would forever change the way Americans view religion and practice medicine, and the very way we look at body and soul.

November Book Lust

Spent some time in a REAL bookstore last week.  I’m daydreaming of a Nook…

Connected: The Surprising Power of Networks and How They Shape Our Lives

This looks particularly intelligent.  Here’s a PDF excerpt.

Publishers Weekly says: Harvard professor and health care policy specialist Christakis (Death Foretold: Prophecy and Prognosis in Medical Care) became interested in social connectivity when observing that the mortality rate of spouses spike after a partner passes away. Christakis sought out a collaboration with Fowler, a health systems and political scientist, and together they compare topology (the hows of a given structure) across different social networks to better explain how participation and positioning enhances the effectiveness of an individual, and why the “whole” of a network is “greater than the sum of its parts.” Five basic rules describe the relationship between individuals and their networks—including mutual adaptation, the influence of friends and friends’ friends, the network’s “life of its own”—but the results do more than promote the good of the group: they also spread contagions; create “epidemics” of obesity, smoking and substance abuse; disseminate fads and markets; alter voting patterns; and more. A thorough but popular take on a complex phenomenon, this volume offers an entertaining guide to the mechanics and importance of human networking. 13 b/w illustrations, 8-page color insert.

Free: The Future of a Radical Price

Malcolm Gladwell wrote aboutChris Anderson’s book this past summer. Here’s the Publishers Weekly take:

In the digital marketplace, the most effective price is no price at all, argues Anderson (The Long Tail). He illustrates how savvy businesses are raking it in with indirect routes from product to revenue with such models as cross-subsidies (giving away a DVR to sell cable service) and freemiums (offering Flickr for free while selling the superior FlickrPro to serious users). New media models have allowed successes like Obama’s campaign billboards on Xbox Live, Webkinz dolls and Radiohead’s name-your-own-price experiment with its latest album. A generational and global shift is at play—those below 30 won’t pay for information, knowing it will be available somewhere for free, and in China, piracy accounts for about 95% of music consumption—to the delight of artists and labels, who profit off free publicity through concerts and merchandising. Anderson provides a thorough overview of the history of pricing and commerce, the mental transaction costs that differentiate zero and any other price into two entirely different markets, the psychology of digital piracy and the open-source war between Microsoft and Linux. As in Anderson’s previous book, the thought-provoking material is matched by a delivery that is nothing short of scintillating.

Googled: The End of the World As We Know It

Before I went to the bookstore I heard the author of Googled interviewed by Fresh Air’s Terry Gross.

From Publishers Weekly: Two Googles emerge in this savvy profile of the Internet search octopus. The first is the actual company, with its mixture of business acumen and naïve idealism (Don’t Be Evil is the corporate slogan); its brilliant engineering feats and grad-students-at-play company culture; its geek founders, Sergey Brin and Larry Page, two billionaires who imbibe their anti-establishment rectitude straight from Burning Man; its pseudo-altruistic quest to offer all the world’s information for free while selling all the world’s advertising at a hefty profit. The second Google is a monstrous metaphor for all the creative destruction that the Internet has wrought on the crumbling titans of old media, who find themselves desperately wondering how they will make money off of news, music, video and books now that people can Google up all these things without paying a dime. The first Google makes for a standard-issue tech-industry grunge-to-riches business story, its main entertainment value being Brin’s and Page’s comical lack of social graces. But New Yorker columnist Auletta (World War 3.0: Microsoft and Its Enemies) makes the second Google a starting point for a sharp and probing analysis of the apocalyptic upheavals in the media and entertainment industries.

The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System

Jim Gobetz offers this review:

The book provides a very in depth history of the events and conditions that led up to the current economic situation. The profiles of the people involved are evidence of Mr. Gasparino’s inside access to these individuals, and illustrate his skill as an investigative journalist.

The book begins with an historical look at events as far back as the 1970’s that in Mr. Gasparino’s opinion led to the corporate culture that would eventually result in an inability of the entities involved in the current debacle to accurately assess risk. As it progresses towards the present it gets very detailed and again points up Mr. Gasparino’s research and tenacity in interviewing the participants in the events he portrays. He offers a good portrait of the players in the events and is occasionally brutal in describing the personalities of these individuals. I imagine it will be very difficult for him to get any face time with some of these folks who get a particularly harsh treatment from him. My own experience in the business biases me towards the position of having little sympathy towards those individuals. Corporate big shots with huge egos and more money than sense deserve the harsh treatment Mr. Gasparino metes out to them.

The book does go into much detail that folks familiar with the corporate workings of Wall Street, and the market, will find a bit simplistic. I guess this is due to a desire to not scare off the lay reader with wonkish jargon. Also there is a lot of repetition of events and explanations that I found somewhat annoying. The book is certainly long enough that it didn’t require what I saw as filler. This may be a function of the editor rather than the author but there was enough of it to rise to the level of notice.

If you are looking for an in depth illustration of the events and personalities involved in the current economic crisis, you’ll certainly find it here. If you’re looking for Hemmingway and a perfect execution of authoring and editing this book will come up more than a bit short. If you are looking for a hero you won’t find it here, there were no heroes in these events, and the book does not have a happy ending as the events are still playing out.

As a serious wonk who can’t get enough of this stuff I am able to put aside the blemishes and feast on the detail. If you are in the same camp you will find an enjoyable read here, if not it may be overly detailed and you may get mired in those details and bog down.

Five Minds for the Future

Publishers Weekly: Psychologist, author and Harvard professor Gardner (Multiple Intelligences: New Horizons) has put together a thought-provoking, visionary attempt to delineate the kinds of mental abilities (“minds”) that will be critical to success in a 21st century landscape of accelerating change and information overload. Gardner’s five minds-disciplined, synthesizing, creating, respectful and ethical-are not personality types, but ways of thinking available to anyone who invests the time and effort to cultivate them: “how we should use our minds.” In presenting his “values enterprise,” Gardner uses a variety of explanatory models, from developmental psychology to group dynamics, demonstrating their utility not just for individual development, but for tangible success in a full range of human endeavors, including education, business, science, art, politics and engineering. A tall order for a single work, Gardner avoids overly-technical arguments as well as breezy generalizations, putting to fine use his twenty years experience as a cognitive science researcher, author and educator, and proving his world-class reputation well-earned. Though specialists might wish Gardner dug a bit more into the research, most readers will find the book lively and engaging, like the fascinating lectures of a seasoned, beloved prof.

The Kids are All Right: A Memoir

Publishers Weekly: In a memoir rendered eerily dry and scattered by emotional distance, the four Welch children, orphaned in their youth in the mid-1980s, recount by turns their memories and impressions of that painful time. Growing up in an affluent community of Bedford, N.Y., to a glamorous mother and a handsome father who was the head of an oil company, the children—Amanda (born in 1965), Liz (1969), Dan (1971) and Diana (1977)—were devastated first by the sudden death of their father in a car accident in 1983, followed by their mother three and a half years later after a long, wrenching bout with cancer. The two eldest girls, teenagers at the time and initiated into the drug and rock and roll scene, remember most vividly the details of that era when their mother, already diagnosed with uterine cancer, discovered that their father left a large debt; the family had to consolidate by selling their big house and their horses. After their mother died, the children were put in the care of others, mostly with disastrous consequences, especially for Diana, farmed out to a controlling neighbor family who initially hoped to adopt her, but decide otherwise after she hit her awkward teens. Each struggled to forge an identity within harrowing circumstances, with numbing results. Dan became a troublemaker and bounced out of boarding school, while Amanda, heavily into drugs, dropped out of NYU, and Liz traveled to get out of the house.

Other Economics/Current Events books

• It takes a Pillage: Behind the Bailouts, Bonuses and Backroom Deals from Washington to Wall Street
• Hoodwinked
• Infectious Greed: How Deceit and Risk Corrupted the Financial Markets
• The Meltdown Years: The Unfolding of The Global Economic Crisis
• The Selling of the American Economy: How Foreign Companies are Remaking the American Dream
• Panderer to Power: The Untold Story of how Alan Greenspan Enriched Wall Street and Left a Legacy of Recession
• False Economy: A Surprising Economic History of the World
• $20 per Gallon: How the Inevitable Rise in the Price of Gasoline Will Change Our Lives for the Better
• How Markets Fail: The Logic of Economic Calamities
• The New American Economy: The Failure of Reaganomics and a New Way Forward
• In Fed We Trust: Ben Bernanke’s War on the Great Panic
• Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
• Gods at War: Shotgun Takeovers, Government by Deal, and the Private Equity Implosion
• A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers

If you’ve read any of these or want to recommend something for the December Book Lust post, please comment below.

September Book Lust

If you’ve read any of these, please write your thoughts/a review.  Here’s what’s on my radar.

Shop Class as Soulcraft byMatthew B. Crawford

Philosopher and motorcycle mechanic Crawford presents a fascinating, important analysis of the value of hard work and manufacturing. He reminds readers that in the 1990s vocational education (shop class) started to become a thing of the past as U.S. educators prepared students for the “knowledge revolution.” Thus, an entire generation of American “thinkers” cannot, he says, do anything, and this is a threat to manufacturing, the fundamental backbone of economic development. Crawford makes real the experience of working with one’s hands to make and fix things and the importance of skilled labor. His philosophical background is evident as he muses on how to live a pragmatic, concrete life in today’s ever more abstract world and issues a clarion call for reviving trade and skill development classes in American preparatory schools. The result is inspired social criticism and deep personal exploration. Crawford’s work will appeal to fans of Robert Pirsig’s classic Zen and the Art of Motorcycle Maintenance and should be required reading for all educational leaders. Highly recommended; Crawford’s appreciation for various trades may intrigue readers with white collar jobs who wonder at the end of each day what they really accomplished.  – Library Journal

My Stroke of Insight: A Brain Scientist’s Personal Journey by Jill Bolte Taylor

On the morning of December 10, 1996, Jill Bolte Taylor, a thirty-seven-year-old Harvard-trained brain scientist, experienced a massive stroke when a blood vessel exploded in the left side of her brain. A neuroanatomist by profession, she observed her own mind completely deteriorate to the point that she could not walk, talk, read, write, or recall any of her life, all within the space of four brief hours. As the damaged left side of her brain–the rational, grounded, detail- and time-oriented side–swung in and out of function, Taylor alternated between two distinct and opposite realties: the euphoric nirvana of the intuitive and kinesthetic right brain, in which she felt a sense of complete well-being and peace; and the logical, sequential left brain, which recognized Jill was having a stroke, and enabled her to seek help before she was lost completely.

In My Stroke of Insight, Taylor shares her unique perspective on the brain and its capacity for recovery, and the sense of omniscient understanding she gained from this unusual and inspiring voyage out of the abyss of a wounded brain. It would take eight years for Taylor to heal completely. Because of her knowledge of how the brain works, her respect for the cells composing her human form, and most of all an amazing mother, Taylor completely repaired her mind and recalibrated her understanding of the world according to the insights gained from her right brain that morning of December 10th.

Today Taylor is convinced that the stroke was the best thing that could have happened to her. It has taught her that the feeling of nirvana is never more than a mere thought away. By stepping to the right of our left brains, we can all uncover the feelings of well-being and peace that are so often sidelined by our own brain chatter. A fascinating journey into the mechanics of the human mind, My Stroke of Insight is both a valuable recovery guide for anyone touched by a brain injury, and an emotionally stirring testimony that deep internal peace truly is accessible to anyone, at any time. — Amazon Review

The Artist, the Philosopher, and the Warrior: The Intersecting Lives of Da Vinci, Machiavelli, and Borgia and the World They Shaped by Paul Strathern

Despite the convoluted title, this latest from award-winning British novelist and historian Strathern (Napoleon in Italy) is simply a good, straightforward history of Renaissance Italy during the turbulent decade around 1500, with emphasis on several important players. Pope Alexander VI, though not in the title, is the central player. Famously corrupt and ambitious, Alexander aimed to enlarge the Papal States and his family’s influence, and his son, Cesare Borgia, led papal armies in three cruelly successful campaigns. The leading diplomat of wealthy but feeble Florence, Machiavelli worked hard to fend off Borgia, but admired his brutal realism, portraying him as the ideal ruler in his classic, The Prince. Both men knew Leonardo da Vinci, and Borgia employed him as a military engineer. However, da Vinci exerted no political influence, so the author’s digressions into his art and ingenious (but mostly unrealized) inventions stand apart from the narrative. Readers will reel at this meticulous popular account of Renaissance tyranny, corruption, injustice and atrocities. 8 pages of color illus., b&w illus., maps.  — Publishers Weekly

So Sue Me, Jackass!: Avoiding Legal Pitfalls That Can Come Back to Bite You at Work, at Home, and at Play by Amy Epstein Feldman and Robin Epstein

This informative, hilarious guide to the law will steer you through everything from on-line porn on the job to common-law marriage; from pet burials to Ponzi schemes. The Epstein sisters have fully mastered “I Sue,” the ancient, mysterious Jewish art of self-defense, and are, for the first time, sharing these secrets with gentiles. This book cannot replace a real lawyer when you get into trouble, but mastering its contents will save you from needing one.”–Ronald L. Kuby, Host, “Doing Time with Ron Kuby”

“This fun and funny book offers a wealth of practical and jaw-dropping legal insight, administered in a uniquely painless fashion. It also offers one of the most arresting author photos in the history of Anglo-American jurisprudence.” –Roger Parloff, senior editor for legal affairs, Fortune magazine

*Special hat tip to my Twitter friend @Character_B for bringing this book to my attention. He’s an insider on the project.

Planning ahead (October & November publications)

Bright-sided: How the Relentless Promotion of Positive Thinking Has Undermined America by Barbara Ehrenreich (Oct)

“We’re always being told that looking on the bright side is good for us, but now we see that it’s a great way to brush off poverty, disease, and unemployment, to rationalize an order where all the rewards go to those on top. The people who are sick or jobless—why, they just aren’t thinking positively. They have no one to blame but themselves. Barbara Ehrenreich has put the menace of positive thinking under the microscope. Anyone who’s ever been told to brighten up needs to read this book.” —Thomas Frank, author of The Wrecking Crew and What’s the Matter with Kansas?

In this utterly original take on the American frame of mind, Barbara Ehrenreich traces the strange career of our sunny outlook from its origins as a marginal nineteenth-century healing technique to its enshrinement as a dominant, almost mandatory, cultural attitude. Evangelical mega-churches preach the good news that you only have to want something to get it, because God wants to “prosper” you. The medical profession prescribes positive thinking for its presumed health benefits. Academia has made room for new departments of “positive psychology” and the “science of happiness.” Nowhere, though, has bright-siding taken firmer root than within the business community, where, as Ehrenreich shows, the refusal even to consider negative outcomes—like mortgage defaults—contributed directly to the current economic crisis.

The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis Josh Kosman (Nov)

With exhaustive research and a rogues’ gallery of interviews, journalist Kosman puts together a convincing and disquieting argument that private equity firms are about to cause the next great credit crisis. Many people don’t realize that “private equity” is just a new name for a leveraged buyout, and that private equity firms make their money by loading their acquired companies with debt, garnering short-term gain at the cost of the businesses’ financial longevity. Exposing the pernicious practices of various high-profile firms (including Mitt Romney’s company, Bain Capital, notorious for its company-destroying practices), Kosman reveals how they cripple their acquired businesses competitively, limit growth and cut jobs without reinvesting the savings, all without even generating good returns for their investors. But if only half of PE-owned businesses go bankrupt, that would leave almost two million Americans out of jobs. What’s to be done? Kosman is a proponent of legislation that encourages buyers of companies to hold on to them for at least five years. This alarming book will keep anxious credit watchers on their toes—and hopefully inspire some pressure to keep PE firms from going the way of mortgage brokers.  — Publishers Weekly