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American Sucker
American Sucker
Oct 6, 2024 4:22 AM

Author:David Denby

American Sucker

In early 2000 the bottom dropped out of the life of writer David Denby when his wife decided to leave him. Propelled to make some money quickly, and seized by the 'irrational exuberance' of the stock market, then approaching its peak, Denby enthusiastically joined the investment frenzy. Over the next few months he listened raptly to bullish stock analysts, dreamy hi-tech gurus and boastful heads of companies. He plunged into a season of mania and was swept forward on currents of hope, greed and hucksterism - with cataclysmic results.

American Sucker is a mesmerising account of those years of madness. What begins as a money chase and an engagement with rampant capitalism soon becomes an encounter with such timeless issues as love, envy, true value - and life and death itself. This is a classic tale of the bubble related not by a market guru or an investment professional but by a witty, perceptive and eloquent outsider.

Reviews

By highlighting the role played by non-Western countries it counters the conventional view of globalisation as "the triumph of the West", and sheds valuable light on some of today's problems, not least the unresolved conflicts between ethnic, national and supra-national identity

—— Sunday Telegraph

A meticulously researched history of the City under New Labour. This is a good and eloquently written book...refreshingly non-judgemental

—— Literary Review

On the money. The City's staggering fall from grace is neatly summed up by a former investment banker

—— Sunday Times

A compelling story of how the City came to be regarded as the jewel in Britain's economic crown... yet was fundamnetally flawed...and became a byword for greed and complacency

—— Financial Times

Clear about the causes, Augar is also clear about the solutions

—— Evening Standard

Excellent

—— Jonathan Davis , Financial Times

Niggling away in his opening chapters is a question I believe will produce unforgiving verdicts from future historians: how could a Labour government let this happen?

—— Nick Cohen , Thefirstpost.com

This is a useful contribution to the growing literature about the biggest financial crisis for decades

—— David Smith , The Sunday Times

[a] compelling and readable history that will enable the reader to make sense of the collapse of confidence that started in 2007 and became the Credit Crunch

—— www.suite101.com

Augar is a former city man with the rare ability to take the reader through the complexities of high finance.

—— Nick Cohen , Observer

[Augar] sees the important issue'

—— John Kay , FT

A colourful account of the financial rollercoaster ride of the last 10 years... What really happened at Northern Rock, Royal Bank of Scotland et al? This gives you a clearer idea

—— Stefan Stern , Financial Times, Business & economics books of the year

Timely book

—— Simon Shaw , Mail on Sunday

Augur skewers politicians and regulators deftly. He's good on hedge funds, too.

—— William Leith , Scotsman

Brilliant

—— Independent

Ahamed unravels the story of the most terrible financial collapse in history from the perspective of the four men who were largely responsible: the leading central bankers in the United States, Britain, France and Germany

—— Mail on Sunday

[a] very readable portrait of the bankers who allowed the Great Depression to happen

—— Telegraph

Possibly the most important political book that I have read since The Spirit Level

—— Stuart Weir, co-founder of Charter 88, former editor of the New Statesman

He has prised the lid off an important and terrifying can of worms

—— Martin Vander Weyer , Literary Review

Lively and well written book

—— Toby Young , Mail on Sunday

A welcome account of how the sun is never allowed to set on the British empire's old islands, whose fiscal pirates hoard the tax-free treasures of the rich

—— Geoffrey Robertson , New Statesman, Books of the Year

Shaxson delves into capitalism's secret nooks and tells us about how a culture of secrecy can perpetuate itself. Very interesting

—— William Leith , Evening Standard

A compelling read [...] an important and very much a live topic, it'll take you a few hours to read the book but it will be a worthwhile investment of time

—— Peter Magee , Bookbag

What makes this such a good read for the layman is that the author employs all his journalistic skill (he used to work at Reuters) to illustrate his arguments and uses real examples to real examples to illustrate complex issues

—— John Arlidge , Sunday Times

This book is a must-read for anyone who wants to understand the world we live in

—— Brian Maye , Irish Times

This engrossing book about the offshore banking racket, with its eye-opening scrutiny of tax havens and the suited scoundrels who profit from them, will make you think again about the murkier side of the City...This first-rate forensic work ends with a plea that the closed City "must be abolished and submerged into a...fully democratic London"

—— Boyd Tonkin , Independent

[An] informed polemic against finance capital

—— Oliver Kamm , The Times

Now more than a decade old, this is still the best introduction to the world of tax havens

—— Economist, *Summer Reads of 2022*
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