In 'Bad Blood', John Carreyrou chronicles the story of Theranos, a biotech startup founded by Elizabeth Holmes that claimed to have developed a revolutionary blood-testing technology. However, the technology did not work, and the company's success was built on deceit, intimidation, and manipulation. The book is based on extensive interviews with former employees and other individuals involved in the scandal, revealing the toxic company culture, the misuse of investor funds, and the risks posed to patients due to inaccurate blood test results. Carreyrou's investigation led to the exposure of Theranos's fraud, resulting in significant legal and financial consequences for the company and its leaders.
This book details the government's seven-year investigation into SAC Capital and its founder Steven Cohen, highlighting the use of insider trading and the challenges faced by law enforcement in prosecuting high-level financial crimes. It offers a revealing look at the power dynamics and ethical issues within Wall Street.
Set in the closing months of World War II, 'Catch-22' is a satirical novel that follows the story of Captain John Yossarian, a bombardier stationed on the island of Pianosa off the coast of Italy. The novel explores the absurdity and inhumanity of warfare through Yossarian's attempts to escape his flying duties, thwarted by the bureaucratic rule known as 'Catch-22'. This rule creates a paradox where a man is considered insane if he willingly continues to fly dangerous missions, but if he requests to be relieved of duty, he is proven sane and thus ineligible for relief. The novel is known for its nonchronological structure, circular reasoning, and its critique of military bureaucracy and the illogical nature of war.
It’s the fantasy of countless Wall Street analysts. Amran Gowani traded his lucrative career in hedge funds for the scarily solitary world of novel writing. His debut satirical novel Leverage draws from his insider experience at investment banks and hedge funds, exposing the toxic culture and perverse incentives that drive corporate America's financial sector. In this bracingly frank conversation, Gowani confesses his transformation from organic chemistry PhD dropout to pharmaceutical marketing executive to Wall Street analyst, and finally to full-time novelist. He reveals the harsh economic realities of publishing fiction, the challenges of first-time novel writing, and how he channeled his corporate experiences into satirizing the very system that employed him.
1. Publishing Economics vs. Wall Street Profits "The money I made in the mid 2010s on my Wall Street Bank dwarfs the money I made on the advance I got for my novel and that's and I actually got a pretty good advance... You don't write novels because you want money or at least you shouldn't if you're looking for money."
2. Structural Problems Drive Toxic Behavior "When you run companies and you tell people that the only thing that matters in your company as shareholder value. Then people are gonna do everything they can to maximize shareholder value... When you create perverse incentives, I mean, you're gonna get perverse outcomes."
3. Writing as Processing and Understanding "I wrote my book and I write in general because I think it helps me process the world around me. It helps me understand the world round me... that's my way of processing the world and and communicating ideas that I think are important using the the satirical framework."
4. Modern Authors Must Be Marketers "I don't think that you can just be like, I'm going to sit it out. I'm not going to be on social media. I'm Not going to have a newsletter, and just be like, I'm just going to write a great book, and I'm going to get found. Like, I don't think that's really viable anymore."
5. AI Won't Replace Human Storytelling "Nobody wants to read, no serious reader wants to read a novel written by a computer... It's not a person, it's not a living entity behind the words, no matter how realistic they might seem... when you're looking to connect it like a human experience... people wanna read a book written by basically a linear regression machine."
No, not everyone can or will be Michael Lewis. But Gowani should be applauded for both his bravery and honesty. We should all wish him the best of luck with Leverage.
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