Ugly Americans by Ben Mezrich is billed as “The true story of the ivy league cowboys who raided the Asian markets for millions.” However, it comes across as fiction. I realize that certain details had to be changed to protect sources. I think that he did manage to get a lot of the details right, but from a market perspective I couldn’t tell you what those were really. However, after reading Rogue Trader, the book about Nick Leeson, who brought down Barclay with his trading in Singapore-and he gets some mention in the book-it seems right. Obviously there are a lot of people in finance and banking that have made and are making a lot of money. I think he is spot on how he portrays these people. The lavish lifestyle they can lead in Japan and how they have mutated into creatures that cannot return to America. They’re used to the “water trade”, which is various levels of seediness are engaged. In addition, there’s a sense of entitlement among these people, Japan is still considered a “hardship post” so they feel the need to have American style apartments, utility bills paid for, membership to the American Club, etc… an inability to speak Japanese, and so on. However, John Malcolm is a former football hero, American everyman, impervious to the temptations of the “water trade”, incorruptible, who makes a big score and benevolently remembers his friends. There’s action and romance as well. I get the feeling that Mezrich was writing for a possible Hollywood option, one of his earlier books Bringing Down The House was optioned by Kevin Spacey. Besides being incorruptible and a football hero, John Malcolm who manages to seduce and win the daughter of a Yakuza who works at a hostess club with no Japanese…then again having a lot of money goes along way. It was a mostly entertaining light read. I’d be curious to read Liar’s Poker, another book about traders, and compare it to that.
"I think he is spot on how he portrays these people" Would beg to differ! KCH
Posted by: KCH | June 27, 2005 at 02:40 PM
OK , not spot on, but there "types" that fit this profile, and KCH, you obviously aren't one of those.
Posted by: MC | June 27, 2005 at 06:40 PM
What did you think of Rogue Trader?
Posted by: Edward | June 28, 2005 at 11:29 AM
I liked both the book and the movie, aside from my bad memory regarding the title. It's an interesting story. Ewan MacGregor was good as Nick Leeson in the film as well.
Posted by: MC | June 28, 2005 at 08:51 PM
Yes, I haven't seen the movie, but I read the book fairly recently, and as an ex-auditor and compulsive worrier, I found this to be an unusually tense experience... but worth the read. I knew how it ended, but I couldn't help but feel more and more involved, as though perhaps it was me living out this incredible nightmare. I also found it difficult to work out whether I empathised with Nick Leeson or not, despite the fact that I was reading his account of the whole debacle.
In case you didn't know, his wife subsequently divorced him (I found this sad - but it was probably nothing less than he deserved), he got cancer while in jail (and now seems to have recovered), was let out early, met an Irish divorcee with kids and married her, did a degree in Psycology, while supporting his new family as a celebrity after dinnner speaker and celebrity internet poker player, and recently became financial manager of an Irish soccer club. Quite a life...
Posted by: Edward | June 28, 2005 at 09:24 PM
I read this book back in December and wondering if Hollywood be interested in another "Wall Street" type of movie.
Posted by: AzianBrewer | June 28, 2005 at 11:27 PM