Tag Archives: the 1%

Painfully Rich:John Pearson

“A lasting relationship with a woman is only possible if you’re a business failure.”

Author John Pearson’s non fiction account of the Getty family begins with the death of J. Paul Getty. J (Jean) Paul Getty (1892-1976) was worth billions, yet, in life and in death, he was notoriously stingy. There’s the incident of how he installed a pay phone in his mansion and then his long-time faithful servants and employees who had served him faithfully for years “received scant crumbs from America’s richest table.” For all the wealth this man had, it certainly didn’t seem to make him happier, and as the stories of his children and grandchildren unfold, we can see that money didn’t make his life less complicated. J. Paul Getty comes across as an isolated, idiosyncratic man.

Painfully rich

Great wealth is, IMO, a burden, and while we see some wealthy people such as Jeff and Mackenzie Bezos and Bill & Melinda Gates creating foundations with millions of dollars, we get the sense almost immediately that Getty was definitely all about himself.  He had a large number of love affairs and he was married five times. He had five children from four of those marriages. Perhaps you’d think that you’d hit the jackpot if you met and married J. Paul Getty, but after reading this book, I had the sense that for each of Getty’s wives, it just wasn’t their day when they met J. Paul Getty.

His real love was not for women, who were incidental, but for money, which was not. And he had proved himself a faithful and romantic partner during his lifelong love affair with wealth, jealously acquiring it, and making it increase, in massive quantities, across a period of more than sixty years.

His avarice was an incidental aspect of this love. How can one bear to waste the object of one’s adoration?

Author John Pearson takes us back into Getty’s childhood. J. Paul Getty’s parents, Sarah and George, were deeply religious, George had intended to be a schoolmaster, but Sarah, three years his senior, made him promise that he’d go to law school, using her dowry to pay the fees. It’s through J.Paul Getty’s parents that we see the drive and ambition for social improvement, but in their case it was tempered and harnessed by their strict religious beliefs. When J. Paul Getty arrived, his parents had lost a ten year old child to typhoid, and so this late-life son was born to a 40-year-old indulgent mother. Yet even this wasn’t simple:

Paul, though cosseted and protected, had a lonely and loveless childhood. His mother actively discouraged contact with other children from fear of fresh contagion. And while over protective with her son, she was careful not to show him too much love in case she lost him as she had lost his sister.

Years later, Paul told his wife that as a child he was never cuddled-nor did he have a birthday party of a Christmas tree. 

As the Gettys’ wealth grew from oil, the family relocated to Los Angeles. J. Paul Getty showed an early predilection for amorous adventures and could not apply himself to formal higher education. I loved the story of how he set sail to attend Oxford in August 1912 and arrived in November, armed with a letter of introduction from the President of the United States. Exactly what Getty achieved academically is muddied (he says he got a diploma). This period was the root of Getty’s love affair with England–a love affair second only to his love affair with money, and a love affair that lasted far longer than any relationship with a woman.

It took J. Paul Getty’s father putting the squeeze on his dilettante son to turn his son from a man who spent money to a man who made money. And when J. Paul Getty’s mother got a whiff of her son’s misbehaviour (“marital fever,”) and as she saw it, his risky business tactics, she set up the “irrevocable spendthrift trust” in order to protect the “interests of his children against the possible results of his business speculation.” 

The trust sounds like a good idea, and it certainly had its tax advantages. (At one point the author states that J.Paul Getty bragged he never pay more than $500 a year in taxes.) But the trust treated the children from Paul’s various marriages unfairly with unequal division and also stated that the grandchildren would not inherit their share until the last of J. Paul’s sons were dead.

The book details the way J. Paul Getty basically ignored his children as he moved on from marriage to marriage, love affair to love affair, and how then when they were grown, he slotted them into various positions within his empire, creating rivalry and division amongst his sons.

Of course, there’s also space given to the scandals. The eldest son, George, stabbed himself  with a barbecue fork and died of a drug overdose. There’s there’s the hippie period of Eugene and the mysterious death of his second wife. And then of course, there’s the kidnapping of Getty’s grandson, John Paul Getty III. His kidnappers underestimated his grandfather’s stinginess

I have fourteen grandchildren, and if I pay a penny of ransom, I’ll have fourteen kidnapped grandchildren.

The kidnappers sent Paul’s ear to his mother, and negotiations for a $3 million ransom gelled with Paul’s grandfather kicking in a loan of $800,000 to his son to be repaid at 4% interest.

Painfully Rich conveys the idea that Getty’s fortune served as a curse on the family. Who wouldn’t want billions, and yet with the Gettys, it came with a price. But one final thing… J. Paul Getty can’t have been all bad. Mention is made of the Getty Museum, and I’ve been there. It’s fantastic and if you’ve never been and you get a chance, go.

Review copy

 

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The Last Mrs. Parrish: Liv Constantine

The Last Mrs. Parrish, a tale of betrayal, adultery and revenge is the debut novel from sisters Lynne and Valerie Constantine (pen name = Liv Constantine).  This page-turner is already being compared to Gone Girl which probably guarantees sales, but it is an unfortunate comparison for this reader as Gone Girl pissed me off more than anything else.

That said, expect The Last Mrs Parrish to make it to either a TV series or film. And who would I cast for the lead stars … well more of that later.

the last mrs parrish

Approximately the first half of the novel is told from the view of Amber Patterson, a young women who moves to the affluent area of Bishop’s Harbor, Connecticut with the sole goal of seducing a billionaire international real estate magnate in his 40s, Jackson Parrish. Amber, and that’s a fake name by the way, has done her research. She knows all about the Parrish family, how much they are worth, what they own and what their interests are. It doesn’t matter to Amber that Jackson is married with two children. In fact, Amber uses Jackson’s wife, Daphne, a woman who runs a charity foundation for Cystic Fibrosis, to worm her way into the lives of the Parrish family. Soon Amber is Daphne’s friend, and she pretends to like Daphne’s two little girls in order to get invited to family events.

Amber has her work cut out for her. Pencil-thin Daphne is gorgeous, educated, elegant, and an overall nice person, and what’s more, Jackson Parrish appears to adore his wife. But Amber conducts a ferocious, single-minded, obsessive campaign to hunt and bag Jackson. At first she dresses plainly but gradually moves to tarty as she gets closer to Jackson.

The strength of the novel lies is Amber’s tart, vindictive self-justified POV:

Amber leaned forward and did her best to look interested while she calculated the total worth of the diamonds on Daphne’s ears, the tennis bracelet on her wrist, and the huge diamond on her tanned and perfectly manicured finger. She must have had at least a hundred grand walking around on her size-four body, and all she could do was whine about her sad childhood. Amber suppressed a yawn and gave Daphne a tight smile.

And then there’s her malicious, brooding resentment of the two little girls

Once she was Mrs Parrish, those two brats were on borrowed time. They could go to community college as far as she was concerned. 

It can be tough to create sympathy for characters who are so wealthy they are removed from the cares most readers share, but the authors initially create Daphne as viewed by a conscienceless predator. Even though we don’t get to see Daphne’s first person narration until the second half of the novel, Amber’s vicious intentions are so vile (she wears Daphne’s perfume and takes her underwear,) you can’t help but see Daphne as an Everywoman walking right towards her own destruction. When the novel switches to Daphne, the novel loses some of its power which just goes to prove that ‘nice’ people are far less interesting than nasty ones. We all love someone we can hate, and the character of Amber keeps the reader turning those pages. While I regretted the loss of the novel’s momentum as Daphne took the helm, I was committed to the bitter, bitter end of this one.

Angelina Jolie as Daphne Patterson. Alexander Skarsgård as Jackson Parrish. Can’t decide who should play Amber–arguably the most difficult role. (But I’m still thinking about it.)

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The Locals: Jonathan Dee

“There was no earthly specimen more out of touch with reality than a New Yorker. People who lived on an island and paid a million dollars for a bedroom.”

The Locals from Jonathan Dee is a remarkable novel which captures American life in the decade following 9-11: the shock, the aftermath, economic stagnation, the real estate boom and subsequent bust. All of this is seen through a handful of characters who live in Howland, a town in the Southern Berkshires of Massachusetts.  Regular readers know that I groan at appearances of 9-11 in novels, but here, in The Locals, Jonathan Dee hits just the right note.

The novel begins on 9-11 with a rather nasty narrator, a lab worker, who subsequently drops out of the novel. He’s on his way to see a lawyer to seek recompense from an investor who fleeced him of over 200K. Also in New York that day is contractor Mark Firth, who has traveled from Howland to see the same lawyer, for the same reason.  This early section sets the scene for the stratification, the money and class divides–of American society–a theme that lies at the heart of the novel.

the locals

Mark Firth returns home to Howland, only to find that he’s welcomed like a surviving hero. And this is one of the things I loved about this novel-the way Dee captures the 9-11 feeling in the country. For a brief moment, everyone in the country seemed to come together in collective grief.

Everybody was all frightened, but really that was just a way of trying to make the whole thing more about themselves, which it wasn’t. Either you were actually there when it happened or it was something you watched on TV, period. But whenever something major happens it’s like everybody wants their little piece of the suffering. People had no idea what was coming next. That’s true I guess–when something as fucked up as that happens, something you weren’t even imagining, it wakes up your imagination pretty good–but still, they were just overdoing it, I’m sorry. Get over yourselves. You weren’t there, it didn’t happen to you . 

Mark returns home to face a bleak future. Contracting work has dried up, and as for getting his stolen money back, there’s not much hope of that. Mark’s wife Karen, who hasn’t forgiven him for losing all their savings to a con man, temporarily puts her grievances on hold in light of 9-11, and, as she sees it, her husband’s close call with terrorism.

When billionaire Philip Hadi decides to make his summer Howland home his permanent residence, things begin to improve for Mark. Hadi, who has left New York following 9-11, is obsessed with making his house ‘safe.’ He hires Mark for various security jobs, and then settles into the town taking up local politics. After a comment from Hadi, Mark decides to stop building and improving houses, and instead begins picking up houses at auction and then flipping them for profit. He’s joined in this venture by his brother Gerry.

Most of the novel is concerned with Mark’s family and that includes his aging parents who haven’t saved enough for retirement, Mark’s single sister, vice principal Candace, and Mark’s brother, Gerry, whose work at a real estate company comes to an abrupt end following a corrosive affair with a married coworker.

Hadi’s presence in town begins to sharply divide residents. Hadi, who takes up political office, begins to suck up the town’s deficit , but that comes at a cost, and Gerry in particular, who has extreme libertarian views, sees Hadi’s generosity as what it is–a benevolent dictatorship. Using the anonymity of his blog, Gerry tries to flail citizens into action, but most people are far too happy taking Hadi’s handouts to complain or question Hadi’s decisions.

As the plot continues, Mark’s daughter, Haley, who serves as the battleground for her parents’ toxic marriage, grows up in a new America–an America in which the one-percent live in their own stratosphere while city budgets face shortfalls, small businesses fold, libraries close and homes across America fall into foreclosure at unprecedented rates. Howland has its year-round residents, the locals, who, in many cases, depend on income from the wealthy second home residents. Some of the businesses that spring up for the wealthy are totally inaccessible to the average local: the phenomenally expensive yoga retreat centre that’s booked up for almost a year in advance:

Rich people who led lives full of manufactured stress. Women who worked harder than they needed to, or women who didn’t work at all. Their hyper-refined problems expanded to fill the shape of expensive solutions.

Or the pretentious destination restaurant that serves 16 or 17 course meals, so expensive that the locals who can scrape up the money can come for a “special occasion.” Diners are given a booklet and a “small pencil, in case they want to record, for memory’s sake any details or impressions.”

Mark Firth tries to rise in American society in the shadow of Hadi, and we see Hadi, a man who has no emotional investment in the community, try to transform Howland into a personal fiefdom. In spite of the fact that Hadi is a prominent figure in the plot, his motives remain cloudy. The wealth he drops into Howland improves life, but there’s a cost that some of the locals are unwilling to pay. Hadi states that “democracy doesn’t really work anymore,” and then consciously or unconsciously proves he’s right.  The novel takes the town of Howland as its crucible and asks some important moral questions about the sustainability and future of American society. This is a story that begins in collective grief, purpose and cooperation and ends in divisiveness and an unsettling, uncertain future

Review copy.

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Graveland by Alan Glynn

I tend to avoid reading thrillers, but there’s the consideration that thrillers cross over into the crime genre, and that is definitely true with the novels of Irish author Alan Glynn–an author who takes the term ‘conspiracy theory’ out of the trash can and makes you rethink the headlines that quickly fade and the scandals that sink from view. I first came across Glynn through the film Limitless which was based on his first novel, The Dark Fields. Somehow all that skullduggery in the dirty pharmaceutical industry fascinated me–well I believe that some very ugly business goes on in the R&D departments of the pharmaceutical giants. Just hang out on Cafepharma sometime and amuse yourself by watching the mudslinging.

GravelandAlan Glynn’s latest novel, Graveland brings back some repeat characters from Bloodland, but it isn’t necessary to have read the earlier novel before reading Graveland. Journalist Ellen Dorsey, who appeared in Bloodland, is a central character here, and Jimmy Gilroy who was a main character in Graveland has a small role. The shady background figure, James Vaughan, Chairman of the Oberon capital Group also appears in both novels.

Graveland begins with the seemingly random murders of two billionaires:  one a CEO of an investment bank, a “Wall Street behemoth, one of the Too Big To Fail brigade” and the other man is “Exponential Bob,” manager of a Wall Street hedge fund. With the first murder, investigative journalist, Ellen, who works for the fading investigative magazine Parallax, senses that there’s more to the story, and when the second murder occurs, she’s convinced she’s on the trail of something big. While the police seem to have no clues, Ellen begins digging deeply into internet forums, and there she comes across some possible pointers that become all too real.

We are also introduced to middle-aged Frank Bishop, a bitterly unhappy one-time architect. Cut loose from his profession, now post-boom, he’s lucky to find himself as a poorly paid manager in a small shop in a dying “suburban mall in upstate New York.” Frank knows that he should appreciate the job, but he finds it galling to continually bow and scrape to his customers and his much younger boss.

At forty-eight, and in the current climate, he could just as easily have landed on the scrap heap. There are days when this certainly feels like the scrap heap, but most of the time he just gets on with it.

He has bills to pay.

It’s as simple as that, his life is reduced to a monthly sequence of electronic bank transfers. College fees, allowances, rent, utilities, car food. Fuck.

Close his eyes for a minute and Frank can be right back before any of this got started, twenty-five, thirty years ago–a different world, and one in which this degree of a financial straitjacket was something he only ever associated with his parents, with that whole generation.

While Ellen investigates the two billionaire murders, another story thread follows Frank Bishop as he trips into meltdown mode. There’s also Craig Howley, the man who’s “number two” at Oberon Capital. Howley is subordinate to 84 year-old Chairman James Vaughan. Howley is hungry to take over the role of Chairman and thinks  a lot about how much longer, Vaughan, on his sixth plastic wife, can last. But Howley has to check his ambition:

Because with Jimmy Vaughan you don’t ever ever assume anything. You just keep watching, making connections, cutting deals, bringing it home.

The good news for Howley, and the bad news for Vaughan is that the latter’s health finally seems to be failing. Maybe. One day, he looks like he’s headed for the coffin, but the next he’s ready to work a strenuous day. Howley can’t make sense of it.

Glynn novels are all about connections, and the first few pages introduce a lot of characters. It’s not easy at this point to keep them straight or to work out which ones are important and which ones are insignificant. It was the same with Bloodland. But after a few chapters, you’re in and turning pages. Glynn’s presentation of distinctly separate but connected worlds follows what I call the Brazil Model. You’ve got the Favelas on ground zero and then all the way up to the dizzying heights of the super-wealthy–the people who always pursue more money, and aren’t too fussy about how they get it. Glynn’s novels illustrate that while these worlds are separate, they connect in unseen ways, and it’s these invisible connections that fuel this author’s work.

 Bloodland, partially set in the Congo was a very exciting book. Graveland lacks that pacing, but it’s still a good thriller and its portrayal of the mostly invisible (to us plebs) powermongers, those who compose the 1%, is piercing and prescient.

Review copy

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