Wednesday, July 2, 2008
Ugly Americans: The true story of the Ivy League Cowboys Who Raided Asians Markets by Ben Mezrich
This is my favorite book that I have so read this year. It is a delightful read. It is very male book with elements of chasing girls, mentors, finance, motor cycles, and risk. I wonder if a woman would get so much enjoyment out this book.
This is another Ben Mezrich true story where he takes someone’s story and makes a thriller out of it. These are truly American stories. They have many American ideals, such as Rags to Riches with smarts and hard work, and the idea that anything is beatable.
Ben Mezrich is best known for his books about M.I.T. students who beat Vegas in blackjack. This work he ups the ante by taking the story out of Las Vegas where the one day winnings are in the thousands to the world Financial markets where a the one day winning are up in the hundred of Millions.
The story takes place in the roaring nineties, and it is a story that can only happen in that time for two reasons. The Asian financial markets were being born in a modern sense, hence being raided as well and the computer age was coming into fruition.
Mezrich calls our hero John Malcolm (we don’t know is real name). We meet Malcolm on a plane with Ivy League football stars on a plane to Japan to play an exhibition game there. He is going to Princeton University, and he has at Princeton on a football scholarship.
While in Japan his crew meets up with some arbitrage traders in Tokyo. They handout business cards and a job offer of sorts.
He does try out for the professional football. He doesn’t make it and it beat up more than anyone because the others don’t like boys from Ivy League colleges.
As Malcolm struggles to find a job at graduation, he gives one the traders a call, and the next week he is on a plane to Osaka Japan to start a job which he does not understand.
Completely clueless Malcolm enters a world that he could have never imagined. I don’t want to give away too much of the story.
The book is interesting because for a lot reasons. One, it gives a fairly realistic culture of the world of finance and of Japan; especially being an American in Japan. I can tell you from my own experience that it is realistic. At the time of the book Westerns mainly Americans and the British were taking the Asia for all they could. There was a lot of money involved and things that usually go along with that. The Yakuza, which is the Japanese mafia, were after Malcolm and his cohorts. He even got involved in Neil Lesson, who is the trader who brought down Barring of London; Britton’s oldest and most prestigious bank ( “Rogue Trader” with Ewan McGregor is a good movie about that bit). Lastly,sex is a part of that much money. The ubiquitous sex industry run by the Yakuza is in every part of business in Japan. The testosterone is pumping everywhere and fast cars and motorbikes lead to Malcolm taking stupid risks that the Yakuza eventually take advantage of.
While everyone else is corrupting themselves Malcolm finds love with a Japanese girl who is very much off limits.
Malcolm who grew up poor in New Jersey to a single mother becomes on the verge of making 500 million dollars.
There is never a dull moment in here. There is also no wasted space. There is going on and much to keep track of. It is really one of those stories where it ends of far from where it starts that only a true story can be that fantastic.
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