[Marxism] Greenspan's Memoir Sells for Millions

Mehmet Cagatay mehmetcagatayaydin at yahoo.com
Wed Mar 8 09:58:47 MST 2006

Greenspan's Memoir Sells for Millions
By Laura Petrecca
USA Today 

The man who coined the phrase "irrational exuberance" to describe
high-priced markets has reason to be exuberant himself: Just a day after
his 80th birthday, former Federal Reserve Chairman Alan Greenspan struck a
multimillion-dollar deal with Penguin Press for his memoir.

Greenspan on Tuesday sold worldwide rights to a book that will detail his
time at the Fed and offer thoughts on the economic future. It is to be in
U.S. stores by mid to late 2007. 

High-Priced Auction 
Penguin won a four-day auction that began with 12 bidders. Neither Penguin
Group USA President Susan Petersen Kennedy nor Greenspan's agent, Robert
Barnett, would comment on reports the winning bid was more than US$8
million. Barnett, a lawyer with the firm Williams & Connolly, represented
Hillary Clinton in her $8 million book deal for Living History and
brokered an estimated $12 million deal for Bill Clinton's My Life.

Greenspan, in his 18-year Fed tenure, led it through one of the United
States' most prosperous periods. "He has been involved in all of the key
issues, met with all of the important players and helped formulate the
most important policies," Barnett said.

Greenspan became an almost cult figure in the financial world and a
recognized name outside it, and that could fuel book sales, said Michael
Coffey, executive managing editor of Publishers Weekly. "We're hearing
from a guy who has cultivated quite a mystique ... He seemed to work some

Marketing Blitz 
Kennedy vowed all-out marketing and distribution. "We expect to see this
book in outlets all over America," from bookstores to warehouse clubs.

It also will be promoted for college courses. "We'll have a major
educational outreach when it appears in paperback," said Penguin Press
President Ann Godoff.

Coffey predicted that Greenspan's high profile, which includes marriage to
NBC reporter Andrea Mitchell, will be the best promotion. "You can bet
that when it comes out, he'll have what every author would kill for -- TV
publicity through talk shows, everything from Jon Stewart in the evening
to the 'Today' show in the morning."

Penguin said it already has had interest in foreign rights, and Coffey
thinks the book could sell worldwide. "Being on the job for two decades,
witnessing the fall of communism, the Internet  bubble and burst and move
into the global war on terrorism, he certainly knows where a lot of money
has come and gone."  

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