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‘The Capitalist’: A financial thriller inspired by Bernie Madoff ‘The Capitalist’: A financial thriller inspired by Bernie Madoff
(35 minutes later)
How did he sleep at night?How did he sleep at night?
That’s probably the second most asked question about Bernie Madoff in the wake of his exposure, in 2008, as a master Ponzi scheme artist. (The most asked question surely would be: How exactly did he get away with it for so long?) Madoff, who’s serving his 150-year sentence in federal prison for bilking billions of dollars from investors — a sizable swath of which were Jewish charitable organizations and the elderly — has been mostly mum on the subject of his conscience, although he did tell Politico in 2014: “There’s nothing for me to change from. It’s not like I ever considered myself a bad person. I made a horrible mistake and I’m sorry.”That’s probably the second most asked question about Bernie Madoff in the wake of his exposure, in 2008, as a master Ponzi scheme artist. (The most asked question surely would be: How exactly did he get away with it for so long?) Madoff, who’s serving his 150-year sentence in federal prison for bilking billions of dollars from investors — a sizable swath of which were Jewish charitable organizations and the elderly — has been mostly mum on the subject of his conscience, although he did tell Politico in 2014: “There’s nothing for me to change from. It’s not like I ever considered myself a bad person. I made a horrible mistake and I’m sorry.”
Madoff’s meager words of contrition seem positively self-flagellating when compared to the self-justifications of the financial villain at the center of Peter Steiner’s thriller, “The Capitalist.” St. John Larrimer is an investment banker modeled on Madoff who escapes into lavish exile in the French Antilles when his pyramid scheme collapses. Despite the fact that he’s left a multitude of clients and friends in financial ruin, Larrimer reasons that his thievery serves a higher purpose:Madoff’s meager words of contrition seem positively self-flagellating when compared to the self-justifications of the financial villain at the center of Peter Steiner’s thriller, “The Capitalist.” St. John Larrimer is an investment banker modeled on Madoff who escapes into lavish exile in the French Antilles when his pyramid scheme collapses. Despite the fact that he’s left a multitude of clients and friends in financial ruin, Larrimer reasons that his thievery serves a higher purpose:
“In separating the gullible from their money, St. John believed that he played a crucial role in the capitalist system, performing a kind of radical surgery on the failing economy. . . . By exploiting weaknesses within the system, St. John helped it excise these weaknesses and make the necessary corrections, just as one might have a tumor excised from one’s body so the body can rehabilitate itself and grow stronger.”“In separating the gullible from their money, St. John believed that he played a crucial role in the capitalist system, performing a kind of radical surgery on the failing economy. . . . By exploiting weaknesses within the system, St. John helped it excise these weaknesses and make the necessary corrections, just as one might have a tumor excised from one’s body so the body can rehabilitate itself and grow stronger.”
[‘Fixers’: A financial thriller with cameos by Hillary Clinton and Obama][‘Fixers’: A financial thriller with cameos by Hillary Clinton and Obama]
In “The Capitalist,” Steiner’s recurring hero, retired CIA operative Louis Morgon, faces off against Larrimer. Though he’s left the agency and moved to France, Morgon never relaxes for very long. In this fifth novel of the series, it’s Morgon’s companion, Pauline, who pulls him into the hunt for Larrimer when her brother, a money manager in New York, commits suicide after he’s been ruined by Larrimer’s machinations. With the (sometimes unrequested) assistance of a Russian crime boss and Larrimer’s own personal assistant — both of whom invested with the fraudulent financier — Morgon jerry-rigs a lure to coax Larrimer out of hiding.In “The Capitalist,” Steiner’s recurring hero, retired CIA operative Louis Morgon, faces off against Larrimer. Though he’s left the agency and moved to France, Morgon never relaxes for very long. In this fifth novel of the series, it’s Morgon’s companion, Pauline, who pulls him into the hunt for Larrimer when her brother, a money manager in New York, commits suicide after he’s been ruined by Larrimer’s machinations. With the (sometimes unrequested) assistance of a Russian crime boss and Larrimer’s own personal assistant — both of whom invested with the fraudulent financier — Morgon jerry-rigs a lure to coax Larrimer out of hiding.
The greatest strength of “The Capitalist” lies in the ingenuity of its construction. The story opens in a sweatshop in Lahore, Pakistan, where a 16-year-old garment worker almost dies in a fire that kills some of her co-workers. In the chapters that follow, Steiner draws a sooty line of responsibility that stretches from the corrupt Pakistani fire inspector to the owner of the sweatshop to Larrimer, who wears some of those designer duds made at the factory. In turn, “The Capitalist” also does a splendid job of tracing the trickle-down effects of Larrimer’s reckless manipulation of “financial instruments” ; this time, it’s a chapter-by-chapter trail that reaches from the trading rooms of Wall Street to the safety-deposit boxes of secretaries to the mean streets of Moscow.The greatest strength of “The Capitalist” lies in the ingenuity of its construction. The story opens in a sweatshop in Lahore, Pakistan, where a 16-year-old garment worker almost dies in a fire that kills some of her co-workers. In the chapters that follow, Steiner draws a sooty line of responsibility that stretches from the corrupt Pakistani fire inspector to the owner of the sweatshop to Larrimer, who wears some of those designer duds made at the factory. In turn, “The Capitalist” also does a splendid job of tracing the trickle-down effects of Larrimer’s reckless manipulation of “financial instruments” ; this time, it’s a chapter-by-chapter trail that reaches from the trading rooms of Wall Street to the safety-deposit boxes of secretaries to the mean streets of Moscow.
The novel’s best asset, however, is also the source of its biggest flaw. Steiner, known to many for his New Yorker cartoons, has a distinctive wide-focus mode of storytelling; here, it slows the book’s respiration rate down to that of a houseplant. Morgon doesn’t fully enter into the action until almost halfway through the novel — and even then Steiner keeps dutifully checking on all the other far-flung characters who’ve been affected by the sweatshop fire or by Larrimer’s financial finagling or both. The result is a thriller that’s technically accomplished and informed, but dull — even given the (belated) presence of the always clever and worldly wise Morgon. Late in the novel, he tells Pauline: The novel’sbest asset, however, is also the source of its biggest flaw. Steiner, known to many for his New Yorker cartoons, has a distinctive wide-focus mode of storytelling; here, it slows the book’s respiration rate down to that of a houseplant. Morgon doesn’t fully enter into the action until almost halfway through the novel — and even then Steiner keeps dutifully checking on all the other far-flung characters who’ve been affected by the sweatshop fire or by Larrimer’s financial finagling or both. The result is a thriller that’s technically accomplished and informed, but dull — even given the (belated) presence of the always clever and worldly wise Morgon. Late in the novel, he tells Pauline:
“I wish the world were an orderly place. . . . I wish it were a place where those in power go after wrongdoers, bring them to justice and then restore what was stolen to its rightful owners. But it isn’t.. . . The strong and the rich rule, and the billions — the poor and the vulnerable — get trampled underfoot.”“I wish the world were an orderly place. . . . I wish it were a place where those in power go after wrongdoers, bring them to justice and then restore what was stolen to its rightful owners. But it isn’t.. . . The strong and the rich rule, and the billions — the poor and the vulnerable — get trampled underfoot.”
Morgon knows better than to ask the question, “How did he sleep at night?” He’s been around long enough to know that for St. John Larrimer — as well as for his real-life counterpart, Bernie Madoff — the answer most certainly is: “Like a baby.”Morgon knows better than to ask the question, “How did he sleep at night?” He’s been around long enough to know that for St. John Larrimer — as well as for his real-life counterpart, Bernie Madoff — the answer most certainly is: “Like a baby.”
Maureen Corrigan, who is the book critic for the NPR program, Fresh Air, teaches at Georgetown University.Maureen Corrigan, who is the book critic for the NPR program, Fresh Air, teaches at Georgetown University.
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