An extraordinary behind-the-scenes story of money, justice, and the fallout that remains from the twentieth century's worst crime.
In April 1996 a billionaire businessman pulled aside Hillary Rodham Clinton at a political fund-raiser in his Manhattan apartment. Handing Mrs. Clinton a magazine article on the secretive Swiss banks, Edgar Bronfman launched an emotional fight for the forgotten fortunes of the Nazis' victims. The First Lady took the bait, and with a simple call to her husband, set in motion a whirlwind of events that rewrote history and offered a last glimmer of hope to a dwindling number of elderly war survivors.
Backed by the White House, a small group of Americans embarked on an epic journey to pursue the debts owed to Holocaust victims for more than a half century. For five years they traveled from country to country and company to company, confronting those who profited from the war -- the bankers, insurers, and industrial executives who never fully acknowledged their companies' complicity in the Nazi crimes. Armed with class-action lawsuits and threats of economic sanctions, the disparate band of American lawyers, politicians, and Jewish groups fought fire with fire against some of the world's most powerful corporations and governments.
But what began as a moral crusade quickly degenerated into a bare-knuckled global battle that opened up painful debates about justice and how to achieve it. The demands for billions of dollars in restitution triggered bitter disputes over who should pay the survivors and who should receive the cash. Many Europeans dismissed the demands as blackmail.
The Victim's Fortune tells the remarkable tale of the Americans who cajoled, bullied, and squabbled their way across the world. It also reveals how Europeans first stonewalled, then nickel-and-dimed their way toward peace with the past.
John Authers and Richard Wolffe offer a spellbinding investigative account of this momentous international struggle, which has blazed a trail for future reparations settlements of every kind. It is a riveting political drama that captures the outsize personalities, ruthless tactics, and moral dilemmas surrounding the light over compensation, all unfolding against the backdrop of one of the darkest moments in human history.

The Victim's Fortune: Inside the Epic Battle Over the Debts of the Holocaust

Business & Money

John Authers

Richard Wolffe

Economics

Harper

“This enjoyable, fast-moving book is concise, relevant, and perceptive. My bottom line is a simple one: This book should be read by all those interested in the way markets operate, be they investors, analysts, or policy makers.” From the Foreword by Mohamed A. El-Erian, CEO and co-CIO of PIMCO, and author of When Markets Collide “This book is a must-read for anyone concerned about how we can avoid recurring debt-induced busts in the years ahead, or anyone who wonders how to invest if (when!) the crisis returns. Authers’ insights on the global financial crisis are profound.” Robert D. Arnott, Chairman, Research Affiliates, LLC, and author of The Fundamental Index: A Better Way to Invest “This book illustrates the dangers to investors who fail to recognize that global asset markets have become more synchronized over time. In a crowded field of works on the financial crisis, Authers’ work is unique in both its insight and style.” Robert R. Johnson, Ph.D., CFA, Senior Managing Director of the CFA Institute “John Authers has combined his journalistically honed FT skills with great insights. Serious investors and policymakers should read this book.” David R. Kotok, Chairman and Chief Investment Officer of Cumberland Advisors “John masterfully drives a stake through the myth of global economic decoupling one chapter and example at a time. A must-read in today’s economy.” Vitaliy Katsenelson, Director of Research at Investment Management Associates, Inc, author of Active Value Investing: Making Money in Range-Bound Markets Are we barreling toward another massive global financial catastrophe? How can so many bubbles form all at once? Why are so many “disconnected” markets now capable of collapsing in unison? In this remarkably readable book, award-winning Financial Times columnist John Authers takes on these critical questions and offers deeply sobering answers. Authers reveals how the first truly global super bubble was inflated--and might now be inflating again. He illuminates the multiple roots of repeated financial crises: a massive shift in investing power from individuals to big institutions; the migration of key decisions from banks to capital markets; the wholesale financialization of many asset classes; and fundamental failures of both theory and policy. The Fearful Rise of Markets presents a truly global view, avoiding oversimplifications and ideology as it outlines how we got here and where we stand. Even more valuable, it offers realistic solutions--for decision-makers who want to prevent disaster and investors who want to survive it. • The herd grows ever larger--and more dangerous How institutional investing, indexing, and efficient markets theory promote herding • Cheap money and irrational exuberance Super fuel for super bubbles • Too big to fail: the whole story of moral hazard Banks, hedge funds, and beyond • Danger signs of the next bubble Forex, equity, credit, and commodity markets move once more in alignment

The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future

Ft Pr

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Books by John Authers