Cover image for BILLION DOLLAR WHALE : THE MAN WHO FOOLED WALL STREET, HOLLYWOOD, and the WORLD
Title:
BILLION DOLLAR WHALE : THE MAN WHO FOOLED WALL STREET, HOLLYWOOD, and the WORLD
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Physical Description:
xvii, 379 pages, 8 unnumbered pages of plates : colour photographs ; 24 cm.
ISBN:
9780306873577
Abstract:
Two Pulitzer-finalist Wall Street Journal reporters document the true story of how a young social climber orchestrated one of history's biggest financial heists, exposing the secret nexus of elite wealth, banking, Hollywood and politics. 75,000 first printing. What does it take to steal $5 billion? In 2009, with the dust yet to settle on the financial crisis, a mild-mannered Wharton grad set in motion a fraud of unprecedented gall and magnitude--one that would come to symbolize the next great threat to the global financial system. His name is Jho Low, a man whose behavior was so preposterous he might seem made up. If Jho Low appeared shy on the surface, behind the scenes he was a big-talking, social-climbing huckster. Barely out of college, Low persuaded the prime minister of Malaysia, Najib Razak, to create an investment fund, known as 1MDB. Directing it from the shadows, Low raised more than $10 billion with the aid of Goldman Sachs and others, and over the next half decade siphoned off billions--money used to finance elections; to purchase luxury real estate; to produce Hollywood films, including The Wolf of Wall Street; and to throw champagne-drenched parties around the world. Low's largesse put him at the center of a world that included celebrities like Leonardo DiCaprio and Jamie Foxx, supermodels like Miranda Kerr, and even a major donor to President Obama. More staggering still, no one seemed to notice--not the global banks, who seemingly turned a blind eye to shady transfers of hundreds of millions of dollars, nor the official financial-system watchdogs. Tom Wright and Bradley Hope, award-winning Wall Street Journal reporters, have broken dozens of stories about the 1MDB affair. Now, for the first time, they reveal the complete inside story of one of the biggest financial heists in history. Billion Dollar Whale will join the ranks of Liar's Poker and Den of Thieves as a classic, harrowing parable of the financial world, hubris, and greed.
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30000010372597 HV6692.M33 W75 2019 Open Access Book Gift Book
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33000000017183 HV6692.M33 W75 2019 Open Access Book Book
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Summary

Summary

Named a Best Book of 2018 by the Financial Times and Fortune , this "thrilling" (Bill Gates) New York Times bestseller exposes how a "modern Gatsby" swindled over $5 billion with the aid of Goldman Sachs in "the heist of the century" (Axios). Now a #1 international bestseller, Billion Dollar Whale is "an epic tale of white-collar crime on a global scale" ( Publishers Weekly ), revealing how a young social climber from Malaysia pulled off one of the biggest heists in history. In 2009, a chubby, mild-mannered graduate of the University of Pennsylvania's Wharton School of Business named Jho Low set in motion a fraud of unprecedented gall and magnitude--one that would come to symbolize the next great threat to the global financial system. Over a decade, Low, with the aid of Goldman Sachs and others, siphoned billions of dollars from an investment fund--right under the nose of global financial industry watchdogs. Low used the money to finance elections, purchase luxury real estate, throw champagne-drenched parties, and even to finance Hollywood films like The Wolf of Wall Street . By early 2019, with his yacht and private jet reportedly seized by authorities and facing criminal charges in Malaysia and in the United States, Low had become an international fugitive, even as the U.S. Department of Justice continued its investigation. Billion Dollar Whale has joined the ranks of Liar's Poker , Den of Thieves , and Bad Blood as a classic harrowing parable of hubris and greed in the financial world.


Author Notes

Tom Wright is a an author who is a New York Times Book review Editor's Choice Recipient, Crime Writer's Association Dagger - New Writer Category Award Winner and Wall Street Jornal Article - making the Inside the Beltway List. He won the Nick Enright Prize for Playwriting 2015 with his title BlackDiggers. The award comes with a monetary prize of $30,000.

(Bowker Author Biography)


Reviews 2

Publisher's Weekly Review

Wall Street Journal correspondents Wright and Hope transform their investigation of a mind-boggling financial fraud into a nonfiction thriller tracking the rise and fall of Jho Low, the "alleged mastermind of a multi-billion-dollar scam." In 2003, Low convinced an adviser to the rulers of the United Arab Emirates that he could broker deals between Middle Eastern and Southeast Asian governments. He then parlayed that connection into a relationship with a Goldman Sachs banker, who helped set up a Malaysian sovereign wealth fund in 2009, which was overseen by Najib Razak, the prime minister of Malaysia and Low's family friend. The authors contend that Razak turned a blind eye while Low siphoned billions of dollars from the state fund into a "byzantine labyrinth of bank accounts, offshore companies, and other complex financial structures." Low, still a fugitive, used the stolen loot to "build a Hollywood production company, commission one of the world's grandest yachts, and throw wildly decadent parties around the globe." The authors explain how lax oversight enabled Low to carry out such a scheme. Complete with an epigraph from Jordan Belfort of Wolf of Wall Street fame, this is an epic tale of white-collar crime on a global scale. (Sept.) © Copyright PWxyz, LLC. All rights reserved.


Library Journal Review

Wall Street Journal reporters Wright and Hope tell an amazing tale of greed and sovereign corruption. Expanding on their investigative series into Malaysia's investment fund, 1MDB, the authors portray a toxic brew of Hollywood elites for sale, Wall Street, investment banks, and foreign politicians, all willing to look the other way in return for a payout. The book spans the period 1999-2018 and takes readers onto yachts and into private clubs and elite banks. Groomed by their roguish father, the Low children learned how to use offshore bank accounts to divert money. At the University of Pennsylvania's Wharton School, son Jho Low understood finance, partying, and networking. His connections paid off as he aspired to become a billionaire using other people's money. Thanks to his relationship with the stepson of Malaysia's Prime Minister, he latched on to its investment fund, going on a multibillion-dollar spending spree of art, jewels, a yacht, and lavish homes. The book details how the movie The Wolf of Wall Street was financed. When Jordan Belfort, the convicted "wolf," met Low at an extravagant prerelease party, he recognized a fellow con man. VERDICT A juicy and entertaining tale of crime and deception for all collections.-Harry Charles, St. Louis © Copyright 2018. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.