Laura R. (SF-SabrosO) reviewed The Bag Lady Papers: The Priceless Experience of Losing It All on + 6 more book reviews
Helpful Score: 1
First and foremost, I believe that Madoff had **no right** whatsoever to steal Penney's savings. That said, I found Penney's whinefest to be rather tedious. Penney was never in any danger of becoming a bag lady (catchy title notwithstanding), with substantial real estate holdings and other vast resources that most regular folks could never dream of. To Penney, becoming a PoRC (person of reduced circumstances) meant cutting her housekeepers' hours, staying at the Hampton Inn, taking the subway and not buying expensive fresh cut flowers. She still maintained her expensive art studio, glitzy NYC apartment, subscription to the New York Times, her Baccarat crystal and jewelry collection. Penney had connections to the upper echelons of the publishing world and other NYC movers and shakers. These folks treat Penney to goblets of Cristal champagne, rides on their private jets, and most substantially, income from blogging about the event and publishing this very book about same. It's a glimpse into a rarefied world with trappings and things taken for granted above and beyond the average American's reach.
Penney doesn't disclose the actual amount of her loss or how she was able to pay for the lawyers and accountants she hired upon hearing of the loss. This gives the story a sort of lack of continuity. A more interesting story might have covered the role of the SEC and it's lapse in oversight of the Madoff firm. Long, pointless lists abound of What One Can Live With/Live Without; these lists could've been better incorporated into her story. The editing could've been better and certainly does not belie the work of someone who was once Chief Editor of a major publication.
This is a cautionary tale about diversifying one's investments and keeping a better eye on the "experts" hired to manage hard-earned money. IF, in this day and age, one is lucky enough to have any investments at all.
Penney doesn't disclose the actual amount of her loss or how she was able to pay for the lawyers and accountants she hired upon hearing of the loss. This gives the story a sort of lack of continuity. A more interesting story might have covered the role of the SEC and it's lapse in oversight of the Madoff firm. Long, pointless lists abound of What One Can Live With/Live Without; these lists could've been better incorporated into her story. The editing could've been better and certainly does not belie the work of someone who was once Chief Editor of a major publication.
This is a cautionary tale about diversifying one's investments and keeping a better eye on the "experts" hired to manage hard-earned money. IF, in this day and age, one is lucky enough to have any investments at all.
