Day: September 22, 2008

Junk Books and Junk Bonds (or, Sometimes the Book Game Reminds Me of the Bank Game)

What do corporate book publishers like Random House, Simon and Schuster and Farrar Straus and Giroux have in common with financial powerhouses like Lehman Brothers, Merrill Lynch and AIG? If you guessed that they are all doomed, you’re wrong.

Here’s the right answer: the book industry, like the financial industry, … Read the rest