I now have permission from the relevant parties to release this information:

The week after McGraw Hill refused to publish the book as written, the editor I was working with there, Jeanne Glasser, resigned.

Jeanne Glasser was the person who first approached me about doing this book. She was terrific to work with, and I had a wonderful relationship with her. She fought hard for the book, going up against corporate interests that had a different agenda than publishing a solid, hard hitting book.

Given her past track record of well reviewed and well selling books, this had to be the last straw for her. Some people had surmised that McGH might have had a problem with “buzzsaw Barry,” and all I can say is if there was one, it sure as hell wasn’t with Jeanne . . .

Press release:

I am very happy to announce the hiring of Jeanne Glasser as Executive Editor for FT Press and Wharton School Publishing.

Jeanne comes to us with a rich publishing legacy. Most recently, she was the Editorial Director, Finance, for McGraw-Hill’s Professional Division, where she managed a mult-million dollar portfolio of books. Before that, Jeanne was Senior Editor, Business and Finance, at John Wiley and Sons..

Jeanne has published some very fine books, and a few NY Times best sellers, including:

  • El-Erian, When Markets Collide: hit best seller lists 25+ times; 2008 winner of the FT/Goldman Sachs Business Book of the Year;
  • Fleckenstein: Greenspan’s Bubbles;
  • Tertzakian, A Thousand Barrels a Second;
  • Faith: Way of the Turtle:
  • The Langemeier Wealth Cycle books, which hit the NYTimes, USA Today, and WSJ best seller lists.

Jeanne has published in the full gamut of business areas, as well as from consumer titles all the way through high level professional titles.

The saga continues!

Category: Bailout Nation, Bailouts, Books

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

38 Responses to “Bailout Nation Editor Quits McGraw Hill”

  1. As the old saying goes, “F-ck ‘em and feed ‘em fish!!” McGraw Hill will be less for Ms. Glasser not being there. It’s their loss. One wonders how a company like McGraw Hill has survived as long as it has.

  2. ocean65 says:

    that is extraordinary Barry – what’s the reasoning behind the censorship?

  3. CNBC Sucks says:

    Congratulations, Barry, on your new book deal, http://www.ritholtz.com/blog/2009/03/wiley-to-publish-bailout-nation/

    I hope your book does very well and I also wish Jeanne the best in her new role.

    We, the American middle class, need to reclaim our nation. People have forgotten how militant, progressive, and powerful the middle class in this country used to be, until corporatist Republicans were able to use diversionary social issues such as stem cell research to divide and conquer us in an all-out economic war by the wealthy against the rest of us. Some of you don’t even realize how poor you are.

    We need higher taxes on the rich and I suggest you all buy books from Wiley instead of McGraw Hill.

  4. Marcus Aurelius says:

    Good for her.

  5. Mannwich says:

    Good to see integrity still counts for something.

  6. Mannwich says:

    @CNBC Sucks said: “Some of you don’t even realize how poor you are.”

    B, bu, but…..I thought we were rich because we owned all sorts of electronic gadgets, a microwave oven and even a washer and dryer and granite countertops??! Heck, I even own an I-Pod. I’m cool as hell. Of course, all of that stuff was bought on cheap credit that now needs to be paid back. You mean to tell me I’m not “rich”?

  7. Steve Barry says:

    Still waiting for what BR has in store for MH.

    To Mark E and others:

    Re: put/call – the 21 day MA can’t seem to rise much off 3 yr lows…and with QQQQ a thread above its Nov closing low, on a down day, total market put/call printed a .74 today. It should be over 1.2. Keep those shorts on…I have never seen such complacency by options traders. QQQQ volume still putrid too…nowhere near capitulation. And volume should be much higher, with stocks trading at much lower handles. Maybe those bearish surveys indicate people out of the market, never to come back this time.

    QQQQ well on its way to my prediction from way back…smoldering crater.

  8. Mannwich says:

    @SB: My biggest holding right now is QID. I’m with you. I think we’ll also get another round of hedge fund redemptions/blow ups in April. That will further serve to depress the market.

  9. gnomic says:

    Barry,

    It seems like leaving McGH is like leaving a leper colony.

  10. super_trooper says:

    Due to the systemic risks to the economy I’ll wait until the book arrives at my local library.

    @Mannwich
    Shanty towns, known as Hoovervilles in the 30s are back. Now they are made of tents and known as Bushville.

    http://www.msnbc.msn.com/id/29528182/displaymode/1107/s/2/

  11. philipat says:

    Good to see integrity still counts for something.

    As long as you don’t want to get to top in Corporate America? That’s Change we need?

  12. karen says:

    Shocking throw back at this quip “buzzsaw Barry.” As an 18 year old on the Jersey Shore, I got into a fair amount of trouble at the Sawmill on the boardwalk in Seaside… we affectionately called it the Buzzsaw. I bot a one way ticket back to my birth state (ca) that same year where and had to wait until I was 21 to get in trouble again… only kidding. I seem to be good at ignoring the expression: “Never trouble trouble until trouble troubles you.”

    Interesting note about your friend, Jeanne. Principles are important; and I’m sure she will do well.

  13. tselliott says:

    williams — hmmm, just in case you hadn’t noticed the domain name is ritholtz.com. I’m fairly certain he’s allowed to post as he pleases and you’re not forced to read it.

    ~~~

    BR: Thanks Tom, but under our well explained “asshat policy,” williams is in the penalty box . . .

  14. super_trooper says:

    @karen
    “Principles are important; and I’m sure she will do well.”
    Yes, being offered a new job makes it so much easier.
    Her “principles” would be quite different if she would have no job to go to.

  15. deanscamaro says:

    Congratulations, Barry!

    Now if you can only maintain that swelled head in an upright position. Just kidding!

  16. Andy Tabbo says:

    Steve Barry…

    In re: Put/Call ratio…have you done any analysis about how this ratio behaves during severe bear markets? I’m thinking the 2000-2002 decline on the nasdaq was a pretty severe washout. The Nikkei dump in the 90′s was also dramatic. I’m wondering what the ratio does as stock markets go down more than 60, 70, 80, 90%. The S&P is only down ~60% thusfar, but certain sectors have seen 80+% washouts. The Naz certainly washed out in 2002/2003….I don’t have ready access to the nitty gritty put/call ratio data…but I’d be happy to do the analysis if you had an site where one could access it….

    My theory would be that the Put/Call ratio would behave a lot like RSI readings….that during the most dramatic stages of the decline, it really Pegs Out, but that in the later stages of a vicious bear market the Put/Call doesn’t get near the previous peaks experienced during the “panic stage.” (What Ellioticians would refer to has “third of Third waves”).

    I have no idea if this is the case, but would like to delve into it.

  17. karen says:

    Oh, come on. You can delve into in now because we are experiencing it…. will you ever be satisfied??? I read an in depth article on put/call at stockcharts.com recently… it may have been subscription only… interesting but non-indicative in our current malaise… (as i believe matches your thots.)

    I’m ready for a dump or a jump at this point… it’s a coin toss, imo.

  18. Steve Barry says:

    Andy…

    Stockcharts.com only goes back 3 years without a subscription. I’d be interested in your proposed analysis, but don’t know if I’d act on it…the moving averages I use on put/call over the last 3 yrs are pretty good in marking intermediate turns…why potentially mess that up with more data?…and surely you can’t have a big bounce with the 21 day at 3 year LOWS…maybe if it were at 3 year highs…and very low short interest makes a short squeeze that can ignite a big bounce impossible.

  19. Andy Tabbo says:

    SB:

    “why potentially mess that up with more data?”

    Maybe so…..and let me be clear here….

    1) I don’t have a completed wave count from the 944 highs so things aren’t “finished” from an Elliott Wave perspective, at least as far as I can see it. Thus, I cannot be long term bullish.

    2) My “non-wave” technicals are all suggesting some sort of decent bear market rally right now, thus my ambivalence toward the markets in the short term. Tho’ I must say my “non-wave” technicals are decent enough I was tempted into some bullish Call spreads today at SP500 at 680. (It’s the most benign bullish strategy one can employ….sort of like throwing some money on a roulette wheel “cause you have a feel.” It’s the first time I’ve put on any kind of bullish bet on stocks since late November.)

    I would suggest, respectfully, that 3 years may not be enough data to rest a major strategy upon. It would be really interesting to see how it behaved during the 2000-2002 wipeout on the Nasdaq. I’ll take a look and see if I see anything “noteworthy.”

    I wish you continued success and great profits….

  20. Andy Tabbo says:

    Shoot…I just typed a bunch of crap but WordPress tossed it somehow….

    SB:

    Let me just state that

    1) I don’t have a completed wave pattern that would suggest a major turning point, so I’m not “long term bullish.”

    However…

    2) All of my “non-Elliott Wave” technicals all suggest a decent rally in the offing very soon. Thus, my general ambivalence towards a major strategy in stock indices.

    All that said…

    For Karen: I took on some bullish Call spreads today in June SP500 futures, with the SP at 680. It’s a very “benign” way of taking a bullish view….similar to throwing some coin on a craps table “cause you have feel.” It’s my first bullish position in stocks since late November…sometimes traders must go with their “intuitions”……

    For SB: I’m going to research Put/Call ratios some more….if only to add another tool to the ol’ toolkit….

    Best of luck…I hope we all do well.

    And for Barry….I knew this would turn out well for you. Wiley and Sons happened to publish the first “big” work on Elliott Wave Theory by Frost/Prechter.

  21. with this: ” williams Says:

    March 9th, 2009 at 10:31 pm
    And this is economic news?? How? Oh I see, you managed to get the title of your book into the headline.

    Caulk up another pointer back to you Ritholtz.”

    and understanding that some of the boys are fond of the, now, ol’ saying of : “don’t hate the player, hate the game.”

    I’ll, still, think they’re all wrong, and say: ” See the Hater, and, let, not, his Green, qualify for Tax Credits.”

    or, more simply, yes, our simple Friend, it is Economic news; it, in any semblance of *Reality worth Investing in, certainly shouldn’t be used to bolster HLN’s sagging edifice..

  22. constantnormal says:

    Downright refreshing to see someone with integrity — and with the spine to pack up and leave when it gets bad enough. It also says something that she was able to secure a position in this job market in a reasonably short time. As the ‘woman in the middle, she had probably the most difficult role in the entire circus.

    Kudos to Jeanne, for doing her best to make it happen, and upon reaching the end of what was possible, deciding it was better to work elsewhere than to work for fools.

    If more people operated like this, we would have a hell of a lot more turnover in American business employment, as most businesses follow the Peter Principle to the ninth decimal place. Alas, it is too easy to swallow one’s pride, dignity and self-esteem for a paycheck, or for the illusion of a career.

    But we would have better functioning businesses with happier employees and customers.

  23. Short Man says:

    AT/SB,

    I would also add that the options market has become less and less efficient as the number of market players writing options has dwindled down to a few dozen. With spreads increasing and bias towards overpricing risk (i.e. pricey puts), the risk/reward of buying options versus direct shorting or purchasing leveraged short ETF has probably crossed a point where buying options probably is not the best route for short exposure. I’d guess this would at least explain part of what you are seeing.

    Short Man

  24. karen says:

    Mark, pls don’t confuse me this late in the game. I finally understood something you wrote: “don’t hate the player, hate the game.” but then again, after this weekend, i might have a retired nfl player that i could come close to hating it it hadn’t been so much fun and so deserved.

  25. Andy Tabbo says:

    So, like any addict I make new rules for myself for the soap opera that is CNBC….I decided to peruse clips from the day that was [I've sworn off view during the trading day]… I caught this one between Cramer/Burnett on “Stop Trading”….I’m sensing some “real” tension here…

    http://www.cnbc.com/id/15840232?video=1057151281&play=1

    I thot it was amusing….

    Erin Burnett: But “Sprint” is higher….bwahahahahahahhaha

    She’s so stupid.

  26. yon’ Short Man,

    iffin’ you wanna’ go there, you might factor in the Reality of ever growing Volumes being Crossed “away from the Market” in “e-Islands”( electronic fora).

    IOW, GFL tryin’ to Parse any data-points in these Marts..

    though, of course, feel free, to maintain the belief that it’s only the “Options Market” that is becoming “less and less” *efficient..

    might care to remember that “Liquidity” is the Exception, not the Rule, in the Long-run of Market History..

    but, hey, let’s trot out the tritism: “Differin’ opines, cause ‘em to run the Equuines”.

    and, as always, Your orbit may perturb..

  27. karen says:

    andy, that is completely not nice…this is one of the most painful exchanges i’ve had to absorb… i much prefer her voice over his… she is smart and she is attractive…

  28. MikeG says:

    McGraw-Hill — Epic Fail.
    The byword for corrupt Corporate Stupid.

  29. Erin Burnett, in all seriousness, should follow Jeanne Glasser’s lead, and convince Becky Quick to do the same..

  30. Andy Tabbo says:

    karen. Ha. Not Nice?

    That’s probably the first exchange between those two that was worth watching. I know the “crowd” hates Jim Cramer, but he was actually a real life “money manager.” I know how that feels, and it’s difficult. If he was the “real deal,” the role of ‘money manager’ never leaves you. It’s really, really hard to manage other peoples money. You feel bad when you fail….worse than when you lose you’re own money…that seems weird I know…but it’s the truth.

    So, it was interesting to me to watch a guy who knows about money management talk to someone WHO KNOWS NOTHING about money management ‘live’…..

    E.B. really, really disgusts me….she’s one of the reasons I’ve tuned off CNBC during the day….”Ms. Silver Lining.”

  31. karen says:

    Andy, i don’t have tv, remember. speaking in front of a camera takes skill and she does it. i could never manage opm, btw. the “others will have to suffer” lower returns.. lol… i can’t believe she disgusts you, she’s not maria… there’s always a silver lining, btw…

  32. Steve Barry says:

    Short Man:

    good point…I am fully loaded with QID…put/call being low is not my main criteria…just a supporting data point. The mountain of debt that has not even started to go away is my thesis.

  33. Andy Tabbo says:

    karen. Agreed. She does something very few can do. Perhaps I was a bit harsh. There are others who disgust me much more. My frustration with her is the general ability to view things “evenly.” Her distinct bias seems to make things look better than it really is, almost like she’s serving as P.R. rep for the NYSE or something…

    In markets, sometimes the only silver lining is when none can be seen…

  34. 1001 says:

    In Cambridge , at Harvard Common park , the shanty towns are now called “Obamaville”

  35. WaveCatcher says:

    Erin can hold her own with Cramer. But they are both entertainers… circus clowns.

    One of these days she will be proven right about one of her silver linings. Even a broken clock is right twice a day.

    In the meantime, she is good eye candy for the audience which is overwhelmingly male. Nothing wrong with that. CNBC is in the entertainment business after all.

    Anybody that makes investment decisions based on recommendations of circus clowns deserves to lose it all.

  36. Presumably she hooked you up with folks @ Wiley? She sounds like a good egg.

  37. doolin says:

    What’s coming is going to take a lot more of the same sort of courage!

  38. Dave Doolin says:

    Whoops… looks like I asshatted myself… with my first comment no less!

    Ok, let’s try again.

    I have had long running discussion with my mother (the worry wort) about what all this economic breakdown means for her personally, as she approaches 70.

    (My mom lives in Ft Wayne IN, a great place to find an “average American!)

    The upshot is that she and her neighbors are beginning to understand that what’s coming may require them to take a real stand. A real stand meaning putting their homes and their jobs at risk. Maybe this isn’t that big a deal considering that for many of them, their homes and their jobs are already at risk… but now isn’t that as much a worry for TPTB?

    Jeanne Glasser is an inspiration to me, and I believe she will be to my mother and my family, as conditions proceed from very dark to pitch black.