Wiley to Publish Bailout Nation
The deal is now official, so I can make the announcement: Wiley is the new publisher of Bailout Nation. They wee one of more than a dozen publishers that approached me about the book.
The denial from the PR weenies at McGraw Hill was classic. Here is my favorite part:
The book didn’t meet our editorial standards,” Mary Skafidas, a McGraw-Hill spokeswoman in New York, said in an e- mailed statement. “When we could not come up with a unified approach, we released him from his contract.”
Mary, we both know that is not true.
First, you said you couldn’t verify the sources. But then I showed all of the footnotes, 90% of which had URLS to the original article. Then you said your fact checking department had a problem – but it turns out that according to GalleyCat, you guys don’t even do fact checking anymore. Now we hear it didn’t meet your editorial standards.
Tsk tsk, Mary. Because of your transgressions against the Truth, I have a very special present planned for you and McGraw Hill. But, you are going to have to wait for when the book comes out to see it. I am very excited about it.
Meanwhile, here are some words from people who don’t lie for a living:
Bloomberg:
A book critical of Standard & Poor’s credit-rating service will be published by John Wiley & Sons Inc. after the author took back his manuscript from S&P-owner McGraw- Hill Cos.
John Wiley said on its Web site the 320-page book, “Bailout Nation: How Easy Money Corrupted Wall Street and Shook the World Economy,” will be available in May. The author, Barry Ritholtz, said today he couldn’t discuss some specifics until he has received a final contract.
“We have a deal in place,” said Ritholtz, chief executive officer of equity-research firm FusionIQ. “I probably should have sought out a publisher in the first place that didn’t own divisions where there might have been a conflict of interest.”
Ritholtz said last month he withdrew the manuscript from McGraw-Hill after the New York-based publisher edited a section in which he wrote that its S&P unit, Fitch Ratings and Moody’s Investors Service inflated their opinions in exchange for fees. McGraw-Hill said at the time the book had facts that needed verification before it could be printed.
Publishers Weekly:
Last month, McGraw-Hill cancelled the publication of Bailout Nation: How Easy Money Corrupted Wall Street and Shook the World Economy, a book critical of Standard & Poor’s, which is a division of The McGraw-Hill Companies, and yesterday, author Barry Ritholtz, inked a deal with Wiley to publish the book. McGraw-Hill had maintained it canceled publication because of problems with corroboration; no one from Wiley was immediately available to discuss if they will change the book at all.
Ritholtz’s attorney-agent, Lloyd J. Jassin, brokered the deal with Kevin Commins, executive editor at Wiley. Jassin said that the original story about McGraw-Hill cancelling the book, which broke in Portfolio, then PW and then was picked up by Newsweek last week, “set off a deluge of offers from publishers.” He said, “We feel very comfortable with Wiley.” The book will be released in early April with a May pub date.
>
Sources:
Wiley to Publish Book Critical of McGraw-Hill’s S&P
Greg Bensinger
Bloomberg, March 3 2009
http://www.bloomberg.com/apps/news?pid=20601088&sid=aAZH6Em6zWyM&
Wiley to Publish Book Canceled by McGraw-Hill
Lynn Andriani
Publishers Weekly, 3/3/2009 2:50:00 PM
http://www.publishersweekly.com/article/CA6641478.html
March 3rd, 2009 at 10:32 pm
Go get ‘em Barry! Can’t wait to see the “very special present” that you have in store for McGraw-Hill.
March 3rd, 2009 at 10:34 pm
Lol! Go, Barry!
Guess I’ll have to show Wiley some love now for being sane. ;^)
March 3rd, 2009 at 10:43 pm
Congrats. You gonna read the audiobook version?
March 3rd, 2009 at 10:48 pm
Wooo-hooo. Love it. Looking forward to it.
March 3rd, 2009 at 10:51 pm
Well done. It seems McGraw Hill helped you out. We knew you would have plenty of other offers soon after that kerfuffle. I think you’ll make a few more bones from it…
Hey. Earlier today you had a link to some magazine called Hplus somthing….had some provocative articles…. I don’t see it anymore on the site….
March 3rd, 2009 at 11:01 pm
What did I tell you? Good choice, B-dawg. Can hardly wait 2 read it. Too bad it doesn’t quote the shnapster.
March 3rd, 2009 at 11:08 pm
Awesome! Well played, Mr. Ritholtz. Can’t wait for the special surprise.
This calls for some “America: F*ck Yeah!”
http://video.google.com/videoplay?docid=-3692333705196414991
March 3rd, 2009 at 11:15 pm
El yeah. Does this mean I need to reorder it on Amazon? I pre-ordered months ago…
~~~
BR: I believe they are going to transfer it — more on this in a few weeks . . .
March 3rd, 2009 at 11:23 pm
Barry: Let that be a lesson to you. Anytime there is even an appearance of a conflict of interest, there is a conflict of interest. Next time don’t be so niave. It reminds of these lines from a great American film:
My father is no different than any powerful man, any man with power, like a president or senator.
Do you know how naive you sound, Michael? Presidents and senators don’t have men killed.
Oh. Who’s being naive, Kay?
March 3rd, 2009 at 11:32 pm
The making of a Best-Seller…come to think of it, the story reads like a decent screenplay!
What say ya?
Nice work BR…Congrats!
March 3rd, 2009 at 11:44 pm
Hoooooyah!
March 3rd, 2009 at 11:57 pm
Perhaps it was unintentional by B.R., but this looks to me like pure marketing genius. What a great Guerilla Marketing tactic. This should be included in the new playbook on how to launch a new book.
1. Pick a publisher that the author knows has an inherent conflict of interest with the intended copy
2. Include some (honest) copy that causes the publisher to balk when it comes time to go to print
3. Now the author is in a win-win position
either:
4. Free publicity: Either the publisher goes ahead and holds their nose while the press picks up on the interesting story re: the inherent conflict of interest
or
5. Free publicity: New publisher uses the former publisher’s reluctance to generate free publicity. e.g. “Too hot for McGraw Hill to publish.”
It reminds me of the PETA ads that are too hot for the networks to run on the SuperBowl. The publicity PETA receives when their ad is turned down is priceless.
B.R. I would love to see you get rich at McGraw Hill’s expense. What a bunch of corrupt idiots.
~~~
BR: Once they said they were not going to publish, I immediately saw the potential PR windfall. I STILL went to them and asked them to publish it as is. I wanted it out sooner rather than later.
However, the biggest advantage to the book wasn’t the PR — it was the opportunity to revisit the work, and update it. So much stuff happened since early December, it would have been incomplete.
I am very pleased with the way the book came out — and I am jazzed about the additions.
March 4th, 2009 at 12:21 am
“Bully!” (as Teddy R. would say)
March 4th, 2009 at 12:22 am
Woot! Stick it to ‘em, Barry! Congrats! You’re my hero!
March 4th, 2009 at 12:38 am
Anybody have a clue what happens to the Amazon.com pre-orders in a case like this?
March 4th, 2009 at 12:41 am
I’m surprised Wiley agreed to publish it. After all, the glaring flaws used as reasons by McGraw in dropping the book should have been readily apparent to any publishing house worth its salt.
Congratulations, BR.
March 4th, 2009 at 12:41 am
Wiley? As in coyote? Is that the company that publishes all those Acme books? Look out for that cliff Barry! Beep! Beep!
Congrats on the new deal
March 4th, 2009 at 12:46 am
“Meanwhile, here are some words from people who don’t lie for a living:”
Nice. I assume that the ‘present’ will be given in the same spirit.
March 4th, 2009 at 12:47 am
That’s great Barry.
I’m just guessing, but you’ve written an additional Chapter?!!
March 4th, 2009 at 12:51 am
May, huh? I sure hope that the financial crisis is not over by then.
March 4th, 2009 at 12:52 am
Barry -
Slaved for McGraw-Hill @ S&P editorial & F.W. Dodge for 5 yrs. before 2004 – Empathies with the pain – Ethics/Morals were a constant battle: thus the departure.
Look forward to the un-edited version.
March 4th, 2009 at 12:54 am
Way to go, Barry! McGraw-Hill is one company that I would like to see fail. I cheer when I see a Business Weak that is as skinny as an advanced cancer patient and S&P (like AIG) exploited its position to become a criminal organization — can’t wait for the investigations. I saw that sleazebag Terry McGraw on Squawk the other week pretending to be statesman-like despite being a total a zero and card carrying member of the lucky sperm club and head of the Business Roundtable. Naturally the morons on Squawk asked him only softball questions. (GE could save a lot of money on incompetent CNBC anchors!)
March 4th, 2009 at 1:00 am
Good job. Remember, I want to review it.
March 4th, 2009 at 1:25 am
This case is actually interesting…McGraw Hill as a corporation would have been smarter to actually let you publish the final version you agreed to…even thought they would be criticizing their own division, at least they had some input and control of the info. Now, since they let it go to another publisher, they are in for a total trashing in the book. This decision was obviously made by someone trying to save face within McGraw Hill, but they unwittingly made the final book much worse than it would have been.
~~~
BR: I have to be careful not to make the Ratings Agency section seem like a vendetta. Their own guilt speaks for itself. That will probably be the most fact based, least opinion driven section of the book.
March 4th, 2009 at 1:31 am
Congratulations! So, where can we buy signed copies?
March 4th, 2009 at 1:51 am
Congrat’s Barry, well deserved!
March 4th, 2009 at 3:12 am
“This case is actually interesting…McGraw Hill as a corporation would have been smarter to actually let you publish the final version you agreed to…even thought they would be criticizing their own division, at least they had some input and control of the info. Now, since they let it go to another publisher, they are in for a total trashing in the book. This decision was obviously made by someone trying to save face within McGraw Hill, but they unwittingly made the final book much worse than it would have been.”
And also created large amounts of free publicity for Barry/Wiley in the process. Large Corporations can be incredibly stupid. But we know that already from the global financial mess we are in!!
March 4th, 2009 at 3:21 am
Congrats. I think McGraw Hill has done its most fantastic marketing job for a book it didn’t publish.
March 4th, 2009 at 3:44 am
I’ll be ordering one from Amazon
March 4th, 2009 at 4:08 am
looking forward to seeing it on the shelves of Borders, B&N, etc.!
March 4th, 2009 at 6:57 am
“During our bicentennial year, Wiley introduced the theme “Knowledge for Generations” to highlight our legacy. By promoting knowledge and understanding during the course of two centuries, Wiley has helped bring about transformation in the world around us.
The technological innovations we have helped advance are transforming our industry. Technology is enabling us to build enduring relationships with our stakeholders; leverage our capabilities across organizational and geographic boundaries; and serve our authors, partners, and customers better.
For the 2008 Annual Report, we have focused on the theme “Knowledge for Generations” as it relates to our present and future. Our prudent investments in enabling technology have resulted in many new business models, new revenue streams, and new ways to promote knowledge and understanding around the world.
As we embark on our third century of publishing, we are sharpening our competitive edge by becoming even more customer-centric and flexible as we continue to make a difference in the personal and professional lives of the constituencies we serve…”
http://www.wiley.com//legacy/annual_reports/ar_2008/knowledge1.htm
“Knowledge for Generations” and, not a “Consu-Moo-er” in sight..”Customer Centered Innovation” done right..
“Sustainability is not a new concept at Wiley, a company that has prospered for more than 200 years. We are well known around the world for our leadership in responsible corporate governance, ethical business practices, and philanthropic activities that benefit the communities in which we are located…”
http://www.wiley.com//legacy/annual_reports/ar_2008/knowledge6.htm
Wiley has long been a favorite of mine, we’ll need them for another two hundred years…
As my friends on the Bayou would say, Way 2 Geaux, BR~
March 4th, 2009 at 7:12 am
NICE!
congrats Barry, put me down for 5!
March 4th, 2009 at 7:33 am
Good choice on publishers.
A book from my slam it in days in construction “The Wiley Engineer’s Desk Reference – A Guide for he Prof Enginer” 1984 – still gets pulled from the shelf when I need to understand concepts and formula in Math, Mechanics, Fluids, Thermodyn, Electricty, Controls, Economics, Energy and Engineer’g.
I should update that edition … if I don’t sell everything from my better homes and garden world for an EDAR taken to a nice climate next to a fine ocean.
I think I’d keep this book and yours Barry in that little rolling tent home, study up and maybe come back … maybe.
March 4th, 2009 at 8:38 am
This announcement should have the opposite effect on the Markets from whenever the politicos speak. Time to go long!!!
March 4th, 2009 at 9:06 am
“I probably should have sought out a publisher in the first place that didn’t own divisions where there might have been a conflict of interest.”
As memory serves, they came to *you*, no? That implies they were hoping to control the message by funneling it through themselves. They picked the wrong messenger in that case.
Good on you, and I’ll be keeping an eye out on the shelves.
March 4th, 2009 at 9:28 am
media is and always has been conflicted in editorial policy, whether based on who buys ads or by who pays subscription, although i think the pure subscription is the better model
March 4th, 2009 at 9:34 am
Let us know when we can pre order. But you should thank MgH for all the free publicity. I suggest sending flowers and exlax since they are so full of shit.
March 4th, 2009 at 9:36 am
congrats
March 4th, 2009 at 11:07 am
Congrats!
March 4th, 2009 at 1:44 pm
When’s the movie coming out?
March 4th, 2009 at 3:20 pm
Barry,
i have seen several comments concerning the 1st version where blog readers wanted signed copies. i want to petition you to offer them, at a premium, and the donate those proceeds to something near/dear your heart.
i realize that the overhead of collecting orders, signing, shipping might be a pain, but i am guessing there are enough readers who would pay say an extra $5 for a signed copy to make it worthwhile.
of course you could donate to something like a PAC who is working against the rating agencies and seeking change to their influence.
or you could donate to canine rescue agencies….
just a though; thx!
ps – the easy way to sign these is to use a sticker the way the Freakonomics guys did: http://freakonomicsbook.com/bp/
March 4th, 2009 at 4:00 pm
Congrats. Hopefully truth will prevail with at least one publisher.
I hope in your book you have addressed constitutional powers of congress that should have prevented the bailout nation in the first place.
Section 8 – Powers of Congress
“. . . To establish a uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;”
March 4th, 2009 at 5:06 pm
A present for McGraw-Hill? Did you lower the credit rating on their bonds???
March 4th, 2009 at 8:09 pm
Way to go Barry!!