2013-07-19 17:11
Inside the shady world of Asian finance
By Kim Young-jin
After the 2008 financial crisis, plenty of ink was spilt to explain why stock markets plunged and governments bailed out large financial institutions. For those unversed in the jargon of international finance, it was not an easy event to understand. The evictions, foreclosures and unemployment that followed in some parts of the world, of course, were a gut-punch for millions. But factors such as sub-prime mortgages and high risk, complex financial products didn’t exactly make for riveting reading. Phillip Y. Kim, a first-time novelist with a long history in the banking industry, is out to change that. His new book, “Nothing Gained,” is a thriller that paints an intriguing, if unsettling, portrait of the world of investment banking. Having worked for 25 years at such firms as Lehman Brothers and Morgan Stanley, the Korean-American is well placed to shed light on some of the more colorful, if unsavory, aspects of the industry. Rife with details about the high-rolling lifestyles of the nouveau riche, and with a plot filled with intrigue, Kim is able to expose readers to the complicated world of banking in Asia and the pitfalls of unfettered greed. “The pursuit of wealth inevitably attracts unique and charismatic personalities, and often leads to incredible circumstances,” Kim said in an email interview. “I wanted to tell an entertaining story that was based on some of the events I witnessed or heard about over the years. The plot stems from the drowning death of Jason Donahue, a wealthy expat banker in Hong Kong, which sends tremors through the corporate elite. Cheryl, his wife, is forced to deal with his web of unethical business dealings, including the matter of $20 million unaccounted for. To protect her family, Cheryl, a Korean-American, engages with a motley crue of shady characters, and traverses the globe to find the one person that can help her. He is aided by Todd Leahy, Jason’s chief of staff. We asked Kim who has spent much of his career in Asia ― about the transition from banker to novelist, Asia’s “one percent,” and the role of Asian economies in global finance. Read more of this post
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