Book of the Week: The Recessionistas

The Recessionistas is a purposely timely novel that follows the shenanigans of a handful of Wall Street and Upper East Side kings and queens who never thought their bubble would burst. Of course it does, and the book is about how they each handle it. I think the best part of the novel is the inside look at the recession, putting faces (even fictional ones) on the people who created the mess. And who better to write this story than Alexandra Lebenthal? With her platinum Wall Street pedigree and her presence on the social scene, chairing committees and writing for NewYorkSocialDiary.com, Lebenthal has a unique insider's view of this rarefied world. While at times some of the dialogue seemed a bit stilted I think Lebenthal is talented at explaining complex financial concepts in layman's terms and not having it break up the flow of the story.

The novel opens in September 2008 with hedge fund wizard John Cutter finding himself in the middle of a bitter divorce, holding near worthless assets in his fund, and just ending a relationship with one of his employees. When smart and savvy Renee Parker takes a job with Cutter's Flying Point Capital she just might be the most competent assistant John's ever had--as well as his downfall. To stop his world from imploding Cutter has cooked up a redemption scheme with former Lehman employee Blake Somerset, whose queen bee wife Grigsby is in complete denial as to how the world around them has changed and who refuses to live any other life than the one she has grown accustomed to. It really is next to impossible to feel anything for poor-me rich girls like Grigsby, but I'm guessing that's the point. Parker and her friend, successful CEO Sasha Silver, seem to be the most human, relatable characters in the novel and I suspect that the hard working, oft-photographed Silver bears some resemblance to Lebenthal herself.

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About the book author Jill Kargman has said, "No one but Alexandra Lebenthal--part financial wizardress, part keen social observer--could write this unflinching portrait of New York's neo-gilded age, pre-and-post Wall Street apocalypse." While many of Lebenthal's characters are not likable in the least it is interesting to see how these people, so different and yet so much the same, deal when the world as they know it implodes.