Customer Reviews

Outrageous Fortune: The Rise and Ruin of Conrad and Lady Black

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Now that the levee has broken, you would have to go a long way to garner sympathy for a couple with the hubris of Conrad Black and Barbara Amiel, but in his splendidly vituperative "Outrageous Fortune", Tom Bower almost pulls it off. This is a real piece of work (though, as Bower might say, if the shoe fits...) and no effort has been made to present any sort of balance whatsoever: Even the title is snide: Not "Conrad and Barbara Black", nor "Lord and Lady Black", but "Conrad and *Lady* Black" - a snipe at her overweening delight at ennoblement, and perhaps a cute reference to Black's habit of referring to his wife (from well before his peerage) as "the Little Lady".

Make no mistake, this is a rip-snorter of a read: I've been devouring pages, missing stops on the tube, walking into lamp-posts and zoning out of conference calls on its account: it is the Barbarians at the Gate of the new Millennium - tempered only by the fact that its characters seem transparently unleavened by the financial expertise, corporate understanding, commercial cunning, capitalist audacity and iron balls of the KKR crowd: these protagonists, as Bower paints them, are as self-absorbed, self-aggrandising and self-enriching as the best of them, whilst still being deluded and dim-witted schmucks.

Which is rather suspect in itself. If you accept that view then it is truly remarkable that the Blacks lasted as long as they did at the top of the pile. Bower does not dispute that Conrad Black attracted - and retained for decades - some high-quality help: Lord Carrington proposed his ennoblement and Baroness Thatcher seconded it (despite Bower's assertion that she found Black "ordinary"); Henry Kissinger sat on Hollinger's board even until the endgame played out (as did Richard Perle and KKR founder Henry Kravis' wife). So either Conrad Black was an extraordinary con-artist, or Bower is not giving credit where it is due.

Nor is much credence given to Conrad Black's intellect or Amiel's journalistic prowess: Bower would have you believe that Black simply has a large vocabulary, a photographic memory and a penchant for gormlessly reciting details of naval battles at dinner parties, and suddenly took a couple of months to dash off a rangy biography of Roosevelt, which did nothing but illustrate his own shoddy scholarship. Now I haven't read this book (and nor, at 1245 pages, am I planning to), but the critical reaction to it on this site - which I have a healthy respect for - has been almost unanimously positive. Again, you get the sense that credit might not have been given where due.

Finally, the book is studded with of startling exchanges which are set out as direct quotations - in situations where it is difficult to believe that the remarks could have possibly been recorded nor word-for-word remembered: Amiel's off-the-cuff remarks during dinner parties and to household staff and Black's asides to his co-directors during meetings and on the telephone over a twenty five year period are faithfully reproduced as if from a stenographer's notebook. I can't help thinking Bower is talking a biographer's licence here - that's a polite way of saying he made these quotes up - perhaps on the basis of a vaguer recollection like "then Conrad said something rude" or some such thing.

Tom Bower has certainly done some homework and tracks the financial shenanigans skilfully, and I doubt there will be much sympathy out there amongst the schadenfreude for the misfortune of an unpleasant couple who are in the process of getting what has been coming to them, but all the same this relentlessly brutal entry can't help but remind us that this celebrated president's biogrpaher isn't the one writing this part of the last century's history.

Olly Buxton

Apparently only a miracle will stop Lord Black from missing his billionaire lifestyle from a prison cell. Tom Bower's account is gripping. The subjects of his attention, Lord and Lady Black, certainly are much more interesting that the average pair accused of siphoning millions from unsuspecting shareholders. Bower credibly builds the portrait of two people that feel that the law should not apply to the ostensibly rich. Notably, the intellectual pretenses of Lady Black are effectively drowned in the repeated demonstration that, as she said, her extravagance knew no bounds.

Bower's examination of the various facets of Lord Black is solid. The multiple quotes from his subject denying at all times any wrongdoing, always in elegant terms, confirm the picture of a man that considered himself a mix of intellectual giant and paragon of rapacious capitalism at its best (or worst). Apparently those that were silly enough to entrust their money to him fully deserved the systematic pillage that Lord Black and his associates applied to the companies under their management. The record of how Lord Black used people with solid reputations to get seals of approval for his shenanigans should send shudders down the spines of those that think that seating at a Board of Directors is a good opportunity to get some money and a good lunch while, at most, giving a glimpse at the reports and requests from the company's management before signing their endorsement.

The timing of Bower's work is superb considering that Lord Black will face trial soon. After finishing it, the reader is ready to follow the saga to what will most probably be a fitting conclusion.

Conrad Black was originally a fairly decent man who lived fairly modestly by billionaire standards. Then, he was seduced by one Barbara Amiel who persuaded him to divorce his first wife and marry her in the bargain. Once married, the new Lady Black went about raising the couple's living standards to absurdly lavish heights.

All this luxurious excess cost a ton of money. So, Black set about looting the publicly held company in which he held the controlling votes. He installed a compliant board of directors, slashed expenses and either fired or sued anyone who objected.

However, all this corruption eventually attracted the attention of both investigative reporters and law enforcement. For all of Lord Black's power, he was ultimately unable to prevent his demise. He has been ousted from the ownership of his company and is on the verge of standing on criminal trial in his native Canada.

This is an excellent book about how greed and avarice often leads to one's own demise.

Conrad Black has written extensively in reply to his critics and eagerly awaits his day in court to reply to those have so grievously attacked him. He has sued Bower for libel and I would wait for the completion of that action before I leapt to the conclusion that Bower has told the truth in whole or in part.

With regard to the shareholders of Hollinger, he increased their net wealth by about 2.3 billion dollars. If he would do that for me I certainly wouldn't begrudge him a party once in a while.