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March 8, 2006

News & Opinion: Wow, it'd be great to be Greenspan

By: 800-CEO-READ @ 2:45 PM – Filed under: Management & Workplace Culture

Alan Greenspan is being given an $8.5 million advance from Penguin Press to publish his memoir. It's supposedly the second largest advance ever paid to a nonfiction author (the first being the advance for Bill Clinton's memoir). I guess 18 years at the Federal Reserve did him fairly well. The book is due out next fall and Mr. Greenspan plans to write about his time at the Fed.
"Assuming a cover price of about $30, the publisher which receives about half the price of each book sold would have to sell nearly 600,000 copies of the book to recover the cost of the advance, and Mr. Greenspan would not receive any additional royalties until the book sells nearly 1.9 million copies." (NYTimes article)
Obviously, to sell that many books, Greenspan's book needs to go beyond the niche market of financial folks; yet with more than 18 years of experience, he's got much to share. So what do you think -- are you looking forward to Greenspan's memoir?