Penguin to Publish Alan Greenspan's Memoirs

Posted on March 7, 2006

Alan Greenspan, the former chairman of the Federal Reserve, has signed a huge book deal with Penguin for at least $7 million. An AP story says the deal for Greenspan's memoirs was made at an auction attended by a dozen publishers.

Financial terms were not disclosed by Penguin, an imprint of Penguin Group (USA) that announced the deal Tuesday. A dozen publishers were interested in the book, according to Greenspan's literary representative, Robert Barnett, and a high-ranking official with a publisher that competed in the auction said bidding reached at least $7 million.

Greenspan's deal ranks with some of the most lucrative contracts for business books, including former General Electric Co. CEO Jack Welch's "Jack: Straight From the Gut," and an upcoming authorized biography of billionaire Warren Buffett, both reportedly worth at least $7 million.

Barnett, an attorney based in Washington, D.C., has already negotiated some of publishing's biggest contracts for any book, including former President Clinton's deal with Alfred A. Knopf, reportedly worth $10-$12 million, and Sen. Hillary Rodham Clinton's $8 million deal with Simon & Schuster. Simon & Schuster is part of the media conglomerate Viacom Inc.

The AP says Greenspan's book will be out in 2007. It has no title yet and it is unclear just what Greenspan will reveal about his long reign as Federal Reserve chairman. In a statement Penguin president and publisher Ann Godoff said, "His book will be about what we can know, what we can't know and what we should do about it."

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