March 7, 2006
Penguin wins auction to publish Greenspan memoirs
NEW YORK (Reuters) - Former Federal Reserve Chairman Alan
Greenspan signed a deal on Tuesday to publish his memoirs with
The Penguin Press, after a bidding war for a book about his
life and vision for the future.
"It is a singular honor for The Penguin Press to publish
Alan Greenspan, who has spent his extraordinary career
reckoning with how the world really works," Penguin President
and Publisher Ann Godoff said in a statement.
"His book will be about what we can know, what we can't
know and what we should do about it."
Penguin is a unit of Pearson Plc., which said in a
statement that it would publish Greenspan's book in 2007, but
gave no details on how much he would be paid or whether he
would use a ghost writer.
Publishing industry sources said bids had topped $8 million
earlier as Washington lawyer Robert Barnett negotiated with top
Such an advance for a book would make it one of the biggest
in publishing history, though short of the estimated $12
million Random House reportedly paid former President Bill
Clinton for "My Life," a book also represented by Barnett.
Pope John Paul II, Sen. Hillary Clinton and former General
Electric Co. Chairman Jack Welch also rank among the top
recipients of upfront money before any books are sold.
Random House imprint Knopf, Warner Books and HarperCollins
were among the publishers bidding for worldwide rights to
Greenspan's book, which began with a price tag of about $5
million, publishing executives said.
Greenspan's tenure as a the U.S. central bank chief ended
on January 31 when he retired after 18 1/2 years as Fed