Paul Erdman
Encyclopedia
Paul Emil Erdman was one of the leading business
and financial
writers in the United States
who became known for writing novels based on monetary trends and historical facts concerning complex matters of international finance
.
, Canada
, on 19 May 1932 to American parents. He graduated from Georgetown University
’s Edmund A. Walsh School of Foreign Service
. He received his PhD
from the University of Basel. In 1958 he worked as a financial analyst for the European Coal and Steel Community
. Between 1959 and 1961, he worked as an economist at the Stanford Research Institute at Menlo Park.
in the cocoa market. Erdman and other board members were accused of fraud and Erdman spent time in prison awaiting trial. Several officers of his bank were convicted and served prison terms, much to the surprise of American readers, who were unaccustomed to seeing corporate executives jailed for the activities of their companies. In television interviews, Erdman has observed that Swiss prisons had better food (he could have meals sent in by hotels and restaurants of his choice) but Swiss laws did apply to the "privileged classes" as well as to ordinary mortals. The whole episode has been well documented in Chapter 4: How My Swiss Bank Blew $40 Million and Went Broke of the book Supermoney by George Goodman
written under his pseudonym Adam Smith.
from the Mystery Writers of America
for Best First Novel and was published in the UK as The Billion Dollar Killing. He was released on bail and fled from Switzerland. He was subsequently convicted in absentia. His second novel, the The Silver Bears (1974) was turned into a 1978 movie of the same name
, starring Michael Caine
. His books were well researched and contain convincing details. Despite the underlying complexity of his novels, his lucid writing style had enabled readers to learn complex concepts such as interest rate swaps, and his novels had often been bestsellers. The information in The Swiss Account is credited with providing a basis for helping track down the assets of Jewish victims of the holocaust.
Erdman also regularly wrote financial columns for www.marketwatch.com. He was a leading expert in the international economics field and has published non-fictional works, such as Tug of War, which set out his views on exchange rate
s and the international financial system.
and subsequently California. He maintained a Northern California
residence since 1973 and lived in Healdsburg, California
.
Erdman died from cancer
at his ranch in Healdsburg, California
on 23 April 2007. He is survived by his daughters, Jennifer Erdman and Constance Erdman Narea, who is married to financial fiction writer, H.T. Narea.
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
and financial
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
writers in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
who became known for writing novels based on monetary trends and historical facts concerning complex matters of international finance
International finance
International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, global financial system, and how these affect international trade. It also studies international projects, international investments and capital flows, and trade deficits. It includes...
.
Early life
Erdman was born in Stratford, OntarioStratford, Ontario
Stratford is a city on the Avon River in Perth County in southwestern Ontario, Canada with a population of 32,000.When the area was first settled by Europeans in 1832, the townsite and the river were named after Stratford-upon-Avon, England. It is the seat of Perth County. Stratford was...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, on 19 May 1932 to American parents. He graduated from Georgetown University
Georgetown University
Georgetown University is a private, Jesuit, research university whose main campus is in the Georgetown neighborhood of Washington, D.C. Founded in 1789, it is the oldest Catholic university in the United States...
’s Edmund A. Walsh School of Foreign Service
Edmund A. Walsh School of Foreign Service
The Edmund A. Walsh School of Foreign Service is a school within Georgetown University in Washington, D.C., United States. Jesuit priest Edmund A...
. He received his PhD
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
from the University of Basel. In 1958 he worked as a financial analyst for the European Coal and Steel Community
European Coal and Steel Community
The European Coal and Steel Community was a six-nation international organisation serving to unify Western Europe during the Cold War and create the foundation for the modern-day developments of the European Union...
. Between 1959 and 1961, he worked as an economist at the Stanford Research Institute at Menlo Park.
Banking career
Erdman returned to Switzerland where in 1965, he founded and was the president of a Swiss bank - the Salik Bank. In 1969, the United California Bank in California bought a majority stake and renamed it the United California Bank in Basel. The bank collapsed after taking large losses speculatingSpeculation
In finance, speculation is a financial action that does not promise safety of the initial investment along with the return on the principal sum...
in the cocoa market. Erdman and other board members were accused of fraud and Erdman spent time in prison awaiting trial. Several officers of his bank were convicted and served prison terms, much to the surprise of American readers, who were unaccustomed to seeing corporate executives jailed for the activities of their companies. In television interviews, Erdman has observed that Swiss prisons had better food (he could have meals sent in by hotels and restaurants of his choice) but Swiss laws did apply to the "privileged classes" as well as to ordinary mortals. The whole episode has been well documented in Chapter 4: How My Swiss Bank Blew $40 Million and Went Broke of the book Supermoney by George Goodman
George Goodman
George Jerome Waldo Goodman , is an American economist, author, and broadcast economics commentator, best known by his pseudonym Adam Smith . He also writes fiction under the name "George Goodman."-Background, education, and career:Goodman was born in St...
written under his pseudonym Adam Smith.
Writing fiction (and non-fiction)
While in jail, he wrote his first novel - The Billion Dollar Sure Thing (1973). It received a 1974 Edgar AwardEdgar Award
The Edgar Allan Poe Awards , named after Edgar Allan Poe, are presented every year by the Mystery Writers of America...
from the Mystery Writers of America
Mystery Writers of America
Mystery Writers of America is an organization for mystery writers, based in New York.The organization was founded in 1945 by Clayton Rawson, Anthony Boucher, Lawrence Treat, and Brett Halliday....
for Best First Novel and was published in the UK as The Billion Dollar Killing. He was released on bail and fled from Switzerland. He was subsequently convicted in absentia. His second novel, the The Silver Bears (1974) was turned into a 1978 movie of the same name
Silver Bears (film)
Silver Bears is a 1978 comedy thriller film directed by Ivan Passer and starring Michael Caine, Cybill Shepherd, Louis Jourdan and Joss Ackland...
, starring Michael Caine
Michael Caine
Sir Michael Caine, CBE is an English actor. He won Academy Awards for best supporting actor in both Hannah and Her Sisters and The Cider House Rules ....
. His books were well researched and contain convincing details. Despite the underlying complexity of his novels, his lucid writing style had enabled readers to learn complex concepts such as interest rate swaps, and his novels had often been bestsellers. The information in The Swiss Account is credited with providing a basis for helping track down the assets of Jewish victims of the holocaust.
Erdman also regularly wrote financial columns for www.marketwatch.com. He was a leading expert in the international economics field and has published non-fictional works, such as Tug of War, which set out his views on exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
s and the international financial system.
Personal life
Erdman was married to Helly Boeglin and they had two daughters. After the collapse of the Swiss bank, they moved to EnglandEngland
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
and subsequently California. He maintained a Northern California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
residence since 1973 and lived in Healdsburg, California
Healdsburg, California
Healdsburg is a city located in Sonoma County, California, in the United States. As of the 2010 United States Census, the city had a population of 11,254...
.
Erdman died from cancer
Cancer
Cancer , known medically as a malignant neoplasm, is a large group of different diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the...
at his ranch in Healdsburg, California
Healdsburg, California
Healdsburg is a city located in Sonoma County, California, in the United States. As of the 2010 United States Census, the city had a population of 11,254...
on 23 April 2007. He is survived by his daughters, Jennifer Erdman and Constance Erdman Narea, who is married to financial fiction writer, H.T. Narea.
Selected works
- The Billion Dollar Sure Thing (1973)
- The Silver Bears (1974)
- The Crash Of '79 (1976)
- The Last Days Of America (1981)
- The Panic Of '89 (1986)
- The Palace (1987)
- The Swiss Account (1992)
- Zero Coupon (1993)
- The Set-up (1997)