Paul Erdman

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Paul Emil Erdman (May 19, 1932 - April 23, 2007 in Sonoma County, California [1] ) was an American economist and banker who became known for writing novels based on monetary trends and international finance.

Sonoma County, California County in California, United States

Sonoma County is a county in the U.S. state of California. As of the 2010 United States Census, its population was 483,878. Its county seat and largest city is Santa Rosa. It is to the north of Marin County and the south of Mendocino County. It is west of Napa County and Lake County.

United States Federal republic in North America

The United States of America (USA), commonly known as the United States or America, is a country comprising 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the most populous city is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.

International finance is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries. International finance examines the dynamics of the global financial system, international monetary systems, balance of payments, exchange rates, foreign direct investment, and how these topics relate to international trade.

Contents

Early life

Erdman was born in Stratford, Ontario, 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, Switzerland. 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 in Menlo Park, California.

Stratford, Ontario City in Ontario, Canada

Stratford is a city on the Avon River within Perth County in southwestern Ontario, Canada, with a population of 31,465 in 2016 in a land area of 28.28 square kilometres. Stratford is the seat of Perth County which was settled by English, Irish, Scottish and German immigrants, in almost equal numbers, starting in the 1820s but primarily in the 1830s and 1840s. Most became farmers, and even today, the area around Stratford is known for mixed farming, dairying and hog production.

Georgetown University Private university in Washington, D.C., United States

Georgetown University is a private research university in the Georgetown neighborhood of Washington, D.C. Founded in 1789 as Georgetown College, the university has grown to comprise nine undergraduate and graduate schools, among which are the School of Foreign Service, School of Business, Medical School, and Law School. Located on a hill above the Potomac River, the school's main campus is identifiable by its flagship Healy Hall, a National Historic Landmark. Georgetown offers degree programs in forty-eight disciplines, enrolling an average of 7,500 undergraduate and 10,000 post-graduate students from more than 135 countries.

Doctor of Philosophy Postgraduate academic degree awarded by universities in many countries

A Doctor of Philosophy is the highest university degree that is conferred after a course of study by universities in most English-speaking countries. PhDs are awarded for programs across the whole breadth of academic fields. As an earned research degree, those studying for a PhD are usually required to produce original research that expands the boundaries of knowledge, normally in the form of a thesis or dissertation, and defend their work against experts in the field. The completion of a PhD is often a requirement for employment as a university professor, researcher, or scientist in many fields. Individuals who have earned a Doctor of Philosophy degree may, in many jurisdictions, use the title Doctor or, in non-English-speaking countries, variants such as "Dr. phil." with their name, although the proper etiquette associated with this usage may also be subject to the professional ethics of their own scholarly field, culture, or society. Those who teach at universities or work in academic, educational, or research fields are usually addressed by this title "professionally and socially in a salutation or conversation." Alternatively, holders may use post-nominal letters such as "Ph.D.", "PhD", or "DPhil". It is, however, considered incorrect to use both the title and post-nominals at the same time.

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. [2] The bank collapsed after taking large losses speculating in the cocoa market. Erdman and other board members were accused of fraud and mismanagement. Erdman spent 10 months in solitary confinement without being charged before being released on a $133,000 bail bond in 1971. [3] Erdman skipped out on the bail [3] and flew to England, later returning to the United States. Several officers of the bank were convicted and served prison terms. Erdman was convicted and given a sentence of nine years in absentia . [4]

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Absentia is Latin for absence. In absentia, a legal term, is Latin for "in the absence" or "while absent".

Writing fiction (and non-fiction)

During his time in prison, Erdman occupied his time by writing fiction including the first 60 pages of his novel, The Billion Dollar Sure Thing . [3] [5] It received a 1974 Edgar Award from the Mystery Writers of America for Best First Novel and was published in the UK as The Billion Dollar Killing. His second novel, The Silver Bears (1974) was turned into a 1978 movie of nearly the same name, starring Michael Caine. His best-selling novels are credited with the invention of the "financial thriller" genre. [6] Additionally, the information in The Swiss Account is credited with providing a basis for helping track down the assets of Jewish victims of the Holocaust. [6]

The Edgar Allan Poe Awards, named after Edgar Allan Poe, are presented every year by the Mystery Writers of America, based in New York City. They honor the best in mystery fiction, non-fiction, television, film, and theater published or produced in the previous year.

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Erdman also regularly wrote financial columns for Marketwatch. He was a leading expert in the international economics field and published non-fictional works, such as Tug of War, which set out his views on exchange rates and the international financial system.

Exchange rate rate at which one currency will be exchanged for another

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Personal life

Erdman was married to Helly Boeglin and they had two daughters. After the collapse of the Swiss bank, they moved to England and subsequently California. He maintained a Northern California residence from 1973 and lived in Healdsburg, California. Erdman died from cancer at his ranch in Healdsburg on 23 April 2007. [4]

California State of the United States of America

California is a state in the Pacific Region of the United States. With 39.6 million residents, California is the most populous U.S. state and the third-largest by area. The state capital is Sacramento. The Greater Los Angeles Area and the San Francisco Bay Area are the nation's second- and fifth-most populous urban regions, with 18.7 million and 9.7 million residents respectively. Los Angeles is California's most populous city, and the country's second-most populous, after New York City. California also has the nation's most populous county, Los Angeles County, and its largest county by area, San Bernardino County. The City and County of San Francisco is both the country's second-most densely populated major city after New York City and the fifth-most densely populated county, behind only four of the five New York City boroughs.

Healdsburg, California City in California, United States

Healdsburg is a city located in Sonoma County, in California's Wine Country. As of the 2010 United States Census, the city had a population of 11,254. Healdsburg is a small tourist-oriented town in northern Sonoma County. Due to its three most important wine-producing regions, Healdsburg has been continuously awarded one of the top 10 small towns in America and is home to three of the top wineries in the United States.

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Selected works

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References

  1. Obituary: Paul Erdman -- expert economist and prolific writer San Francisco Chronicle April 24, 2007
  2. Smith, Adam (4 September 1972). "How My Swiss Bank Blew $40 Million And Went Broke". New York Magazine: 23–32.
  3. 1 2 3 Allen, Henry (23 October 1979). "Paul Erdman, After the Crash". Washington Post. Retrieved 25 January 2018.
  4. 1 2 Fox, Margalit (25 April 2007). "Paul Erdman, 74, Author of Finance-Based Novels, Dies". New York Times. Retrieved 25 January 2018.
  5. Obituary: Paul Erdman - Economist and banker turned inventor of the 'fi-fi' thriller The Guardian June 8, 2007
  6. 1 2 Obituary: Paul Erdman - Banker, economist and writer who found fame by inventing a literary genre the financial thriller The Times April 30, 2007