Did we learn nothing from A Million Little Pieces? Come on, folks. If you've got a good story to tell, but it's largely out of your imagination rather than your memory, consider wiring a novel. The latest scandal to rock the literary world concerns Love and Consequences: A Memoir of Hope and Survival, written by Margaret Jones and billed as a memoir of life as part of a drug gang. The book was exposed as a fraud and may now be pulled off shelves by its publisher. Talk about consequences. The CEO of Riverhead Books' parent, Penguin Group (USA), David Shanks, told The Wall Street Journal that a decision to recall the book hasn't been officially made, but the verdict will arrive as soon as today. Shanks added that "There are enough inaccuracies in the book to make us think that we will need to recall it."
"Margaret Jones" bills herself as a biracial foster child who came of age in South Central Los Angeles, running with the Bloods street gang and selling drugs. The real power behind the pen, Margaret Seltzer, is white and reportedly grew up comfortably in a suburban home with her biological family and enjoyed a private-school education. At least Pieces author James Frey actually had a history of drug use!
Penguin Group is owned by publishing giant Pearson PLC (NYSE: PSO). About 19,000 copies of the book have come off the printing presses, most of which have likely already been shipped to bookstores.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
Closing Bell: Can't go up every day (BAC, HE, HPW, COMS, BRCD, WMT, AMD)
Wal-Mart grows profit and cash flow in Q3, but comps still ailing
Chasing Value: Ten stocks for 2010 -- Part 2
