READ THIS: The Bag Lady Papers by Alexandra Penney
Telling a tale that is crazy enough to make you wonder if it could be true, but of course you know it is because you have an idea of major things going on in the news, Alexandra Penney pens "The Bag Lady Papers" and it will leave you sad that people such as MF exist and happy that the rest of us are able to laugh about it (eventually). When life gives you lemons, of course you need to make lemonade. Most of life is how you react to it, not what actually happens to you. And Alexandra Penney has reacted well, as far as we can tell. We at Whom You Know are nice people we have been told; we even have a column called Etiquette from Connecticut; it is a rare occasion when you will find any of our 3,000 plus posts on Whom You Know using an abbreviation such as MF. However, in this case it is well-warranted. And it is terrible that it was caused by Penney's life's most exquisite irony.
Once upon a time, Penney was the Editor-In-Chief of Self. She and our Mover and Shaker Evelyn Lauder (see that piece here http://www.whomyouknow.com/2009/12/movers-and-shakers-evelyn-lauder-senior.html ) came up with the idea of the pink breast cancer ribbon. And one day, Penney did lose it all.
At the suggestion of someone we met recently, we read The Bag Lady Papers. And once we started reading, we could not stop. Having the initials BM is not so attractive, but Penney decides that MF is even more justified as she renames Bernard Madoff, the villian of this story and so many others. You know the book is going to be funny as soon as you open it and see the Glossary that precedes the text; here is some of it:
MF Bernard Madoff, aka MotherFucker
BMF Before MF, life before Madoff
AMF After MF, life after Madoff
PoRC Person[s] of Reduced Circumstances
NSP No Self Pity!
WoCA Woman of a Certain Age
Titled The Bag Lady Papers because Penney feared that one day "I'll be destitute and alone. I won't have enough money to feed myself or to pay the medical bills", this is a great read for anyone going through any kind of loss as they can find real value in her coping mechanisms. Clean away! Straighten up! Organize with Peachy! Buy new lipstick! The book is also great for anyone with a sense of humor, as her skills as a raconteur are exemplary.
You can either laugh or cry, and Alexandra Penney has chosen to laugh Thank God. She is very likable on the pages and even adores the Brooks Brothers no-iron shirts too. You will laugh along with her for 216 pages, and here is why:
*She suggests that "maybe I should write a book about the MF diet. Lose all your money, lose weight- guaranteed! A best seller!"
*The blow-up dolls and their adventures...you know we do not give much away in our reviews as we want you to read the book...
*She learns how to say "no" wonderfully. By the time she is a master of no, Penney states: "And although, to paraphrase the legendary Vogue editor Diana Vreeland, '"No" means elegance,' 'no' can also mean 'no fucking way.'" You will die when you get to the part with the French photographer and the Viennese Viper.
*It is not all fun and games. Penney is great at measuring what is important too. "I like to think I've done the right thing by friends in need over the years, but now more than ever I know the power of small kindnesses." The money can and cannot buy lists towards the end are excellent.
Were her decisions bad? We think anyone that does not understand exactly what is happening to their money on a regular basis is not being very smart but crying over spilled milk is not productive. We highly recommend managing your own money and not signing it over to someone else. Go read the Series 7 STC book for fun and all of Peter Lynch's books. You don't need anyone's help you are a smart Whom You Know reader!
We are glad your orchid bloomed again, Alexandra Penney! And by the way, not all of the boarding school girls that played field hockey whack in the shins.
Whom You Know highly recommends The Bag Lady Papers by Alexandra Penney.
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What would you do if your worst nightmare came true?
Alexandra Penney, former editor in chief of Self magazine, a career woman able to provide a wonderful life for herself and her son, always harbored a secret fear that she would become a bag lady if she ever lost her life’s savings. She took steps to plan wisely for the future and believed she was making secure investments. Last December, she received a mind-numbing phone call: all the money she had saved since she was a sixteen-year-old had vanished in Bernard Madoff’s Ponzi scheme. Truly panicked about ending up with a tattered coat and a rusty shopping cart, and not knowing where her next dollar was coming from, she started to blog for The Daily Beast. An avalanche of comments from sympathetic to vitriolic greeted her. That was only the beginning.
THE BAG LADY PAPERS (February 16, 2010; $23.99; Hardcover; Voice) is one single woman’s account of losing every cent she had saved—and the aftermath. At an age when most people are settling into comfortable retirement, Alexandra faced the biggest catastrophe of her life. It can happen to anyone—the loss of a job or a loved one, health problems, financial misfortune, a totally unexpected event that instantly and irrevocably turns your life around. How do you cope? How can you overcome what you’ve most feared and learn to live in this new, unfamiliar, and unsettling circumstance? In fact, as she dealt with her own personal crisis, Penney discovered that many bright, successful women suffered from the same “bag lady” fears. Sure enough, her blog posts—while viewed cynically by some—resonated with thousands of women all over the country. Even Oprah has mentioned a rainy-day fund she keeps, which she calls her “bag lady” fund.
Here is Alexandra Penney’s invaluable guide on how to pick yourself up after the worst has happened. Frightened, determined, and resourceful, Penney tells how she quickly reinvented herself and along the way discovered what is meaningful and what isn't worth a second glance. THE BAG LADY PAPERS is an inspiring book that shares how one woman faced her personal nightmare—with wit, style, grace, and the occasional tranquilizer—and surprised herself by coming out on top. The lessons she learned are valuable for every person who has ever wondered how they would face a fear that becomes a reality.
Alexandra is one of the most well-known victims of the Madoff scandal, appearing on several major news outlets to talk about her experience. Right after her “Bag Lady” blogs first appeared on The Daily Beast, she was the 14th most searched-for person on Google. CNN.com had over two million unique hits after its segment with Alexandra aired—the third highest in the website’s history.
ABOUT THE AUTHOR: Alexandra Penney is an artist, bestselling author, and former editor in chief of Self magazine. Her photography work is shown at Galerie Haas & Fuchs in Berlin and New York City and at Art Basel Miami. She lives in New York. Read her “Bag Lady” blogs on The Daily Beast at http://www.thedailybeast.com/
THE BAG LADY PAPERS
By Alexandra Penney
Voice
Publication date: February 16, 2010
Hardcover: $23.99
ISBN: 978-1-4013-4118-3
