M.E. Tuthill, retired financial professional and author of Repo Madness: A Simpleton’s Guide to the Street’s Wicked Ways, joined us here for an interview. Tuthill’s book unravels the evolution of shadow banking into an uncontrollable, economy-draining behemoth. Backed by extensive research and insider insights, she exposes the broken system and its high societal costs, providing irrefutable evidence of its detrimental impact.
Please briefly describe the book.
The book is about the shadow banking system. It is a system that is out of control, well beyond the reach of regulators. My book traces its evolution and how it was covered, or should I say not covered, in the financial press. Furthermore, I share its basic constructs, inherent risks and through comments from the participants themselves make a compelling case that in fact, over the last 40 years it has not benefited society at large. I argue for a complete overhaul that offers an inclusive, democratic system devoid of all the inbuilt protections accorded the big banks today.
What inspired you to write this book?
I have always engaged in the world. I care about fairness and in my capacity as a broadcast journalist sought truth and worked to expose those whose aims were not in the best interest of the community. It is that sense of fairness that inspired me to write this book. Despite working in the financial services industry for more than a decade, I had no knowledge of the shadow banking system.
When hired to write about money-market mutual funds I was soon thrust into writing about the Great Financial Crisis. I would write about the shadow banking system for 11 years and during that time, I became obsessed. I dug deep, did tons of independent research to “figure it out.” My work led me to the conclusion that for decades we have all been bamboozled by Wall Street, the government, and the media; all complicit in keeping a corrupt system that sucks the lifeblood out of our economy under wraps.
How do you make sure that information for your non-fiction book is accurate and up to date?
The book is a compilation of comments and observations by others. Over the years I amassed hundreds of related documents. Eventually I settled on the most provocative and insightful observations. All my material is properly sourced. In addition, I had my book vetted by a shadow banking expert.
What does literary success look like to you?
For years I struggled to get a poetry book published. It was a long slog. Now, I am just happy I wrote it. I don’t need attention. Success would mean sales which would obviously make my life better and more important, inciting activism and a thirst for more knowledge about shadow banking from my readers.
Do you outline your books beforehand? Why or why not?
Yes, while writing this book I outlined the chapters and sections. I really couldn’t imagine writing a book like this without an outline as it progresses from an overview of shadow banking to its history and finally, its ramifications.
What’s the most important lesson you’ve learned while writing?
To believe in the book.
What are some publishing tips?
I would like to share some but having been unable to find a publisher I am afraid I wouldn’t be qualified to answer this question.
How do you make non-fiction interesting and engaging while still being informative?
Humor is very important as well as a healthy dose of cynicism. My friend Mary Fricker of RepoWatch.org, a shadow banking education website, said she loved the book’s “irreverent” tone. And as I previously stated I cherrypicked the most compelling and in some cases shocking information about how the system operates. My book is short but packs a powerful punch. As a poet I used to have a mantra, “economy of words.” I applied this to my book, working hard not to deviate from the main message.
What is your favorite part of writing?
My favorite part of writing is being able to express my opinions, thoughts, and feelings. For years I focused on poetry. Poetry was my therapy. Writing verse allowed me to articulate my inner struggles. It played a very important role in my life. Subsequently, I turned to essays and have even written two books about my personal life. Writing, which was born of a love of books, has got me through some very tough times.
I also enjoyed writing about shadow banking because I became a detective sifting through the constructs of complicated financial instruments and breaking them down so the reader could understand them and their attendant risks.
What do you find enjoyable or difficult about non-fiction?
I read non-fiction. As I mentioned earlier, I am engaged with the world and the people in it. Biographies, economics, and books about politics have been my mainstay for many years.
Was this topic suggested or was it something you were already interested in?
This is an easy question! From the get-go I was fascinated by every aspect of shadow banking. “Candy to a baby” was my mantra as I devoured papers, articles, speeches and even the big banks’ marketing materials.
What other types of research did you need to do for this book?
My research was compiled over a span of 15 years. It was relegated to reading and cataloguing myriad pieces about shadow banking.
Who will this book appeal to? What age range would you recommend it for?
This book will appeal to anyone who has issues with the financial crisis and how it was mishandled. And their numbers are legion. As for age range, I would say anyone in their twenties and beyond would find this book informative and in some way lifechanging. Bear in mind the shadow banking system consists of hundreds of trillions of dollars coursing through its conduits. And until now, no one has laid bare its essence to the extent that I have. It informs all our lives and not in a good way. Anyone interested in a more just, inclusive monetary system would be interested in my book.
What is your next project?
I am thinking about writing a play about the inventor of FM radio, Edwin H. Armstrong.
Talk a little bit about yourself. What is your background? What is something people would be surprised to learn about you?
I am 71 years old, I grew up outside of Boston and spent summers on the NH coast. For many years I was married, then divorced in 2018. Writing this book has been so helpful during my recovery because, yes, one does have to recover from divorce!!
In addition to writing about shadow banking, I have written about narcissism. I am of the belief that the mainstream medical community needs to be educated about narcissistic abuse. Evidence of this may be found in the fact that Narcissistic Abuse Syndrome is not listed in the Diagnostic and Statistical Manual of Mental Disorders (DSM-5-TR).
Do you have a favorite book–fiction or non-fiction? How about one of your own?
Scott A. Berg’s Max Perkins: Editor of Genius is my favorite book. As for my books, like children I have no favorite!
Do you have an author website or other platform where readers can find more information about you and your books?
I can be located on Twitter, Facebook, LinkedIn and Instagram as M.E. Tuthill, author.
Is there anything I have neglected to ask that you would like to add?
Nothing I can think of.
Where can our readers learn more about you and your book?
LinkedIn, Facebook, Instagram & Twitter. My book is also posted as a resource on Mary Fricker’s website, www.repowatch.org.
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