An Old Story

Two more memoirs are exposed as fakes. Why do writers do it? For the same reason you do

Susan Seubert / The New York Times

Margaret Seltzer, author of Love and Consequences

A tearful Alan Greenspan confessed yesterday that he never was Chairman of the Federal Reserve Board, as he alleged in his best-selling autobiography, Irrational Exuberance, published last fall. The book's melodramatic descriptions of gray-haired men sitting around large conference tables talking about things like "libor" and "basis points" were "complete fiction," Greenspan now admits. He said he would return the $8.5 million advance he received from his publisher "just as soon as I can get back to the Fed and print it. Oh, wait. I made that up. I've never been inside the Fed in my life. I guess they're out...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!