I recently heard about the memoir The Bag Lady Papers while listening to an NPR interview with the author, Alexandra Penney. This memoir started as a blog (of the same name) on The Daily Beast website. Like thousands of people, Penney lost her life savings in Bernie Madoff's massive Ponzi scheme. Penney was a successful writer and magazine editor who worked hard to earn enough money to craft an authentic life as a painter and photographer. Along with real estate investments and her savings, entrusted entirely to Madoff, she was able to live comfortably, perhaps even extravagantly, and not worry about her financial future. On December 11, 2008, when Madoff was arrested and his fraud exposed, life as she knew it came to an end.
When initially published as a blog, The Bag Lady Papers received mixed reviews from readers. While many readers related to Penney's story and empathized with her situation, others felt she was a spoiled brat who complained too much from her admittedly fancy Manhattan apartment (while still holding investment homes in the Hamptons and Florida). I can understand these criticisms, which seem to trend in Amazon.com reviews as well. I think it depends on how you look at the book. I feel that I read a book written by a hardworking, successful woman who worked tirelessly and took risks with her career and life but saved her money and thought it was safe. She was robbed and betrayed. But Penney never seemed to wallow in her terrible misfortune. She immediately began to think about her skills and what she could do to earn money to survive, then, most importantly to me, took action to make things happen. While Penney's circumstances may be more comfortable than those of many readers, I don’t think that makes her story less (or, in fairness, more) compelling and inspiring.
