Billion Dollar Whale Book Summary And Review

The amazing tale of Jho Low, a Malaysian who defrauded a national investment fund and pulled off one of the largest heists of the century, is told in the book Billion Dollar Whale.

One of the top business schools in America, Wharton Business School charges prospective students a whopping $50,000 per year in exchange for an exceptional education. Jho Low, a quiet Malaysian student, wasn’t there to learn, though. As an alternative, low-wanted access to the richest households on earth.

He yearned fiercely to blend in and act like the elite. And he received it in full. He was able to steal billions from an investment fund thanks to his connections from business school and the assistance of dishonest organizations. He then lived a very opulent lifestyle thanks to the stolen money.

Considering that Wharton Business School is one of the top business schools in the country and costs a whopping $50,000 a year, prospective students can anticipate receiving an excellent education. Jho Low, a quiet Malaysian student, wasn’t there to pursue his academic interests, though. Access to the richest households in the world was low-wanted, however.

In an effort to blend in and appear exceptional, he was desperate. That’s exactly what he received. He was able to drain billions from an investment fund thanks to his connections from business school and the assistance of crooked organizations. After that, he lived a very luxurious lifestyle thanks to the stolen money.

Table of Contents

Important 3 Lessons

Jho Low picked up the skill of lying early on because he wanted to keep up with his wealthy friends.

When Jho Low began his first year at the famous Harrow School in England, he was a chubby and reserved 17-year-old. It was a school where the children of the wealthy were taught, with tuition costing about $16,000 each term. The Kuwaiti and Bruneian heirs to the thrones were two of Low’s classmates.

Low’s family had a home in Malaysia that was worth about $15 million, so he wasn’t exactly that destitute. Yet, he felt inferior to his classmates, and this disturbed him. So he soon started lying in order to maintain the illusion.

He borrowed the home and yacht of a local billionaire when some pals came to visit him in Malaysia. He even went so far as to have his family’s photos put in place of those in the house. It was successful, and he soon became known as the “prince of Malaysia” among his peers.

His determination to lie his way to the top was only fueled by those around him. The stepson of Najib Razak, the defense minister of Malaysia, was one of his classmates, Riza Aziz. He was infamous for being dishonest. Aziz informed him of his stepdad’s practice of issuing permits in exchange for payments.

Soon, Low realized that if those in positions of authority were getting what they wanted, he too should get his share. He was aware from previous experience that lying could help him. He just required the perfect opening. Thus, in search of one, he departed for America.

Low subsequently gained control of a sizable Malaysian investment fund through relationships.

Low spent the majority of his time at Wharton cultivating relationships with people who he believed would support his ascent to prominence. One of them was Hamad al-Wazzan, a construction magnate from Kuwait. He became acquainted with Wazzan and went on a journey with him around the Gulf States, where he met a lot of influential individuals.

Khaldoon Khalifa al-Mubarak, a rich director of the state-owned investment firm Mubadala, was one of them. Hence, Low contacted Mubarak when the Malaysian state wealth fund Khazanah Nasional sought partners to participate in an economic zone intended to encourage investment. A few days later, he made Khazanah an offer for Mubadala to invest $500 million.

Low chose not to claim ownership of the transaction. Instead, he allowed Malaysian politician Najib Razak, whose stepson Low had become friends with while attending school in Britain. It was a brilliant move since Najib was seeking credentials desperately to promote his political career and Low made a powerful ally in his own country.

Najib Razak assumed office as Malaysia’s prime minister shortly after, and Low was enjoying life. But, Najib turned to Low for assistance as he was desperate to revive his party’s flagging support. Low demanded ownership of his own investing company.

Najib thereupon announced the creation of a new national wealth fund, to be known as 1Malaysia Development Berhad, or 1MDB. It possessed bonds worth $1.4 billion that Low would be in charge of. Its goal was to gather money in the Gulf and direct it toward initiatives that would support Malaysia’s economic growth. The heist was about to start.

Once in control of the fund, he scammed billions of dollars until he was discovered.

Between 2009 and 2013, the 1MDB raised billions in bonds under Low and Najib for use in investment projects. But eventually millions of people went missing, and nobody cared to or could figure out where they were going.

Low was leading a life of extreme luxury at the same time. He quickly gained a reputation for being an ostentatious party animal in the US. He made friends with Hollywood royalty and hosted extravagant parties in Las Vegas, where he spent $85 million in a single year on alcohol, Playboy Playmates, and private jet travel.

The more money he spent, the more famous people gravitated toward him. He socialized with Jaimie Foxx, Miranda Kerr, Leonardo DiCaprio, and other celebrities. He spent millions on boats, real estate, and the movie The Wolf of Wall Street in addition to buying presents for his famous buddies.

But how did he manage to continue pulling this off for so long? It was undoubtedly not a well-planned project. He siphoned millions of dollars from one account into his personal accounts. Because of the corrupt individuals surrounding him, especially Najib, people ignored him.

In order to throw detectives off the scent, he used accounts with firm names that closely resembled those of actual companies. Additionally, in the US, where rules make it difficult to spot questionable transactions, he laundered money into trust accounts.

He seemed to be doing well until an unsatisfied insider showed there. Former director Justo Xavier, whose shell business PetroSaudi provided funding for 1MDB, still owed $2 million. If his former employers didn’t pay up, he threatened to expose the corruption. They paid him no mind.

Also, there was suspicion that Najib was using the fund for personal gain in Malaysia. Ultimately, in 2014, Justo had had enough and gave the press access to the scandal’s proof. Finally, Low’s career as a global con artist was coming to an end. He is charged with stealing a staggering $4.5 billion in total.

Billion Dollar Whale Book Review

“Billion Dollar Whale” by Tom Wright and Bradley Hope is a gripping true story of how a young Malaysian man, Jho Low, orchestrated one of the biggest financial frauds in history. The book uncovers the intricacies of the 1MDB scandal, a corruption scandal involving the Malaysian government and state-owned investment fund, which resulted in the embezzlement of billions of dollars.

The authors, both reporters for The Wall Street Journal, provide a detailed account of how Jho Low and his accomplices used their connections and charisma to deceive banks, investors, and governments around the world. They explain how Low manipulated the financial system, used money laundering tactics, and bribed officials to siphon off millions of dollars from the 1MDB fund for personal gain.

The book is not just a riveting financial thriller but also an eye-opening account of the culture of corruption and political power plays in Malaysia. The authors provide a vivid description of the lavish lifestyle of Jho Low, who used his wealth to buy influence and gain access to the world’s elite, including Hollywood celebrities and even the former prime minister of Malaysia, Najib Razak.

One of the strengths of the book is its balanced approach to the story. The authors present a detailed and well-researched account of the scandal, including the perspectives of those involved. They also provide a broader context for understanding the implications of the 1MDB scandal on Malaysia’s politics, economy, and global reputation.

However, some readers may find the book’s focus on the financial and legal details of the scandal overwhelming at times, making it challenging to follow the narrative flow.

Overall, “Billion Dollar Whale” is a must-read for anyone interested in the world of finance, corruption, and global power struggles. It provides a fascinating and cautionary tale of how greed and corruption can corrupt even the most seemingly reputable institutions and individuals.

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