This financial thriller by William Burton McCormick and John Christmas was inspired partly by the real-life experiences of whistleblower Christmas, who worked for the corrupt Latvian bank, Parex. (Follow that link for a “truth is stranger than fiction story!) When the bank collapsed, information about its billions in bad assets was suppressed, and the Latvian government (i.e., taxpayers) covered enormous losses.
In KGB Banker, we meet Chicago banking executive Robert Vanags who is fed up with corner-cutting in the financial industry. Recently widowed, he’d like to make a fresh start. An unexpected opportunity to do so arises when a head hunter recruits him for an executive position with the $70 billion Turaida Bank in Riga, Latvia, where his family was from. This new job sounds like the perfect professional and personal fit.
His interviews go well but as he’s leaving the bank he meets an employee named Ēricks Helmanis in the elevator. Helmanis has one word of advice: “Run.” Bob ignores this puzzling admonition, along with a few other signs that all is not as it should be, and takes the job.
Bob doesn’t know that someone’s monitoring his office, apartment, phones, computer, and even his 17-year-old son David. His watchers know about the elevator conversation and that Ēricks is hoping to meet with a young reporter for an obscure newspaper named Santa Ezeriņa.
His fourth day in the new job, Bob and a large bank contingent attend the funeral of Ēricks Helmanis, who apparently committed suicide. There, he meets Agnese Avena, an executive at the International Development Bank, with which Turaida often partners. He also meets Latvian politician Dāvids Osis, a true national hero, member of parliament, and champion of the European Union. Bob named his son after him.
While Bob becomes uneasy about some activity at the bank, he’s also distracted by an affair he’s started with Agnese. He chooses to reveal his misgivings at a meeting that will determine whether the international banking community should regard Turaida as solid. He tells the group that most of the bank’s loans are made to only a dozen shell companies owned by Russian oligarchs prohibited from receiving loans from EU banks.
From here on, Turaida officials are highly suspicious of him. The only insider Bob can trust is his elderly assistant, Evgeny, and on the outside, the legendary David Osis. Before long, not only is his information discredited, it’s apparent his life is on the line. His last hope is to trust that crazy reporter, Santa Ezeriņa, who is never one to swallow the official story.
Bankers and their secrets, oligarchs and their dirty dealing, politicians and their agendas, reporters and their dangerous probing. In a sea of betrayal, it’s all Bob can do to keep himself and David safe. As this intriguing story spools out, that goal seems less and less likely. William Burton McCormick and John Christmas have both lived in Latvia and establish the setting convincingly. Before you think some of the financial shenanigans are a little far-fetched, recall what has actually taken place there in recent decades, and you’ll conclude the set-up for this fictional story is not far afield. Plus it’s a cracking good adventure for both Bob and the journalist Santa, who sees the flashing neon warning signs that Bob tries so hard to ignore.