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. Last Updated: 07/27/2016

Penguin Nabs Memoirs of Fed Chief Greenspan

NEW YORK -- The memoirs of Alan Greenspan, one of the hottest properties in publishing, have been acquired by The Penguin Press, which has set a 2007 release date for the book by the former chairman of the U.S. Federal Reserve.

Financial terms were not disclosed by Penguin, an imprint of Penguin Group (USA) that announced the deal Tuesday. A dozen publishers were interested in the book, according to Greenspan's literary representative, Robert Barnett, and a high-ranking official with a publisher that competed in the auction said bidding reached at least $7 million.

Greenspan's deal ranks with some of the most lucrative contracts for business books, including former General Electric CEO Jack Welch's "Jack: Straight From the Gut," and an upcoming authorized biography of billionaire Warren Buffett, both reportedly worth at least $7 million.

"Alan Greenspan sat at the top of one of most important institutions for 18 years," Barnett, an attorney based in Washington, said Tuesday. "He saw all the major events. He met all the major players. He was involved in all the significant debates."

The book is currently untitled.

Greenspan, 80, widely viewed as the most successful chairman in the Fed's 92-year history, served as chair from 1987 until his retirement, earlier this year. He presided over an era of low inflation rates, low unemployment and the longest economic expansion in U.S. history.