After many years, the Booker Prize longlist in 2022 has looked quite interesting. I thought Claire Keegan’s Small Things Like These was great (it was recently shortlisted for the Prize), as was The Colony by Audrey Magee. To this, I will now add Trust by Hernan Diaz, another excellent read from the list.

Set in early 20th century New York, Trust by Hernan Diaz is a cleverly constructed, fascinating tale of money, deception, power and the ultimate question of who controls the narrative.

The book comprises four sections of which the first is called “Bonds”, a book written by the author Harold Vanner, who has seemingly sunk into oblivion. “Bonds” narrates the story of Benjamin Rask whose astounding success on Wall Street and the stock markets during the heydays of the 1920s, transforms him into one of the richest men in the world.

Because he had enjoyed almost every advantage since birth, one of the few privileges denied to Benjamin Rask was that of a heroic rise: his was not a story of resilience and perseverance or the tale of an unbreakable will forging a golden destiny for itself out of little more than dross.

We are told of his privileged background – a gregarious and sociable father whose success has come from running the family tobacco business and cultivating relationships in gentleman’s clubs, the haven where men smoke cigars; and Benjamin’s mother, a woman always surrounded by her coterie of wealthy friends, who spend their days in each other’s homes. Compared to his parents’ need for company, Benjamin grows up as a lonely child with a remarkable aptitude for mathematics and an outlook that differs sharply from that of his father’s.  On the death of his parents, Benjamin begins to chart his own course of success, one that is largely determined by his flair for numbers and staying ahead of the game in the world of high finance despite his awkwardness in social situations.

He was an inept athlete, an apathetic clubman, an unenthusiastic drinker, an indifferent gambler, a lukewarm lover. He, who owed his fortune to tobacco, did not even smoke. Those who accused him of being excessively frugal failed to understand that, in truth, he had no appetites to repress.

We are also introduced to Helen Rask, Benjamin’s wife – a reserved, introverted, deeply intelligent woman born into a family of eccentric aristocrats, parents who are often at odds with one another.  We learn of Helen’s precociousness as a child; her closeness to her father, who nurtures her talent and her thirst for knowledge; and her strained relationship with her mother, a woman with impeccable networking skills and a thirst for a vibrant social life.

Helen had left her childhood in Albany. Being constantly on the move, she met few girls her age, and those casual encounters never had a chance to blossom into full friendships. To pass the time, she taught herself languages with books she shifted between different homes and hotels…When books proved insufficient, she turned to her diary. The dream journals that her father had made her keep for a few years had instilled in her the daily habit of recording her thoughts. Over time, her writings turned away from her dreams and toward her musings on books, her impressions of the cities thy visited, and, during her white nights, her innermost fears and yearnings.

Benjamin and Helen’s marriage becomes a union of mutual respect and understanding given their respective solitary natures rather than love and passion, and while Benjamin goes on to amass unimaginable wealth from the soaring financial markets, Helen focuses her attention on philanthropy, culture, books and music. Until there comes a point when things begin to unravel as Helen’s health deteriorates and she is committed to a medical institute in Switzerland.

The second section titled “My Life” is an autobiography by Andrew Bevel, who is the chief protagonist of Trust (or is he?), an unscrupulous and powerful man willing to go to any lengths possible to restore his public image which he believes has been unfairly tarnished. It quickly becomes clear that Benjamin Rask is a fictional version of Andrew Bevel himself.

My name is known to many, my deeds to some, my life to few. This has never concerned me much. What matters is the tally of our accomplishments, not the tales about us. Still, because my past has so often overlapped with that of our nation, lately I have come to believe that I owe it to the public to share some of the decisive moments of my story.

Bevel’s autobiography is an account written in rough draft of his accomplishments as a financier par excellence, focusing mostly on his illustrious family history, his thoughts on the American economy and the rise of high finance, his instrumental role in shaping up the markets and the most important woman in his life, his wife Mildred Bevel.

These two narratives have similarities and yet differ significantly on crucial aspects. Andrew Bevel and his fictional avatar Benjamin rise to the pinnacle of wealth not only during the unsustainable boom of the stock markets in the 1920s, but they also earn immense profits during the massive Wall Street crash in 1929. But the stories differ on how Bevel’s meteoric rise is perceived. Vanner’s novel paints Rask as an opportunist, his greed for wealth and power starkly apparent and resented at a time when the country is plunged into the doldrums, while Bevel painstakingly paints a picture of a highly intelligent gifted man, who having engineered the country’s economic success is now unfairly accused of instigating its downfall.

The biggest anomaly in both the accounts is the depiction of Mildred Bevel (Helen Rask in Vanner’s novel), who remains an enigma, all the more because there are marked differences in how her personality and her circumstances have been highlighted by both men. Is the fictional woman real or is the real woman a figment of the imagination?

The third section focuses on Ida Partenza, an Italian immigrant, employed as Bevel’s secretary chiefly to type out his autobiography as per instructions given by him personally. After a few sessions with Bevel, Ida is disconcerted to find that rather than give a shape to the facts of Bevel’s life, Ida’s job is really to invent a narrative that aligns with the story Bevel wishes to tell, a large part of it centred on projecting Mildred’s “watered-down” personality to the world. This fuels her quest for the truth, a research that she secretly carries out on the side, if only to untangle fact from fiction.  

“Miss Partenza, I am writing this book to stop the proliferation of versions of my life, not to multiply them. I most emphatically do not want more perspectives, more opinions. This is to be my story.”

And in the fourth section titled “Futures”, we hear from Mildred Bevel herself.

In terms of structure, Diaz’s Trust employs a slew of narrative devices that add depth to the book – a novel within a novel, an unfinished autobiography, memoirs and journals – conjuring up varied perspectives on the same set of events.

With respect to subject matter and themes, in replaying the events of the halcyon years of Wall Street and the debilitating crash thereafter that sparked the depression of the 1930s, one could say that Trust is an exploration of the enigmatic and competitive world of finance, the immense greed and corruption that fuels it, the inequality bred by concentrated wealth at the hands of the very few. Diaz has excellently captured the milieu of the rich – the hush and the quiet, the aura of awe and invincibility that it exudes. One could also say that the novel takes a closer look at the topics of mental illness, deception in relationships and limited roles for women during the early part of the 20th century who languished in the shadows of men.

But at the end of the day, Trust is really a novel about how stories are told (what is revealed, hidden, enhanced or diluted), how viewpoints often differ and how power can warp reality and ultimately influence the narrative.

“It seems to me that you don’t understand what any of this is all about.”

“I do.”

“Is that so?”

“Bending and aligning reality.”

4 thoughts on “Trust – Hernan Diaz

  1. I enjoyed the themes of biases and fabrications of both financial markets and public personas. I began to enjoy the story when I got to the third portion. After reading the story of Ida I had to ask myself did I find an affinity and validity to this portion of the novel simply because it was told by a woman and gave agency to Miriam. Ida never met the woman she was researching and Ida’s accounts is just another piece of a biography that needs to be scrutinized just as carefully. In another words, readers bring there own biases to a story and I bought mine to this novel.

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    1. Yes, that’s a very good point. I do think that as readers we were presented with four viewpoints and it was up to us to decide who we could “trust” and I think it was easier to believe Ida because of her attempts to understand Mildred without taking the accounts of the two men at face value.

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    1. Agree, there was a detached quality at least to the first two sections, which given the nature of the accounts makes sense, but yes it’s not a book where one gets emotionally invested in the characters. And yet I also enjoyed it immensely.

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