Budd Wilson Schulberg was born in New York City, the son of Benjamin P. and Adeline (Jaffe) Schulberg. In 1919 the family moved to Hollywood, where B. P. Schulberg became head of production at Paramount Famous-Lasky. A genuine Hollywood mogul, B. P. Schulberg was one of the dominant personalities in a fiercely competitive business; he has been credited with developing the careers of Gary Cooper, Claudette Colbert, Clara Bow, and Fredric March. He brought Emil Jannings and Marlene Dietrich from Germany. At the height of his power, B. P. Schulberg earned $10,000 a week, but his collapse was as legendary as his ascent. He divorced his wife, turned to drink, became a compulsive gambler, lost his job, and was finally reduced to begging for employment in an advertisement in Daily Variety. He died in 1957.

Budd Schulberg grew to know the successes and failures of Hollywood. Reminiscing about his childhood in...