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When the Going Was Good is Graydon Carter's lively recounting of how he made his mark as one of society's most talented editors and shapers of culture. Carter arrived in New York from Canada with little more than a suitcase, a failed literary magazine in his past and a keen sense of ambition. He landed a job at Time, went on to work at Life, cofounded Spy magazine and edited The New York Observer before catching the eye of Condé Nast chairman Si Newhouse, who tapped him to run Vanity Fair.

When Graydon Carter was offered the editorship of Vanity Fair in 1992, he knew he faced an uphill battle—how to make the esteemed and long-established magazine his own. Not only was he confronted with a staff that he perceived to be loyal to the previous regime, but he arrived only a few years after launching Spy magazine, which gloried in skewering the celebrated and powerful—the very people Vanity Fair venerated.