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Editorial Reviews
The inside story of Bernie Madoff and his $65 billion Ponzi scheme, with surprising and shocking new details from Madoff himself.
Who is Bernie Madoff, and how did he pull off the biggest Ponzi scheme in history?
These questions have fascinated people ever since the news broke about the respected New York financier who swindled his friends, relatives, and other investors out of $65 billion through a fraud that lasted for decades. Many have speculated about what might have happened or what must have happened, but no reporter has been able to get the full story -- until now.
In The Wizard of Lies, Diana B. Henriques of The New York Times -- who has led the paper’s coverage of the Madoff scandal since the day the story broke -- has written the definitive book on the man and his scheme, drawing on unprecedented access and more than one hundred interviews with people at all levels and on all sides of the crime, including Madoff’s first interviews for publication since his arrest. Henriques also provides vivid details from the various lawsuits, government investigations, and court filings that will explode the myths that have come to surround the story.
A true-life financial thriller, The Wizard of Lies contrasts Madoff's remarkable rise on Wall Street, where he became one of the country’s most trusted and respected traders, with dramatic scenes from his accelerating slide toward self-destruction. It is also the most complete account of the heartbreaking personal disasters and landmark legal battles triggered by Madoff’s downfall -- the suicides, business failures, fractured families, shuttered charities -- and the clear lessons this timeless scandal offers to Washington, Wall Street, and Main Street.
Related Reviews
Diana Henriques, a senior financial writer for the New York Times, has performed an act of wizardry. Not only has she covered the "Madoff affair" from its initial days as a gifted reporter, but she has written an insightful book which gives context and understanding to this most spectacular, longest running and largest Ponzi scheme in history. She understands the financial system and the securities markets inside and out. This book she has written is a must read. The Madoff story is not over. There are major and significant law suits to be decided, but from now on all of the reporting will have the benefit of Ms. Henriques insights and understandings of the events and the real people who worked with Madoff, invested with Madoff and, yes, were related to Madoff.
I haven't read many books about finance or financial crimes, so I was a bit concerned that parts of this book might be over my head. This was not the case with The Wizard of Lies. Instead, what I got was a suspenseful, thrilling story that I couldn't put down. I got it all from this book: a comprehensive overview of when and how this crime started, the smallest details about how it ended, and everything in between AND after. We also learn how it's affected--and continues to affect--individuals and organizations.
Finally, what I found very interesting is how the author looks at what Madoff's crime--and how he fooled so many--can teach us about ourselves. This was something that made me reflect and think about the stories I tell myself. Highly recommended to those who are looking for a compelling, informative and thoughtful non-fiction book.
Finally, what I found very interesting is how the author looks at what Madoff's crime--and how he fooled so many--can teach us about ourselves. This was something that made me reflect and think about the stories I tell myself. Highly recommended to those who are looking for a compelling, informative and thoughtful non-fiction book.
Really shows how the Madoff phenomenon was a team game
A fascinating and very readable book that walks the reader step-by-step through Bernie Madoff's Wall Street career, detailing the growth of both his legit brokerage business and his massive Ponzi scheme.
More than anything, the book illustrates how the Madoff phenomenon could never have gotten so big or lasted so long without the complicity of his major "clients." Particularly "feeder funds" such as Fairfield Greenwich and funds run by (or connected to) people such as J. Ezra Merkin and Sonja Kohn. While positioning themselves as hedge fund managers, these operators were nothing more than salespeople funneling money to Madoff. Madoff's genius was allowing them to generate phenomenal fees for themselves off the business they were doing with him, using their greed and ego to keep questions at a minimum. You really see how preposterous it is for these funds to claim they had no idea anything fishy was going on.
One of the most ironic takeaways for me was Madoff's role in bringing greater transparency to the market for OTC securities (through participation in the creation of NASDAQ) and his work in bringing down commission costs for retail investors through his initially controversial "pay for order flow" model. Yet at the same time he was sitting on his own dark secret.
Excellent and engaging. What kept it from being a five star book for me was how much is still left unknown -- when exactly did the scheme begin? How much did the feeder funds know? Maybe there will be a follow up book.
More than anything, the book illustrates how the Madoff phenomenon could never have gotten so big or lasted so long without the complicity of his major "clients." Particularly "feeder funds" such as Fairfield Greenwich and funds run by (or connected to) people such as J. Ezra Merkin and Sonja Kohn. While positioning themselves as hedge fund managers, these operators were nothing more than salespeople funneling money to Madoff. Madoff's genius was allowing them to generate phenomenal fees for themselves off the business they were doing with him, using their greed and ego to keep questions at a minimum. You really see how preposterous it is for these funds to claim they had no idea anything fishy was going on.
One of the most ironic takeaways for me was Madoff's role in bringing greater transparency to the market for OTC securities (through participation in the creation of NASDAQ) and his work in bringing down commission costs for retail investors through his initially controversial "pay for order flow" model. Yet at the same time he was sitting on his own dark secret.
Excellent and engaging. What kept it from being a five star book for me was how much is still left unknown -- when exactly did the scheme begin? How much did the feeder funds know? Maybe there will be a follow up book.
I used to know Diana Henriques, both professionally and personally, and am well acquainted with her outstanding writing and reportorial skills, as well as with her relentlessness as an investigative journalist. These talents, among others, are evident beyond refutation or even argument in her excellent "The Wizard of Lies".
I think what I like most about this book is Diana's decency and sense of fair play. She refuses to engage in idle and destructive speculation regarding the supposed involvement and guilt of Mrs. Madoff or of the two sons (and others). So easy to do, so expected; what an understandable temptation to which to succumb. But Diana is made of sterner -- and better -- stuff. She reports and, to coin a phrase, we decide. Indeed, if anything, she's perhaps a bit too detached. No, I didn't want her to engage in calumny, however coy and oblique. But I had both hoped and expected that she would delve a bit deeper. Her reporting is outstanding, to be sure, but I'm no closer (anyway, not much closer) to understanding Bernie Madoff than I had been. Why did he do it? I'm not impressed by vague and cookie-cutter explanations, such as "He was greedy." Who isn't who doesn't have "Saint" in front of his name? No, what I'm interested in, specifically and exactly, is...why? And I still don't have an answer to the question that's fascinated me from the beginning: Why didn't he run? If it had been me, I would have pulled a Lord Lucan in two shakes of a lamb's tail.
Any other problems? Not really. There's an occasional editing glitch. For example, Diana explains the concept of front-running more than once. And where are the photos? Wasn't it Anita Bryant who astutely observed that a day without orange juice is like a day without sunshine? Well, a nonfiction book without pictures is, well, like a day without, you know, sunshine. Or something.
Still, I heartily recommend "The Wizard of Lies", which is terrific. By the way, try to find a copy of Diana's "The White Sharks of Wall Street". It's a riveting study of Leopold Silberstein and the other original corporate raiders.
I think what I like most about this book is Diana's decency and sense of fair play. She refuses to engage in idle and destructive speculation regarding the supposed involvement and guilt of Mrs. Madoff or of the two sons (and others). So easy to do, so expected; what an understandable temptation to which to succumb. But Diana is made of sterner -- and better -- stuff. She reports and, to coin a phrase, we decide. Indeed, if anything, she's perhaps a bit too detached. No, I didn't want her to engage in calumny, however coy and oblique. But I had both hoped and expected that she would delve a bit deeper. Her reporting is outstanding, to be sure, but I'm no closer (anyway, not much closer) to understanding Bernie Madoff than I had been. Why did he do it? I'm not impressed by vague and cookie-cutter explanations, such as "He was greedy." Who isn't who doesn't have "Saint" in front of his name? No, what I'm interested in, specifically and exactly, is...why? And I still don't have an answer to the question that's fascinated me from the beginning: Why didn't he run? If it had been me, I would have pulled a Lord Lucan in two shakes of a lamb's tail.
Any other problems? Not really. There's an occasional editing glitch. For example, Diana explains the concept of front-running more than once. And where are the photos? Wasn't it Anita Bryant who astutely observed that a day without orange juice is like a day without sunshine? Well, a nonfiction book without pictures is, well, like a day without, you know, sunshine. Or something.
Still, I heartily recommend "The Wizard of Lies", which is terrific. By the way, try to find a copy of Diana's "The White Sharks of Wall Street". It's a riveting study of Leopold Silberstein and the other original corporate raiders.
Ponzi schemers are mysteries wrapped inside enigmas. Henriques takes you inside the story of the biggest of them all in this compellingly readable, revelatory book. It shows how Bernie pulled it all off, and paints a vivid portrait of the man behind the scam. But it also reveals the ways in which Madoff helped shaped modern Wall Street--and, in turn, the degree to which he is its reflection.
Following this horrid scandal from the outset, I ordered the book and was riveted from the first sentence. The chronology was so helpful in the complicated unfolding of how HOW HOW this tragedy could have occurred. The inner workings are masterfully laid out and the author's take on who knew what when is fascinating. I'm not sure I understand yet the passing of several SEC opportunities to ask crucial questions regarding actual transactions (the lack of) . . . The living large element toward the breakdown of the scheme is most offensive as is Mr. Madoff's continued ability to speak of his victims as less than ruined by his crime. The author's thorough examination of the work of so many attorneys is commendable while leaving a reader with impressive portraits of all players. The epilogue is as good as the entire book. Bravo.
No, you won't understand Bernie Madoff after reading this book. He's a mix of lies, deceit and a smile. Perhaps someone trained in psychology will one day have an answer, but I doubt it. The hundreds of lawyers know their part: Bernie is a crook and over 20 years or more he moved a ton of money this way and that; go after it. As for the regulators' incompetence, what can you say but: Scary. This book gave me the "big picture" so hard to discern from two years of myriad news articles, and a better awareness and feeling for Madoff's victims. This should be required reading on Wall Street.
What a great, intriguing read. Haven't put it down since it was automatically sent to my kindle.
Diana Henriques is not only a world-class journalist, but an incredibly talented writer.
This is the best of the Madoff tales. It reeks with detail, but detail that enthralls and captures your interest.
You can't go wrong here.
Diana Henriques is not only a world-class journalist, but an incredibly talented writer.
This is the best of the Madoff tales. It reeks with detail, but detail that enthralls and captures your interest.
You can't go wrong here.
Meticulous, Insightful and Comprehensive
Author: Diana B. Henriques
Publisher: Times Books (Henry Holt Company)
ISBN: 978-0-8050-9134-2
The field of narratives about Bernard (Bernie) L. Madoff during the past few years is quite crowded with a number of books and articles examining varying aspects of his devious Ponzi crime. However, I would be very hard- pressed to find another book that is as meticulous, insightful and comprehensive as Diana B. Henriques's The Wizard of Lies: Bernie Madoff And The Death Of Trust.
What Henriques has brought to the table is a layered account of an individual whom she fittingly describes as someone who is not "inhumanly monstrous" but rather someone who is "monstrously human." As she most perceptively explains: "He was greedy for money and praise, arrogantly sure of his own capacity to be able to pull it off, smugly dismissive of skeptics-just like anyone who mortgaged the house to invest in tech stocks, or tapped the off-limits college fund to gamble on a new business, or put all the retirement savings into a hedge fund they didn't understand, or cheated a little on the tax return or the expense account of the spouse. Sound familiar?
And her final sage words of the book brilliantly wraps it all up when she states that the most enduring lesson of the Madoff scandal is: "In a world full of lies, the most dangerous are those we tell ourselves." In this case it is the lies Madoff told himself and those of the investors who likewise fooled themselves. For Madoff, he sustained his belief of infallibility by convincing himself that he could get away with his Ponzi crime, while his investors ignored the fact that he really didn't have any investment earnings to pay his clients. They turned a blind eye to the reality that his investment acumen was increasingly implausible and that his operations lacked transparency. Furthermore, they simply ignored or dismissed the rumblings that were prevalent among certain hedge fund managers that Madoff's returns were too consistently good to be credible.
Moving at a brisk pace, Henriques packs in many intriguing facets concerning Bernie Madoff including how he was able to successfully create the aura of a genius investment manager- one that was the most exclusive that never failed to deliver the returns his investors expected of him, that is, until the party was over and the music stopped. After all, didn't he bring them along profitably through bad and good times beginning with the tumble of the stock market in 1962, the doldrums of the 1970s, the 1987 crash and its rocky aftermath? However, no one knew or suspected that he was borrowing money from one of his very wealthy clients to replenish the accounts of others in his early years, and moreover, no one was aware that he was squeezed by a rash of withdrawals in the late 1980s.
Henriques also sheds some very interesting light concerning Madoff's family background, where he grew up, how he started in the investment business, who initially gave him his first break, when did he start his Ponzi scheme, who were his early investors and did they ever suspect that he was running a Ponzi scheme, who knew about it and who should have known about his shenanigans, how was he able to attract thousands of rich and powerful investors including lawyers, accountants, European boutique banks, offshore hedge funds, wealthy European families, Hollywood celebrities, charitable organizations, endowments, educational institutions, several foundations and investment committees that all came to trust Madoff with their vasts sums of money. In addition, Henriques exposes his feeder funds and how much was he paying them as finders' fees, were any of his family members involved in the crime, the incompetency of the SEC, what kind of life did he live after he had accumulated considerable wealth, and how was he able to convince some very sophisticated investors that his investment strategy was based on something he described as a "split-strike conversion" that managed to grow endlessly large.
In this short review it is very difficult to convey all of the gripping lowdown Henriques shares with us, however, there is no doubt that with every page you will feel, as I have, a new clarity about how Madoff was able to pull off his Ponzi scheme for so many years and rightfully earn Henrique's title of him: "The Wizard Of Lies."
Diane B. Henriques is the author of The White Sharks of Wall Street and Fidelity's World. She is a senior financial writer for The New York Times. Henriques is a Polk Award winner and Pulitzer Prize finalist and she has won several awards for her work on the Times's coverage of the Madoff scandal and was part of the team recognized as a Pulitzer finalist for its coverage of the financial crisis of 2008.
Norm Goldman, Publisher & Editor Bookpleasures
Publisher: Times Books (Henry Holt Company)
ISBN: 978-0-8050-9134-2
The field of narratives about Bernard (Bernie) L. Madoff during the past few years is quite crowded with a number of books and articles examining varying aspects of his devious Ponzi crime. However, I would be very hard- pressed to find another book that is as meticulous, insightful and comprehensive as Diana B. Henriques's The Wizard of Lies: Bernie Madoff And The Death Of Trust.
What Henriques has brought to the table is a layered account of an individual whom she fittingly describes as someone who is not "inhumanly monstrous" but rather someone who is "monstrously human." As she most perceptively explains: "He was greedy for money and praise, arrogantly sure of his own capacity to be able to pull it off, smugly dismissive of skeptics-just like anyone who mortgaged the house to invest in tech stocks, or tapped the off-limits college fund to gamble on a new business, or put all the retirement savings into a hedge fund they didn't understand, or cheated a little on the tax return or the expense account of the spouse. Sound familiar?
And her final sage words of the book brilliantly wraps it all up when she states that the most enduring lesson of the Madoff scandal is: "In a world full of lies, the most dangerous are those we tell ourselves." In this case it is the lies Madoff told himself and those of the investors who likewise fooled themselves. For Madoff, he sustained his belief of infallibility by convincing himself that he could get away with his Ponzi crime, while his investors ignored the fact that he really didn't have any investment earnings to pay his clients. They turned a blind eye to the reality that his investment acumen was increasingly implausible and that his operations lacked transparency. Furthermore, they simply ignored or dismissed the rumblings that were prevalent among certain hedge fund managers that Madoff's returns were too consistently good to be credible.
Moving at a brisk pace, Henriques packs in many intriguing facets concerning Bernie Madoff including how he was able to successfully create the aura of a genius investment manager- one that was the most exclusive that never failed to deliver the returns his investors expected of him, that is, until the party was over and the music stopped. After all, didn't he bring them along profitably through bad and good times beginning with the tumble of the stock market in 1962, the doldrums of the 1970s, the 1987 crash and its rocky aftermath? However, no one knew or suspected that he was borrowing money from one of his very wealthy clients to replenish the accounts of others in his early years, and moreover, no one was aware that he was squeezed by a rash of withdrawals in the late 1980s.
Henriques also sheds some very interesting light concerning Madoff's family background, where he grew up, how he started in the investment business, who initially gave him his first break, when did he start his Ponzi scheme, who were his early investors and did they ever suspect that he was running a Ponzi scheme, who knew about it and who should have known about his shenanigans, how was he able to attract thousands of rich and powerful investors including lawyers, accountants, European boutique banks, offshore hedge funds, wealthy European families, Hollywood celebrities, charitable organizations, endowments, educational institutions, several foundations and investment committees that all came to trust Madoff with their vasts sums of money. In addition, Henriques exposes his feeder funds and how much was he paying them as finders' fees, were any of his family members involved in the crime, the incompetency of the SEC, what kind of life did he live after he had accumulated considerable wealth, and how was he able to convince some very sophisticated investors that his investment strategy was based on something he described as a "split-strike conversion" that managed to grow endlessly large.
In this short review it is very difficult to convey all of the gripping lowdown Henriques shares with us, however, there is no doubt that with every page you will feel, as I have, a new clarity about how Madoff was able to pull off his Ponzi scheme for so many years and rightfully earn Henrique's title of him: "The Wizard Of Lies."
Diane B. Henriques is the author of The White Sharks of Wall Street and Fidelity's World. She is a senior financial writer for The New York Times. Henriques is a Polk Award winner and Pulitzer Prize finalist and she has won several awards for her work on the Times's coverage of the Madoff scandal and was part of the team recognized as a Pulitzer finalist for its coverage of the financial crisis of 2008.
Norm Goldman, Publisher & Editor Bookpleasures
As a student of human behavior, I was fascinated to read Diana Henriques'unbelievable story of how Bernie Madoff pulled off the biggest Ponzi scheme of all time is told in her book,"The Wizard of Lies" . "How did he manage it?", we ask. With apparent ease for many years. The man's ability to lie, cheat and steal for so long while living without any apparent evidence whatsoever of guilt or shame should be a study for all psychology students interested in personality disorders.
The book is brilliantly written with careful objectivity as Ms Henriques meticulously describes in detail Madoff's rise and fall set in counterpoint against carefully researched events occurring on Wall Street during those years. It is hard to understand how hundreds of people allowed themselves to be victimized by a few, yet not so difficult if one considers the human foibles of greed and avarice which ultimately made it possible.
I highly recommend the book as a must read for all.
The book is brilliantly written with careful objectivity as Ms Henriques meticulously describes in detail Madoff's rise and fall set in counterpoint against carefully researched events occurring on Wall Street during those years. It is hard to understand how hundreds of people allowed themselves to be victimized by a few, yet not so difficult if one considers the human foibles of greed and avarice which ultimately made it possible.
I highly recommend the book as a must read for all.
Titanic financial fraud and a family Greek Tragedy
My one word review is: "Wow!" I knew the headlines of this story but not the amazing complexity and the sheer numbers of people involved -- innocent and complicit. From the get-go I thought Ms. Henriques was clever to provide a dramatis personae because there were so many characters involved who played so many parts in the story. After the slam-bam day-by-day unravelling of Madoff's fraud in the opening chapter, I was glad for the list of characters as the author laid the foundation for what would become unimaginable -- yet turned out to be reality. I'm left believing the hedge funds and feeder funds were willing to keep quiet about their suspicions so long as Madoff kept paying the monthly return. But I was surprised -- and convinced -- by Ms. Henriques' spirited defense of Madoff's family and their collective ignorance of the crimes Bernie Madoff had been committing for decades. That's what raises this story to Greek tragedy. Not only was Madoff responsible for ruining countless lives -- and ending some -- but he destroyed his family for generations to come and sent his wife into Siberian social exile. His eldest son took his own life to escape the crushing burden of shame. Ms. Henriques' grasp of the financial world is impressive and her explanation of how Ponzi schemes can only exist in an environment of trust is just plain scary. I found Ms. Henriques' writing crisp and fluid and she is nothing less than masterful in untangling the web of this catastrophe then recasting it into a dramatic narrative that kept me turning pages. In fact, I spent a good portion of my recent vacation ignoring my hosts and riding along with Ms. Henriques as she plunged down the dark twisted paths of greed, ambition, social-climbing and massive fraud. Can't wait for the movie!!
This book starts out reading as a psychological thriller. In the middle it becomes less exciting and riveting but becomes a very clear explanation of "feeder funds" and of the scope of the Bernie Madoff ponzi scheme. I couldn't put this book down and read it in a couple of days. At the end, it becomes an update on developments that have happened since Bernie Madoff went to prison. I heartily recommend this book. It's hard to believe that the events described within the book really happened.
I have been captivated by the Madoff affair since the beginning and have read the coverage extensively in the newspapers (WSJ) so I was very familiar with it. My heart goes out to the victims. But I did have a number of lingering questions about all of it, and this book answered almost all of them. It was an excellent read. Just enough history of the man with just the right, and very detailed, focus on the Ponzi scheme and the fallout. It dealt especially well on outlining the concept of "net winners" (those who withdrew more than the principal they deposited) and "net losers" (those who withdrew nothing or less than the principal they deposited) and how they are being handled by the trustee. I still have questions the book did not answer on whether the "clawback" suits being filed by the trustee are pursuing charities (as well as individual investors) and what exactly the statute of limitations is on how far back the trustee can go. But overall this was a book that I truly could not put down.
This is a true 5 star book. I read a decent number of books of finance and wall street and this is one of the best I've read. The author makes the book an easy read without dumbing the material down and covers a ton of stuff. The book is captivating and will glue you in. Do not start this book if you have a busy schedule because you will re-arrange your schedule. Diana Henriques is an excellent writer and makes you feel like you have an inside seat to the whole Madoff fraud. Part's of this book make you angry about the current structure that allowed for this to go on. At the end of the day it this should be a must read for many college finance courses. The research had to be over-whelming that went into this book and she has actually interviewed Madoff in Prison. I highly recommend this book even to those that do not have an interest in finance.
Extremely readable and easy-to-understand writing on a complex subject. Dramatic in an almost Shakespearian vein... I recommend this to everyone I know as a fun book and a cautionary tale for the future of financial markets. Buy this book!
This book is the definitive book on Bernie Madoff, his Ponzi scheme, and the far ranging impact it had on tens of thousands of investors, and everyone who thinks they know where there money is. It is a sad story of how a man ruined is family, his friends, his charities and all those that invested in him and knew him.
It is a riveting account of what actually happened and what can be done to avoid future Ponzi schemes. It is a must read for everyone!
It is a riveting account of what actually happened and what can be done to avoid future Ponzi schemes. It is a must read for everyone!
Message For The Recently Weaned --The Library is Free
If the library doesn't have this book, they will buy it for you. Ask them nicely. Save your $12.00 electronic book fee money for your next tattoo.
The book is first rate because so many smart people were fooled for so long. They didn't catch Bernie, he informed on himself. Isn't faking the moonwalk too big a lie? That's the way people looked at Bernie's scam. The people who were scammed also lied to themselves and overlooked the obvious questions because they wanted to be rich by producing nothing. Bernie wanted to be a charming golden goose genius that everyone respected.
He would have fooled me because checking to see if he actually bought stocks would have been easy --but childish. In 1968, I bought $250 worth of stock in one insurance company with my first real paycheck and soon lost it all. Since then I have bought investments that I can touch and also add value to them. Some of Bernie's victims will get $.50 on the dollar and most get close to nothing?
I'll throw you two interesting facts in case you don't make it to the end of the book: Since many victims were Jewish, the list of them is called Swindler's List. Bernie is in therapy at a "camp cupcake" type of prison.
A thief who steals a few dollars gets put in the type of jail where you had better hold on to the soap. If he had stolen thousands, he would have been labeled an embezzler and may have gotten off on probation. A big name financier, like Bernie, can steal tens of billions and get to read books in a comfortable setting, while his victims must work three jobs to feed their pets and themselves? Bankers who did just as much damage got government money thrown at them.
The Chinese solve these problems with a five cent bullet. Would they all have acted this way in China?
The book is first rate because so many smart people were fooled for so long. They didn't catch Bernie, he informed on himself. Isn't faking the moonwalk too big a lie? That's the way people looked at Bernie's scam. The people who were scammed also lied to themselves and overlooked the obvious questions because they wanted to be rich by producing nothing. Bernie wanted to be a charming golden goose genius that everyone respected.
He would have fooled me because checking to see if he actually bought stocks would have been easy --but childish. In 1968, I bought $250 worth of stock in one insurance company with my first real paycheck and soon lost it all. Since then I have bought investments that I can touch and also add value to them. Some of Bernie's victims will get $.50 on the dollar and most get close to nothing?
I'll throw you two interesting facts in case you don't make it to the end of the book: Since many victims were Jewish, the list of them is called Swindler's List. Bernie is in therapy at a "camp cupcake" type of prison.
A thief who steals a few dollars gets put in the type of jail where you had better hold on to the soap. If he had stolen thousands, he would have been labeled an embezzler and may have gotten off on probation. A big name financier, like Bernie, can steal tens of billions and get to read books in a comfortable setting, while his victims must work three jobs to feed their pets and themselves? Bankers who did just as much damage got government money thrown at them.
The Chinese solve these problems with a five cent bullet. Would they all have acted this way in China?
Excellent book, but perhaps a bit naive in parts
A well-written and engaging rendition of this amazing story and the known facts. I've read a great deal about Madoff and this filled in a lot of important details that I had not seen before. However, I do think that some of Henriques's lack of reasoned speculation about what the family and the hedge funds knew is a bit naive. For example, she concludes that the sons probably knew nothing because when they wanted money in 2005, during a time when Bernie had a cash crunch, they took out loans rather than simply withdrawing their accounts. Would he have let them withdraw their entire accounts at such a time? Not likely. And Henriques documents that in that period Bernie had the independent brokerage firm that his sons were running borrow several hundred million dollars which was then transferred to his investment operation. Didn't they notice that and ask any questions or at least wonder what pop was really doing? They weren't stupid. The feeder funds were charging outrageous fees of 4% and more to do nothing but forward money on to Madoff. What if he had been exposed? They would not only lose that windfall, but they would have all of the same problems that they now have. Isn't it probable that at least some of the feeder fund owners knew but chose to just carry on and hope that he could last another decade or two and it would be someone else's problem? Was it a coincidence that Fairfield was trying to sell the firm in early 2008? Henriques never suggests the word "blackmail" with Picower but is there any other reasonable explanation for Madoff giving $7.8 billion to a man who invested $600 million with him?. Do people run Ponzi schemes to benefit someone else? She comments about how much of the ill gotten gains were donated to charities and benefited society, without noting that charitable contributions (along with political contributions) are the insurance premiums that almost every major fraudster and their partners & enablers pay to deflect scrutiny and, just as important, to buy leniency if they are caught. I also found her nitpicking criticisms of Markopolis, the only hero in this story, to be odd given her failure to allude to similar personal faults with all of the book's other characters (particularly, the SEC staffers). Finally, why is there virtually no mention of the fact that in 2010 other hedge funds and investors starting buying direct Madoff claims from victims for a fraction of their value just months before Picard announced major settlements with Shapiro, Picower, etc. Were the buyers getting inside information about potential settlements? This is the best available summary of what's known today, but stay tuned.
A very well-written account of Madoff and his times. This is a better book than others because at least it tries to remain objective...tries...
Many people view Madoff as a psychopath. How else can he keep a straight-face and lie to his so-called friends and family and cheat them out of their entire fortunes? I believe this is just his personality which has many quirks and so he was just largely misunderstood by the masses much like a Frankenstein or Incredible Hulk.
So a man drinks a beer or two each day. Is he now an alcoholic? Should he go to AA? The brand society places on individuals and situations, it's no wonder we have so many problems in this world. Sure, it sounds like a serious crime when you say 'Ponzi Scheme', but let's look at the facts: Investors were happy getting their annual ten percent in profits, consistently, during good and bad times. If we have given the man a chance, he would've been able to find some way to pay everyone off...eventually. The way I look at it, Madoff's strategy was cash which was quite smart during recessionary times. Sure he might have dipped into the cookie jar far too many times, but haven't we all? Haven't we all, smiling...with fudge on our cheeks?
Lastly, nobody held a gun to anyone's head and demanded money. All these investors willingly, some even begging on their knees and happily offering their fortunes to Madoff. It's always easier to find a scapegoat when fertilizer hits the fan, but oftentimes, the only person to blame is actually staring at him in the mirror. In the mirror, he would see a face of greed and stupidity. Yes, greed is what led these investors in this hole and stupidity because they're dumb enough to think the cookie jar is in the bottom cabinet. No, the cookie jar is never there, it's never that easy when it comes to chocolate chip cookies.
Madoff is a genius and a true American hero with brass balls and should be celebrated and honored.
Many people view Madoff as a psychopath. How else can he keep a straight-face and lie to his so-called friends and family and cheat them out of their entire fortunes? I believe this is just his personality which has many quirks and so he was just largely misunderstood by the masses much like a Frankenstein or Incredible Hulk.
So a man drinks a beer or two each day. Is he now an alcoholic? Should he go to AA? The brand society places on individuals and situations, it's no wonder we have so many problems in this world. Sure, it sounds like a serious crime when you say 'Ponzi Scheme', but let's look at the facts: Investors were happy getting their annual ten percent in profits, consistently, during good and bad times. If we have given the man a chance, he would've been able to find some way to pay everyone off...eventually. The way I look at it, Madoff's strategy was cash which was quite smart during recessionary times. Sure he might have dipped into the cookie jar far too many times, but haven't we all? Haven't we all, smiling...with fudge on our cheeks?
Lastly, nobody held a gun to anyone's head and demanded money. All these investors willingly, some even begging on their knees and happily offering their fortunes to Madoff. It's always easier to find a scapegoat when fertilizer hits the fan, but oftentimes, the only person to blame is actually staring at him in the mirror. In the mirror, he would see a face of greed and stupidity. Yes, greed is what led these investors in this hole and stupidity because they're dumb enough to think the cookie jar is in the bottom cabinet. No, the cookie jar is never there, it's never that easy when it comes to chocolate chip cookies.
Madoff is a genius and a true American hero with brass balls and should be celebrated and honored.
The author, during a visit to the Imus in the morning show this morning sold the book very well. I immediately turned to this web site to buy the kindle edition. I figured that I could spring for the $9.99. Wrong answer. It is $14.99. Are you kidding me or what? Most people would much rather read on their Kindle-like device, than have to hold an actual physical book in their hand. What a great boon to the book publishing industry. Can you imagine making hordes of money publishing and selling books but without the expense of printing costs? Not only not having to pay for paper, ink, printing presses, labor, but forget about those medical and pension funding requirements and physical building and transportation requirements as well. Good move. The author already had the book sold.
Reads like a monologue too long newspaper article
Quite disappointing and underwhelming. I should ask for a refund - nothing profound here, just a long run-on account of everything/anything we already knew, conveyed in a monotone style that can save any from buying sleep aids! I had read of this boring "non-story" account but was compelled by the subject matter to buy and read. The author should stick to writing news stories for newspapers.
Where's the logic of paying for the Kindle edition, when for $3 more I can get the hardcover and share it with other people? Just sayin'
Diane Henriques: Tone Deaf on Madoff
Ms Henriques, a NYT financial reporter and the author of this book, has been "tone deaf" throughout her coverage of the Madoff Affair. Her deafness however is not congenital but acquired. Ms Henriques grew deaf in order to gain access to the Madoff trustee, his partners at Baker Hostetler, and all the other utter failures responsible for financial regulation, oversight and investor protection in order to research and write her useless, tell nothing book.
In a NY Times review Charles Ferguson the Academy Award winning director of Inside Job, hints at what the ultimate Madoff book will reveal; that Mr. Madoff depended vitally upon inadequate laws, upon the complacency and incompetence of regulators, and upon the prevailing culture and ethical standards of the financial sector. And the same measures that would have prevented the financial crisis would have stopped Mr. Madoff too. In the end the powerful forces of greed in big finance which aided, abetted and profited from the Madoff Ponzi will go on as they always have, the trustee and his firm will bank nearly a billion dollars in fees, our faith in financial regulation,government protection and the SIPC will be vaporized and the real victim, the modest retail investor, will once again bear the burden.
In a NY Times review Charles Ferguson the Academy Award winning director of Inside Job, hints at what the ultimate Madoff book will reveal; that Mr. Madoff depended vitally upon inadequate laws, upon the complacency and incompetence of regulators, and upon the prevailing culture and ethical standards of the financial sector. And the same measures that would have prevented the financial crisis would have stopped Mr. Madoff too. In the end the powerful forces of greed in big finance which aided, abetted and profited from the Madoff Ponzi will go on as they always have, the trustee and his firm will bank nearly a billion dollars in fees, our faith in financial regulation,government protection and the SIPC will be vaporized and the real victim, the modest retail investor, will once again bear the burden.
I ordered a kindle book and was charged 14.99. There is something wrong with my kindle and did not accept the book. However, there does not seem to be any way to transfer the book to my PC. I think Kindle/Amazon is really bad and only interested in selling, selling, selling.
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