Madoff

Madoff

Corruption, Deceit, and the Making of the World's Most Notorious Ponzi Scheme

Paperback - 2009
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"In December 2008, with financial crisis sweeping America and the globe, Bernard "Bernie" Madoff, a leading Wall Street figure and former chairman of the NASDAQ Stock Market, dropped the bombshell: For years he'd bilked thousands of investors worldwide to the tune of $50 billion. Overnight, the term "Ponzi scheme" --a fraudulent investment strategy that pays returns to early investors with money invested later by others--became synonymous with Madoff's name. In the first comprehensive account of this epic scandal, Peter Sander traces Madoff's rise from unremarkable Jewish schoolboy to Wall Street trader, from money maker to money manager. His gripping narrative examines how Madoff built his brand, how he infiltrated influential circles, and how the scheme came unraveled"--P. [4] of cover.
Published: Guilford, Conn. : Lyons Press, c2009.
ISBN: 9781599218113
1599218119
Branch Call Number: 364.163 SAN
Characteristics: xvi, 271 p. ;,22 cm.

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rpavlacic
Sep 29, 2014

Provides a layperson's, albeit oversimplified, explanation of Bernie Madoff's investment strategy and why it simply never would have worked even in the best of circumstances. (Jim "Mad Money" Cramer's analysis of the scheme, which is included in this book, is priceless.) The more depressing part is all the foundations and individuals that got ripped off (not to mention well meaning banks and insurance companies), and the brief wave of anti-Semitism that emerged following the implosion of the investment company. In the end, most investors will get back about 35 cents on the dollar. Conclusion: If a man lies about his golf handicap, should he be trusted with your money?

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