The Wizard of Lies Bernie Madoff and the Death of Trust (Audible Audio Edition) Diana B Henriques Pam Ward Tantor Audio Books
Download As PDF : The Wizard of Lies Bernie Madoff and the Death of Trust (Audible Audio Edition) Diana B Henriques Pam Ward Tantor Audio Books
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 100 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.
The Wizard of Lies Bernie Madoff and the Death of Trust (Audible Audio Edition) Diana B Henriques Pam Ward Tantor Audio Books
Almost finished -- Just started reading it yesterday. All the facts and figures just boggles my mind at times (being 70-years-old that's not hard to do). How Ms. Henriques ever made sense of this is a major accomplishment.Her writing is almost poetic at times: "... the individual fraud victims, who had believed for too long in this wizard of lies, were on a quest to find the most elusive prize of all: justice."
"Most of them began their trek with only the vaguest idea of the terrain ahead. They did not know that some bridges had been washed out. Most tragically, they could not see the crossroads around the bend where at least half of them would be detoured into a labyrinth of bitter fury and frustration."
Am very curious as to how the movie portrays this.
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The Wizard of Lies Bernie Madoff and the Death of Trust (Audible Audio Edition) Diana B Henriques Pam Ward Tantor Audio Books Reviews
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.
Like millions of people, I found myself morbidly intrigued by what this man did to so many people. This is an excellent book. The auther did a good job of laying out all the facts, but spun them together in a way that made the book highly readable. Questions are still to be answered. Did Ruth Madoff know what was really happening? Not sure. After reading this, I felt sure that her sons did not, but I still have questions about what Mrs. Madoff knew and when she knew it. This man who ruined so many lives in order to live like a king is a monster. He took not only from wealthy people could withstand their losses, but from many who could not, people like police officers and teachers. He deserved that prison sentence he got. There should be more in there with him.
Diana Henriques's The Wizard of Lies is the best single source for understanding the disaster that Bernard Madoff wreaked on the world. Henriques, who covered the Madoff scandal for The New York Times, sees Madoff for what he was, a liar whose ability to project calm and seemingly steady and risk-free returns, led so many to trust their lives and fortunes to him. And whose gift for mixing technical market jargon with a reputation as the head of a well-known trading firm disarmed (or confused and mystified) both questioning investors and SEC investigators.
Her book tells two related stories the immediate days preceding his arrest and the consequences, the asset forfeitures, the prosecution, the incarceration, and the painful litigation in the bankruptcy court over the investors' staggering losses, real and imagined. Having covered the Madoff scandal, Henriques is able to tell the story of his downfall in nearly minute-by-minute detail, with the result that her account has the pace and excitement of a cop novel, even though the reader knows how the story ends. Even so, the details are riveting and well-told. Moreover, although many of the bankruptcy and litigation issues are arcane, Henriques is able to translate the legal maneuvering into a highly readable story.
Perhaps more interestingly, because the story is less well known, she also dug extensively into Madoff's background, from which she poses an intriguing question when did the fraud begin? In her book, Henriques admits she's not sure, but speculates it could have begun in the early 1980s or perhaps as early as the 1970s. Madoff has never admitted it began earlier than the 1990s. Henriques's suspicion is bolstered by Madoff's admission that early in his career, in the late 1960s and early 1970s, he engaged in some low-end securities fraud for which he was never caught or prosecuted. He also admitted to helping assist foreign investors evade their own currency and tax laws without any regard for the morality of such conduct. Finally, she notes that in the middle of the 1980s, Madoff faced several squeezes as investors were withdrawing funds unexpectedly. From that, she wonders whether Madoff's money management business was a fraud from its inception, but admits she has no solid proof. Interestingly, however, in a 2012 superseding indictment of five Madoff employees, which was filed after her book came out, the federal government for the first time charged that the Madoff scheme went back to the 1970s.
Henriques finishes with a short essay on trust, why investors trusted Madoff, why they should not have, and what the Madoff scandal may do to change investors' minds about understanding the risks they are taking in investing.
All in all, a very worthwhile read.
I liked this book. The only thing I craved that was missing was more of the why - why, psychologically, did BDM engage in the biggest financial fraud of all time, for so long? There were only bits and pieces of that. And why did a couple of his - I'll call them henchmen - henchmen, play along? One guy, Frank DiPascali, was carefully and expertly fabricating fraudulent statements for BDM for years, but I never understood why - I could only just speculate. Was he getting kickbacks? Was BDM some sort of Rasputin, or Charles Manson, and Frank was a cult member? All I knew was that Frank denied the allegations (in criminal court, where he ultimately pled guilty), and that BDM kept asserting that only he knew. It was a big unanswered question for me, even though it would have been one of the more interesting "stories" within the scandal.
It's possible that Diana simply didn't have access to that insight, which I get. And I absolutely appreciated Diana's courage in her conclusions - even in the face of no doubt receiving animosity from BDM's victims for essentially humanizing him in a cautious but instructive way, and further providing insight and humanization for BDM's family members, who likely didn't know what BDM was hiding. Her mastery of the financial products and Wall Street environment is great, and her journalist's discipline and approach made it a solidly researched and written book. Recommended.
Almost finished -- Just started reading it yesterday. All the facts and figures just boggles my mind at times (being 70-years-old that's not hard to do). How Ms. Henriques ever made sense of this is a major accomplishment.
Her writing is almost poetic at times "... the individual fraud victims, who had believed for too long in this wizard of lies, were on a quest to find the most elusive prize of all justice."
"Most of them began their trek with only the vaguest idea of the terrain ahead. They did not know that some bridges had been washed out. Most tragically, they could not see the crossroads around the bend where at least half of them would be detoured into a labyrinth of bitter fury and frustration."
Am very curious as to how the movie portrays this.
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