No One Would Listen
A True Financial Thriller
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4.1 • 7 Ratings
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- £14.99
Publisher Description
Harry Markopolos and his team of financial sleuths discuss first-hand how they cracked the Madoff Ponzi scheme
No One Would Listen is the thrilling story of how the Harry Markopolos, a little-known number cruncher from a Boston equity derivatives firm, and his investigative team uncovered Bernie Madoff's scam years before it made headlines, and how they desperately tried to warn the government, the industry, and the financial press.
Page by page, Markopolos details his pursuit of the greatest financial criminal in history, and reveals the massive fraud, governmental incompetence, and criminal collusion that has changed thousands of lives forever-as well as the world's financial system.
The only book to tell the story of Madoff's scam and the SEC's failings by those who saw both first hand Describes how Madoff was enabled by investors and fiduciaries alike Discusses how the SEC missed the red flags raised by Markopolos
Despite repeated written and verbal warnings to the SEC by Harry Markopolos, Bernie Madoff was allowed to continue his operations. No One Would Listen paints a vivid portrait of Markopolos and his determined team of financial sleuths, and what impact Madoff's scam will have on financial markets and regulation for decades to come.
PUBLISHERS WEEKLY
Markopolos, the whistleblower who filed five unheeded complaints against Ponzi king Bernie Madoff over nine years, has produced an astonishing true-life whodunit set amidst the personalities, plots, and international intrigue of Wall Street. Having collected damning information on money manager Madoff-the respected co-founder of NASDAQ who ran the largest financial scam in history-since 1999, Markopolos's work as a chartered financial analyst and certified fraud examiner, aided by an industry journalist and two colleagues from his days as a derivatives portfolio manager, lays bare the Security and Exchange Commission (SEC) as a tragically inept regulating agency that "didn't give a rat's ass about protecting investors," and seemed to consider Madoff "just another guy cutting some corners." Realizing he had not one but two powerful opponents-"Madoff and this nonfunctioning agency"-Markopolos refused to give up, despite fearing for his life and his family; accordingly, he transmits his team's determination and fascination in contagious detail. The hows and whys of Madoff's eventual arrest, Markopolos's subsequent appearances before Congress, and the carnival of press coverage makes a satisfying conclusion to this strange epic; Markopolos also includes complete documentation of his formal submissions to the SEC, plus his recommendations for much-needed reform at the agency.
Customer Reviews
No one would listen
This book provides an interesting 'insider's' perspective on the Bernie Madoff Ponzi scam by a quant in the industry who recognised the fraud years before the walls came crashing down on it. As the title implies, the author approached numerous individuals at the SEC in attempts to draw attention to this fraudulent activity but to no avail. I must admit that whilst the book is largely accessible to those even without a financial background, the writing style is at times rather child-like and random bits of information are provided about the author mid-story - so much so that it starts to read a bit more like an autobiography at times. The tone and language used often verges on sounding like a petulant child -he uses this book to stamp his feet and shout out loud "I told you so". A such, it all becomes rather repetitive and the actual discussion around the Ponzi scheme and the unravelling of it, could easily fit into 1/3 of the book. Ok book but a bi t of a rant of vindication that gets a little tiring.