Synopses & Reviews
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 othersbecame 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. We come to know a man well-known for sparing no expense on personal possessionsfrom a 55-foot, 37-ton fishing boat he nicknamed Bull” to his posh Upper East Side penthouse and two seaside mansions. And we learn how Madoffwhose arrest has been called fodder” for anti-Semitesironically wreaked grievous damage to Jewish organizations. Sander asks: How did Madoff convince so many sophisticated investors to part with their fortunes without asking questions? How did he elude regulators for years? How will this affect Wall Street? And how can we, as prudent investors and citizens, prevent such a debacle from ever happening again?
Review
If you had said to me that Bernie was going to be chairman of the NASDAQ and make all this money, I never would have believed it possible."-- Fletcher Eberle, Far Rockaway High School classmate and swim team co-captain
Review
The will to believe something that is convenient to believe is strong in all realms.”-- Kurt Anderson, novelist and host of public radio’s Studio 360
Synopsis
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, reportedly made a stunning admission: For years hed bilked thousands of investors worldwidefrom wealthy individuals and hedge funds to charities, synagogues, and collegesto 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 othersbecame synonymous with Madoffs name.
In the first comprehensive account of this epic scandal, Peter Sander traces Madoffs rise from schoolboy to Wall Street trader, from money maker to money manager. His gripping narrative examines how Madoff built his brand by infiltrating influential circles, how the scheme came unraveled, and how Madoffa Jew whose arrest has been called “fodder for the bigots”ironically wreaked grievous damage to Jewish organizations in particular. Sandler asks: How did Madoff convince so many sophisticated investors to part with their fortunes without asking questions? How did he elude regulators for years? And how can we, as prudent investors and citizens, avoid such a debacle?
Synopsis
In the first comprehensive account of this epic scandal, Peter Sander traces Madoff’s rise from schoolboy to Wall Street trader, from money maker to money manager. His gripping narrative examines how Madoff built his brand by infiltrating influential circles, how the scheme came unraveled, and how Madoffa Jew whose arrest has been called fodder for the bigots”ironically wreaked grievous damage to Jewish organizations in particular.
About the Author
Peter Sander is a personal finance author, researcher, and consultant. His eighteen books include573 Ways to Save Money (with Jennifer Sander), The 250 Personal Finance Questions Everyone Should Ask and The Complete Idiot’s Guide to Day Trading Like a Pro. He has developed more than 200 personal finance columns for MarketWatch and TheStreet.com, and has appeared on NBC Today, CNNfn, and Fox News. He lives in Granite Bay, California.
Table of Contents
Introduction
Chapter 1: A Brief History of Ponzi Schemes
Chapter 2: Humble Beginnings (early bio, initial career as trader etc)
Chapter 3: Building the Madoff Brand (as money manager, investing
strategies, how he became sought after as a money manager)
Chapter 4: Blind Trust: Recruiting the Best and the Brightest
(who he duped and how he duped them)
Chapter 5: "It's All One Big Lie" (revelation)
Chapter 6: Collateral Damage (who and what organizations he hurt etc)
Chapter 7: The Meaning of Madoff (what the scandal means, or should
mean, for investors and regulators, Jewish community etc)Chapter 8: Aftermath (placing the Madoff scandal within the context of the global financial collapse)
Appendix A: Chronology