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No One Would Listen: A True Financial Thriller A True Financial Thriller (Hardcover)

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No One Would Listen: A True Financial Thriller
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Learn more about No One Would Listen: A True Financial Thriller:

Format: Hardcover
ISBN-10: 0470553731
ISBN-13: 9780470553732
Sku: 211286496
Publish Date: 3/2/2010
Pages:  354
 
Harry Markopolos and his team of financial sleuths discuss first-hand how they cracked the Madoff Ponzi scheme

No One Would Listen is the exclusive story of the Harry Markopolos-lead investigation into Bernie Madoff and his $65 billion Ponzi scheme. While a lot has been written about Madoff's scam, few actually know how Markopolos and his team-affectionately called "The Fox Hounds" by Markopolos himself, uncovered what Madoff was doing years before this financial disaster reached its pinnacle. Unfortunately, no one listened, until the damage of the world's largest financial fraud ever was irreversible.

Since that time, Markopolos openly has testified and questioned the enforcement and fraud investigation capabilities of the Securities and Exchange Commission (SEC), shared a sliver of this page-turning story with 60 Minutes, and become perhaps the world's most visible and insightful whistleblower on fraud and conflicts of interest in financial markets.

Throughout the book, Markopolos and his Fox Hounds tell their first-hand story of investigating Madoff—with the help of bestselling author David Fisher. They explain how they discovered the fraud, and then how they provided credible and detailed evidence to major newspapers and the Securities and Exchange Commission (SEC) many times between 2000 and 2008, only to have his warnings ignored repeatedly by the SEC.

  • Provides a firsthand account of how Markopolos uncovered Madoff's scam years before it actually fell apart
  • Discusses how the SEC missed the red flags raised by Markopolos
  • Describes how Madoff was enabled by investors and fiduciaries alike
  • The only book to tell the story of Madoff's scam and the SEC's failings by those who saw both first hand

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 they will have on financial markets and financial regulation for decades to come.

Annotation:
The world was stunned when it was announced in 2009 that fraudulent investment adviser Bernard Madoff had swindled away more than $65 billion dollars from his clients, but it turns out that four men had been on to Madoff's devious scheme since 2000, and their repeated efforts to warn the Securities and Exchange Commission were entirely ignored. Harry Markopolos was working at an equity derivatives firm in Boston when his boss asked him to create a fund which could duplicate the unparalleled success of Bernard Madoff's mysterious portfolio. Markopolos claims he knew within five minutes that Madoff was a crook, and he submitted his first report documenting Madoff's apparent fraud to the SEC back in 2000, at a time when Madoff's accounts totaled "only" around $10 billion, far short of the sum he would eventually steal. For the next eight years, Markopolos and three dedicated associates endangered themselves and their families to pursue Madoff, and they uncovered more and more obvious evidence against him which was completely ignored by the industry, Forbes magazine, Barron's, the New York Times, the Wall Street Journal, and the SEC. This shocking report leaves no doubt that a significant sector of the SEC, America's first line of defense against financial fraud in a world increasingly ruled by virtual wealth, is either criminal or incompetent.

Praise

"Through common sense at first, but ultimately through brilliant analytical detective work, Mr. Markopolos figured out precisely what Mr. Madoff was up to--and showed why Mr. Madoff could not be earning the amazingly consistent returns that he claimed for his investors. Mr. Markopolos reported his discoveries several times to the Securities and Exchange Commission." - Richard J. Tofel 03/08/2010

"[A] compelling, well-researched, not overly technical, financial page-turner tracking one man's obsession with putting down a bad guy....Markopolos spends most of the book pointing fingers of blame at the institutionally inept SEC and the bloodless money management industry, which widely suspected that Madoff was a fraud but said nothing as it stood to gain from his continued operation. Along the way, however, Markopolos gives us some insight into the less obvious reasons why he was ignored, reasons even he doesn't seem to fully grasp." - Kris Frieswick 03/02/2010

Product Attributes

Product attributeBook Format:   Hardcover
Product attributeNumber of Pages:   0354
Product attributePublisher:   John Wiley & Sons
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