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Bernie Madoff, The Wizard Of Lies: Inside The Infamous $65 Billion Swindle (2000)

by Diana B. Henriques(Favorite Author)

3.83 of 5 Votes: 5

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English

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review 1: I was hesitant to read this book because I was afraid it would be full of financial information and terminology. There was a bit but it was always explained well. Instead, I can say that this biography reads like a John Grisham thriller. This book is a page turner. The sad thing is that it is a true account of greed and dishonesty. A good book and interesting read. It made me sad though. It is difficult to consider all the harm caused by the evil, crazy man named Bernie Madoff. There are so many facts and names in this book that I had to read it slowly to comprehend and put the plot together as I read. What a web of pure evil that man spun. The reader comes away with a feeling of revulsion at what he put his children and "friends" through in the name of creating we... morealth.
review 2: As if I could not get enough of the Madoff scandal, I read this book right after the one by Markopolos, No One Would Listen. You can tell immediately that this writer, actually a reporter, is far more professional. The writing itself is much better. She also presents a much more complete picture of what happened. Of course, Markopolos is narrating a different story: what it is like to be a frustrated whistleblower, and so perhaps the comparison is unfair.Henrqiues warns that Madoff is obviously an accomplished liar, and so that anything he tells her, and through her, us, may not be true. Some of his statements are likely false. First, he denies that others knew anything. He may be trying to keep them out of prison. Second, he states that the Ponzi scheme did not begin until 1992. Many think it began earlier – he certainly was guilty of borrowing his clients’ money back in the early 60s, although it was paid back - but there’s no proof. Why would he insist on the later date of 1992? To protect what his family owned before then.Henriques also gives a more nuanced view of some of the people and organizations that were vilified after the scandal. The behavior of Madoff’s wife and sons has been consistent with complete innocence, so it seems likely that they really had no idea. The SEC, which certainly screwed up royally, was an organization whose budget and hence staff had been gutted by Congress. In fact Henriques is rather hard on Markopolos, who certainly has flaws but at least was trying to do the right thing. She mocks him for being afraid for his life. Well, it was a lot of money. People, including those in our government, have killed for far less.It was also interesting to read about the attempts to get the money back. The fellow in charge of the process, Picard, was not loved by anyone but he has apparently done a terrific job. One thing that must be done is to convince the defrauded that they could not put any faith in the statements provided by Madoff, which of course were completely fictitious. The most they could hope for was to get their money back. In most cases you get ten cents on the dollar but Picard was able to clawback considerably. This is an incredible achievement.This book ends up being a worthwhile read, giving some interesting perspectives. It does feel rather too much like an apology for the establishment at times. less

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