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The Wizard of Lies: Bernie Madoff and the Death of Trust-Diana B. Henriques

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The inside story of Bernie Madoff and his $65 billion Ponzi scheme, with surprising and shocking new details from Madoff himself.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 one hundred 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.

Book The Wizard of Lies: Bernie Madoff and the Death of Trust Review :



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.
The final words of this book sum up the real tragedy of Ponzi/pyramid schemes... and Madoff’s was probably one of the most unrecognizable for the smaller investor.I think that this book should be recommended reading for anyone doing their own investing, and mandatory for everyone investing other people’s money.Ms Henriques makes the technical concepts easy to understand; she has done her homework about what actually happened very well; she tells the all too human story of Bernard Madoff and his ego-based empire with insight, and a compassion for those badly affected, while not dramatizing....And all the while she does this while being laser focused on ethics and the reality of the cost of this game to rob Peter to pay Paul (while taking out plenty enough for ‘the wizard’ to live the high life of one’s dreams while wallowing in the biggest ego-spa of acknowledgment as a financial ‘genius’ that one can).Madoff and his cronies most certainly did not pull the wool over Ms Henriques’ eyes... what a pity he managed to suck so many others into his fantasy world of financial swings and roundabouts.

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