Harry Markopolis clearly documented to the Securities and Exchange Commission (Appendix B) that Bernie Madoff was either front-running or operating a Ponzi scheme. I kept thinking of the billions of dollars (at least 55!) that could have been saved and the investors who might not have lost everything had the SEC been doing their job to stop fraud and protect investors. In May 1999, Markopolis first warned the SEC but it wasn’t until December 2008 that Madoff was arrested when his sons turned him in to authorities. Markopolis, who understood the math, tried to duplicate Madoff’s consistent returns but the numbers wouldn’t add up and there was no mathematical model that could explain it. I do not have a business background but this book reads well for the layman too. Appendix C contains an, “Online Resource Guide for the Classroom and Beyond.” MAIN HV6697 .M37 2010
This ties in with another new title recently received:
Not all sociopaths are violent serial murderers. This book describes the nonviolent but just as lethal sociopath that exists in our everyday world. Bernie Madoff was the first person who came to mind when I read this book.