Judy's Reviews > No One Would Listen: A True Financial Thriller

No One Would Listen by Harry Markopolos
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's review
Aug 09, 2010

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Read in August, 2010

The author of this book tried for over ten years to get the SCE to investigate Bernie Madoff's investment firm, but with no results. Markopolos knew as early as 1991 that Madoff was running a huge Ponzi scheme. He put together solid documentation and presented it to several parties, from the SCE to investors, but no one paid any attention to him. By the time Madoff's empire collapsed in December 2008, he had scammed investors out of sixty-four BILLION dollars. Markopolos's efforts have resulted in some major fraud investigation policy changes at the SCE.

I was fascinated by this story, but irritated at the same time. I was stunned at the amount of money involved, and at how Madoff especially targeted his own Jewish community. On the other hand, Markopolos places all the blame on Madoff's shoulders. While he is certainly guilty and deserves to spend the rest of his life in prison, I was also disturbed by the greed of his investors, to whom the author assigns no blame. Even presented with the facts, they could not let go of the idea of huge profits.

I would have given the book four stars without the last part of the book, which is a series of rather annoying testimonials of those who were cheated by Madoff and a dull in-depth discussion of Markopolos's suggestions for reforming the SCE. The book was written within months of Madoff's crash, so I can forgive the author for some of the content choices. In spite of its flaws, if you are interested in the stock market, this is a very interesting book.

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