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The Madoff Chronicles: Inside the Secret World of Bernie and Ruth
Behind the walls of the house that lies built After the news broke of Bernie Madoff's arrest on December 11, 2008, the facts were hard to grasp. Madoff claimed to have stolen fifty billion dollars; the sum seemed impossibly large. But of course it wasn't impossible. And that was only the beginning of the story. As chief investigative correspondent for ABC News, Brian Ross has been on the front lines of the Madoff scandal since the beginning. Throughout the course of his investigation, he and his team have achieved unequaled access to the investigators working to unravel Madoff's fraud, and have succeeded in cultivating sources deep within the walls of Bernard L. Madoff Investment Securities that no other journalist has reached. Ross was even able to obtain a copy of the contents of Madoff's "little black book." The result is an unparalleled, fly-on-the-wall view of a life of corrupted luxury and outrageous lies. Ross chronicles the lavish lifestyle that Bernie and his high-school sweetheart, Ruth, enjoyed as the result of his ill-gotten gains and the bone-deep deceit that shocked the world with its sheer audacity. He details the layers of Madoff's scheme--from money men across the country who made millions convincing clients to entrust their wealth to Madoff, to the fabricated stock trades and false quarterly statements that fooled his victims, many of whom lost their savings, their homes, some of them even their lives, in the wake of Madoff's betrayal. This is a true-crime drama of Shakespearean proportions, built upon the up-close investigative skills of one of our most respected journalists. The Madoff Chronicles is a vivid and chilling look behind the gilded doors of the greatest financial fraud in history.
288 pages, Hardcover
First published September 29, 2009
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190 people want to read
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Displaying 1 - 30 of 42 reviews
October 20, 2013
The author had access to two major individuals - Madoff's assistant and a former security person, referred to as "Little Rick." The author is an ABC reporter, and he quotes various ABC commentators throughout. While there were some insights, overall it read like a listing of things Madoff's assistant and Little Rick recalled, in addition to commentary by ABC journalists and publicly available information, and as a result gaps were present. The writer needs to read more nonfiction that reads like a novel, in my opinion.
Certain persons - such as Fred Wilpon, owner of the New York Mets, were brought up several times, and always were reintroduced - e.g., there were at least four sentences that began like "Fred Wilpon, owner of the New York Mets, a long time Madoff investor..." This was distracting in that I knew before I picked up the book that Wilpon was the owner of the Mets and a big Madoff investor. There was also one misspelling that was brought up repeatedly - something like "misled" was spelled as "mislead" in a critical document. This type of writing was distracting.
In all, I learned some things I did not know, but it was a tougher and less satisfying read than I had hoped.
Certain persons - such as Fred Wilpon, owner of the New York Mets, were brought up several times, and always were reintroduced - e.g., there were at least four sentences that began like "Fred Wilpon, owner of the New York Mets, a long time Madoff investor..." This was distracting in that I knew before I picked up the book that Wilpon was the owner of the Mets and a big Madoff investor. There was also one misspelling that was brought up repeatedly - something like "misled" was spelled as "mislead" in a critical document. This type of writing was distracting.
In all, I learned some things I did not know, but it was a tougher and less satisfying read than I had hoped.
February 8, 2017
Interesting audiobook about the whole scandal, but didn't learn anything new. However, I enjoyed the narrative but I could have done with less commentary from just the one secretary, it would have been better to hear from many more.
January 12, 2010
This was a very good insight into the mind and family of this master minupulator and thief. The book is not big, but, it is a good read and pretty much gives you the whole Uncle Bernie story .
It is hard what to say about this guy except there is just no conscience here at all .
I think you will enjoy the book if for nothing else just to see what makes this guy and people like him tick .
I guess it boils down to , are thirty years of living like nobody else in the world can, worth being in prison for 150 years, or whats left of your life, like nobody wants .
If you get a chance to read it , probably on the reduced price shelf now, I would read it .
Again, if it looks too good to be true , it probably is
It is hard what to say about this guy except there is just no conscience here at all .
I think you will enjoy the book if for nothing else just to see what makes this guy and people like him tick .
I guess it boils down to , are thirty years of living like nobody else in the world can, worth being in prison for 150 years, or whats left of your life, like nobody wants .
If you get a chance to read it , probably on the reduced price shelf now, I would read it .
Again, if it looks too good to be true , it probably is
March 20, 2010
Fascinating. I don't know how he slept at night but he is a master of deceit.
July 13, 2020
A gossipy little read that provides many more inside details about the Madoffs' lives and the inside workings of the firm than, say, Diana Henriques' book. Seems a little hurriedly written and with time perhaps could have been a little more polished to read like a classic true crime. Plus I really despise Brian Ross, the dean of Fake News.
January 31, 2012
I loved this book. Most of the information has already been out there in the news, but the book brings it all together which is convenient. Also, being 2012, some of the details have started to get fuzzy. It does a good job telling the personal side of the story (the people involved, the people that tried to stop it, investors, feeder funds, family, etc.), as well explaining the specifics of the fraud.
The real strength of the book, in my opinion though, are the take away lessons. For example:
-It reiterates the importance of diversification of your investments (don't have all your retirement with one fund, or even broker). I feel so bad for everyone who lost money, but especially the people who thought they had a few million, maybe even 10 million, were retired at maybe 80 yrs old, and lost it all and had to go back to work.
-Don't invest your money where the advisor also has custody of the funds.
-Don't accept an experts opinion or recommendation solely because they're an expert. Many people thought something fishy was going on with Madoff but still invested due to a combination of greed and accepting experts recommendations.
-Due diligence with investments. Always, ALWAYS, make sure you understand where you money is invested! Sounds basic, but it happens all the time. Sometimes people don't think they have enough of money to warrant detailed due diligence, but just calculate what that money will be worth in 30 years and in effect you are investing that sum of money today.
Incentives- Legendary investor Charlie Munger always goes on about the importance of incentives and this book is yet another example at the power of incentives. The organizational chart at Madoff Securities looked like a family tree. Some of whom were not entirely qualified for the position and could not make an equivalent salary in the marketplace at another firm. Thus, they were incentivized to turn a blind eye to anything that might jeopardize their job (and their family and friends who were also working there).
Also, the feeder funds had HUGE incentives to turn a blind eye and even HELP Bernie pull off the scheme. The feeder funds were hedge funds themselves and charged their clients huge fees (1-2% of assets under management, plus performance fees of 10-20% profits). However, they weren't even investing the money themselves. They were simply investing the money with Madoff and in return Madoff was NOT charging them. Thus, they were getting to charge the fees that Madoff should have been charging them under normal conditions. It was a classic too good to be true scenario. Once they got used to this and was making tens and hundreds of millions of dollars, they didn't want to be the one to kill the golden goose. The largest of them all, Fairfield Greenwich even received an email from their firms general counsel stating that Madoff's so called independent auditor was a one person operation, thus should be looked into. The firm only replied "thank you" and never did anything!
As you can tell, parts of the book are infuriating (especially when people are turning a blind eye or are so close to uncovering the scheme). Bernie was actually close to being caught a number of times, dating back as late as 1992! Regardless, it's still a great book and I'm looking forward to reading a more recently written book that has tracked some of the court cases and outcomes of people connected with Madoff.
The real strength of the book, in my opinion though, are the take away lessons. For example:
-It reiterates the importance of diversification of your investments (don't have all your retirement with one fund, or even broker). I feel so bad for everyone who lost money, but especially the people who thought they had a few million, maybe even 10 million, were retired at maybe 80 yrs old, and lost it all and had to go back to work.
-Don't invest your money where the advisor also has custody of the funds.
-Don't accept an experts opinion or recommendation solely because they're an expert. Many people thought something fishy was going on with Madoff but still invested due to a combination of greed and accepting experts recommendations.
-Due diligence with investments. Always, ALWAYS, make sure you understand where you money is invested! Sounds basic, but it happens all the time. Sometimes people don't think they have enough of money to warrant detailed due diligence, but just calculate what that money will be worth in 30 years and in effect you are investing that sum of money today.
Incentives- Legendary investor Charlie Munger always goes on about the importance of incentives and this book is yet another example at the power of incentives. The organizational chart at Madoff Securities looked like a family tree. Some of whom were not entirely qualified for the position and could not make an equivalent salary in the marketplace at another firm. Thus, they were incentivized to turn a blind eye to anything that might jeopardize their job (and their family and friends who were also working there).
Also, the feeder funds had HUGE incentives to turn a blind eye and even HELP Bernie pull off the scheme. The feeder funds were hedge funds themselves and charged their clients huge fees (1-2% of assets under management, plus performance fees of 10-20% profits). However, they weren't even investing the money themselves. They were simply investing the money with Madoff and in return Madoff was NOT charging them. Thus, they were getting to charge the fees that Madoff should have been charging them under normal conditions. It was a classic too good to be true scenario. Once they got used to this and was making tens and hundreds of millions of dollars, they didn't want to be the one to kill the golden goose. The largest of them all, Fairfield Greenwich even received an email from their firms general counsel stating that Madoff's so called independent auditor was a one person operation, thus should be looked into. The firm only replied "thank you" and never did anything!
As you can tell, parts of the book are infuriating (especially when people are turning a blind eye or are so close to uncovering the scheme). Bernie was actually close to being caught a number of times, dating back as late as 1992! Regardless, it's still a great book and I'm looking forward to reading a more recently written book that has tracked some of the court cases and outcomes of people connected with Madoff.
May 11, 2013
This has to be one of the world's most sloppily edited and written books. How many times do we have to be told Madoff did not pick stocks, that he and his family used Platinum American Express Cards (There's actually a more exclusive Black Card offered by this same company, but I digress.), and other repetitive stuff. A lot of the language used is pedestrian and at times you're going to want to scream at how many times Brian Ross, the reputed author --he probably was, because a professional writer would not have let such a manuscript go without more intense edits--repeats and repeats. Clearly he wanted to get the book out fast, while interest was high, so he could make as much money as possible, and the same criticism applies equally to his publisher, Hyperion; but that said, I found the book fun to read, enjoyed learning about the main characters. Plus, the book is short, so you're done with it quickly enough.
December 16, 2009
I don't speak "Wall Street" or high finance but was fascinated by the crime Bernie Madoff masterminded!
The Madoff Chronicles by Brian Ross is an amazing account of this incredible crime! It tells of the day/in day out activities of Bernie and his crew. You will be on the edge of your seat every time the SEC stops by, and then leaves having found nothing of interest!
Ross, his sources and colleagues deliver the story in a manner that returns great dividends to those curious about how this could have happened, without getting caught!
Highly recommended!
The Madoff Chronicles by Brian Ross is an amazing account of this incredible crime! It tells of the day/in day out activities of Bernie and his crew. You will be on the edge of your seat every time the SEC stops by, and then leaves having found nothing of interest!
Ross, his sources and colleagues deliver the story in a manner that returns great dividends to those curious about how this could have happened, without getting caught!
Highly recommended!
January 1, 2010
This is the third book on Bernie Madoff that I have read. Each had its strengths. Mr. Ross's is that he manages to compress the sorry tale into a rather short, but gripping narrative. His book contained a bit more of a character study than the others. Because the author interviewed Mr. Madoff's lifelong and devoted secretary (now disillusioned), it gave this book some behind the scene glimpses into the aftermath of the scandal. If you have to pick one on this subject, I highly recommend it.
September 4, 2012
I read this after reading The End of Normal. I just had to know what happened--what he did and how he did it. Interesting to know how many people were in on it AND how many people (who you'd have THOUGHT were in on it) weren't. Even crazier how many people got close enough to sniff out his crimes years in advance but never followed through. They are almost as guilty as he is.
May 27, 2018
The Madoff Chronicles by Brian Ross is a brilliant book, which chronicles the lavish lifestyle that Bernie Madoff had for decades while steeling the retirement savings of thousands. The book is well written and is compelling. I found the research on the shallow side, but the book is still well written.
September 23, 2019
Where was the editor?
This was a thin, watery account of an egregious life of crime. So much material was repeated again and again so that the reader could scarcely believe that there was enough material to make this book believable or compelling. A quick read, but a waste of time.
This was a thin, watery account of an egregious life of crime. So much material was repeated again and again so that the reader could scarcely believe that there was enough material to make this book believable or compelling. A quick read, but a waste of time.
August 14, 2011
I could not put this book down once I picked it up. Not since I read "Into This Air" by John Krakauer has another book caught my interest in such a profound way. Thank you Brian Ross, you are an excellent writer.
May 2, 2012
This book gave a good deal of insight into the Madoff affair, zeroing in on the personalities and history. It was interesting reading and a good way to get some understanding of what Madoff did and how he did it.
February 29, 2016
Sure makes one wonder about the secrecy wrapped around the Fed, IRS and all monies handled by agencies such as the SEC and SDIC. Are we blindly riding on an even greater Ponzi scheme perpetrated by our government with the rising debt and all the calls for fair share redistribution of wealth.
May 1, 2019
This book was very factual with credible sources. This is a story is which I have seen the movie, TV interviews, and have read the books and infamous Vanity Fair article. I find it so fascinating of what was able to slip through the cracks and go unexposed for so many decades.
May 12, 2020
The book is even more disgusting than the orginial trial. Bernie and his wife Ruth should have been fed to the people he cheated out of their life savings. I can only imagine both of them being torn from limb-to-limb, and I'm NOT sure that would have been justice!
January 5, 2010
Awesome book - what a crook!
October 19, 2019
I am loving this book...........
April 3, 2010
good, scarey as to money schemes
May 31, 2010
Interesting story, but just a rehash of what was in the papers and on tv. No new information. Reads like a rush job to get out while the story is still hot.
December 9, 2010
A behind the scene look at greed. How could he have gotten away with it for so long? Incompetence and complacency.
September 28, 2010
Bernie was all for Bernie and nobody else. Ross has done a fine piece of investigative reporting.
January 5, 2011
A very quick read on one of the most ridiculous couples on the planet.
Pure proof that 'game face' gets you everywhere, until....
Pure proof that 'game face' gets you everywhere, until....
July 19, 2012
very good
September 9, 2012
This book is not really well-written and Brian Rose's sources seem a little sketchy.
June 10, 2015
Really just OK. Perhaps written too soon after the major events to allow for meaningful analysis.
January 17, 2016
Really enjoyed the book. Read it in one day and found it to be very informative and am looking forward to mini series on ABC
March 30, 2016
I thought this book would be fascinating and it wasn't. Unfortunately Brian Ross wrote this book like a news report on television - repeating, repeating and repeating.
May 28, 2016
Fantastic super quick high level read on the Madoff scandal. Very interesting and astonishing the fraud wasn't discovered sooner. Also interesting to learn that he had no remorse. Disturbing story.
Displaying 1 - 30 of 42 reviews