Friday, December 15, 2017

Free Ebook , by Diana B. Henriques

Free Ebook , by Diana B. Henriques

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, by Diana B. Henriques

, by Diana B. Henriques


, by Diana B. Henriques


Free Ebook , by Diana B. Henriques

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, by Diana B. Henriques

Product details

File Size: 874 KB

Print Length: 466 pages

Publisher: Times Books; First edition (April 26, 2011)

Publication Date: April 26, 2011

Sold by: Macmillan

Language: English

ASIN: B004OA6402

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Amazon Best Sellers Rank:

#69,431 Paid in Kindle Store (See Top 100 Paid in Kindle Store)

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.

I liked this book. The only thing I craved that was missing was more of the why - why, psychologically, did BDM engage in the biggest financial fraud of all time, for so long? There were only bits and pieces of that. And why did a couple of his - I'll call them henchmen - henchmen, play along? One guy, Frank DiPascali, was carefully and expertly fabricating fraudulent statements for BDM for years, but I never understood why - I could only just speculate. Was he getting kickbacks? Was BDM some sort of Rasputin, or Charles Manson, and Frank was a cult member? All I knew was that Frank denied the allegations (in criminal court, where he ultimately pled guilty), and that BDM kept asserting that only he knew. It was a big unanswered question for me, even though it would have been one of the more interesting "stories" within the scandal.It's possible that Diana simply didn't have access to that insight, which I get. And I absolutely appreciated Diana's courage in her conclusions - even in the face of no doubt receiving animosity from BDM's victims for essentially humanizing him in a cautious but instructive way, and further providing insight and humanization for BDM's family members, who likely didn't know what BDM was hiding. Her mastery of the financial products and Wall Street environment is great, and her journalist's discipline and approach made it a solidly researched and written book. Recommended.

Diana Henriques's The Wizard of Lies is the best single source for understanding the disaster that Bernard Madoff wreaked on the world. Henriques, who covered the Madoff scandal for The New York Times, sees Madoff for what he was, a liar whose ability to project calm and seemingly steady and risk-free returns, led so many to trust their lives and fortunes to him. And whose gift for mixing technical market jargon with a reputation as the head of a well-known trading firm disarmed (or confused and mystified) both questioning investors and SEC investigators.Her book tells two related stories: the immediate days preceding his arrest and the consequences, the asset forfeitures, the prosecution, the incarceration, and the painful litigation in the bankruptcy court over the investors' staggering losses, real and imagined. Having covered the Madoff scandal, Henriques is able to tell the story of his downfall in nearly minute-by-minute detail, with the result that her account has the pace and excitement of a cop novel, even though the reader knows how the story ends. Even so, the details are riveting and well-told. Moreover, although many of the bankruptcy and litigation issues are arcane, Henriques is able to translate the legal maneuvering into a highly readable story.Perhaps more interestingly, because the story is less well known, she also dug extensively into Madoff's background, from which she poses an intriguing question: when did the fraud begin? In her book, Henriques admits she's not sure, but speculates it could have begun in the early 1980s or perhaps as early as the 1970s. Madoff has never admitted it began earlier than the 1990s. Henriques's suspicion is bolstered by Madoff's admission that early in his career, in the late 1960s and early 1970s, he engaged in some low-end securities fraud for which he was never caught or prosecuted. He also admitted to helping assist foreign investors evade their own currency and tax laws without any regard for the morality of such conduct. Finally, she notes that in the middle of the 1980s, Madoff faced several squeezes as investors were withdrawing funds unexpectedly. From that, she wonders whether Madoff's money management business was a fraud from its inception, but admits she has no solid proof. Interestingly, however, in a 2012 superseding indictment of five Madoff employees, which was filed after her book came out, the federal government for the first time charged that the Madoff scheme went back to the 1970s.Henriques finishes with a short essay on trust, why investors trusted Madoff, why they should not have, and what the Madoff scandal may do to change investors' minds about understanding the risks they are taking in investing.All in all, a very worthwhile read.

The author told a difficult and painful story with objectivity and sensitivity. It was a hard read. . . in part because of the financial world technicalities with which I am unfamiliar but also because at the end of the day, it still left me wondering - perhaps more than ever - how so many people could be so ignorant, so deluded, so greedy, and/or so immoral as to allow this to happen. I could empathize with the "regular people," whose misplaced trust in the experts left them in financial ruin. The author cites evidence to support that Bernie's sons were not privy to this side of the "family" business. My heart broke for them and for all the known and unknown victims in this debacle. A worthwhile but difficult read.

Like millions of people, I found myself morbidly intrigued by what this man did to so many people. This is an excellent book. The auther did a good job of laying out all the facts, but spun them together in a way that made the book highly readable. Questions are still to be answered. Did Ruth Madoff know what was really happening? Not sure. After reading this, I felt sure that her sons did not, but I still have questions about what Mrs. Madoff knew and when she knew it. This man who ruined so many lives in order to live like a king is a monster. He took not only from wealthy people could withstand their losses, but from many who could not, people like police officers and teachers. He deserved that prison sentence he got. There should be more in there with him.

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