I think what I enjoyed most about this book was the author's ability to keep the reader's attention while also teaching what exactly the signs were that something was amuck in Madoff's investments. I thought that the last 2 or 3 hours of the book dragged on a bit, but I enjoyed the listen.
This book gets five stars from me because of all the good information Markopolos provides about the SEC's incompetence, Madoff's European and off-shore investors, Congressional peacocking, and his clear explanation of how Madoff's supposed split-strike-strategy would have worked, had he been using one. At times though, you can see why some people wouldn't have taken Markopolos seriously, as he recounts checking his car's wheel wells for bombs and calling his police department to receive 24-hour supervision- he comes across as a bit of a nut. While I'm not sure I would want to be friends with Markopolos, he certainly should have been treated with more respect and his message should have been taken more seriously. It was very a thrilling, informative read!
At first with all the technical talk I didn't think I was going to make it all the way through this book, but it turns out to be one of my most talked about books. I highly recommend this book.
As a survivor of the subprime meltdown, and various other financial disasters, I found this an interesting book. When discussing the framework of the Madoff scheme, i.e., the failure of regulatory agencies, the failure of other market participants to call out the scheme and the disaster that ensued, the story is gripping. However, Markopolos gets tiresome quickly with his angst and handwringing, which could have bee communicated far more effectively in fewer words. Worth listening to, but tune out Harry's soliloquy's and you'll learn more.
Other reviews mention that the author is a bit over the top with his lame metaphors and self-aggrandizing, and there is some of that. But, at it's core, this is the ultimate story of how a whistle blower being a little eccentric made smug regulators ignore a terrible crime. It reminds you of every good story where the "cool but cruel" kids in high school get their comeuppance. Markopolos' work could have used a little tighter editing, but you are still in the front row of this saga. And let's face it, the author earned the right to say "I told you so" after the disgraceful way his decade of carefully documented alerts were handled by regulators.
This book is a reminder that perhaps Madoff was not the only intentionally misleading individual on Wall Street. Author Harry Markopolos over promises and under delivers. Comes off whiney and self-aggrandizing.
This book reminds me of "Confessions of an Economic Hitman" The author is not writing about Madoff. To his credit the book is sold partialy as a dialouge of what the author's involvement was.
If you're looking for a book about Madoff, look elsewhere. Nothing more then a long "I told you so" to everyone. Disappointing to say the least.
I first saw Markopolos on the Daily Show with Jon Stewart and his obvious rage against the SEC's inaction against Madoff made me want to find out exactly how badly they screwed up. This book showed me that the SEC was so complacent that their behavior bordered on complicit. I could hardly stop listening, and found myself listening well into the night and even sometimes at work.
Great book, really well written and Markopolos explains the mathematical jargon behind the markets really well. I would recommend this to anybody who cares about our government agencies doing what they were created to do!
Outstanding book; hearing it added another dimension to the angst felt by the participants in the realization that: "No One Would Listen". These experiences are not unique to his complaints, and have been used by so many "smart operators" in Wall Street for years, all knowing that the watchdogs were out to lunch. It was refreshing to listen to the concluding chapters, save for the lives lost over this diaster. It was refreshing to know that the SEC has made substantial changes and will take a more professional stance in their regulatory role. Hope springs eternal.
Thanks Mr. M. for bringing these facts to light!
Thanks Mr. M. for helping this essential institution to regain focus of their essential role in US financial affairs.
I don't have much of an understanding of the financial world, but this book inspired me to rethink my ignorance and become more involved in my investments. While I might agree that the author seems rather egotistical at times in his writing, the whole idea of exposing fraud creates an interesting (and sometimes scary) story! I liked the narrator and the different voices of real people in the audiobook. While some narrators may be lacking in expression, Scott Brick did wonderfully. I liked the other voices because they were REAL people who were involved in the story! Made it all the more real to me. A must-listen for anyone who wishes to take the blinders off about the financial world.