Madoff Talks: Uncovering the Untold Story Behind the Most Notorious Ponzi Scheme in History

by Jim Campbell

Overview

“The authoritative source on one of history's most notorious Ponzi schemes.” —Fortune

The definitive, in-depth account of the spectacular rise and fall of Bernie Madoff—and the greatest Ponzi scheme of all time―featuring new, exclusive, never-before-published details from Madoff himself

No name is more synonymous with the evils of Wall Street than Bernie Madoff. Arrested for fraud in 2008—during the depths of the global financial crisis—the 70-year-old market maker, investment advisor, and former chairman of the NASDAQ had orchestrated the largest Ponzi scheme in world history, fleecing thousands of investors across the globe to the tune of $65 billion. To this day, questions remain: Why did he do it? How did he get away with it for so long? What did his family know? Who is the elusive Bernie Madoff?

In Madoff Talks, author Jim Campbell presents the most comprehensive, insider account of the Madoff saga to date. Based on exclusive interviews with all the players—the Madoff family and their associates, the Wall Street wheelers and dealers, the army of lawyers, analysts, and investigators, the victims of the scheme, and Bernie Madoff himself—the book reveals:

• what motivated a respected financier to commit such a massive fraud—and why he thought he could get away with it
• how Madoff managed to keep the scheme hidden in plain sight—despite numerous SEC investigations
• the shocking failures of Wall Street oversight—and how it could happen again
• the true scale of the investment losses―and the victims’ ongoing fight for justice
• what Ruth Madoff and the rest of the family knew—and how it shattered their lives

Madoff Talks features the first, and likely only, interviews with Ruth Madoff and defense attorney Ira Sorkin, for which Bernie waived attorney-client privilege, as well as never-before-published details from the author’s personal communications with Bernie Madoff in prison. A vivid, powerful piece of investigative reporting, the book takes us behind the headlines to show the full human cost of Madoff’s crimes, and offers a cogent analysis of the reforms necessary to prevent it from happening again.

Meticulously researched and relentlessly riveting, Madoff Talks is the full story of an American tragedy.

Product Details

ISBN-13:	9781260456172
Publisher:	McGraw Hill LLC
Publication date:	04/27/2021
Pages:	352
Sales rank:	507,640
Product dimensions:	6.20(w) x 9.10(h) x 1.30(d)

About the Author

Jim Campbell is the host of the nationally syndicated radio show Business Talk with Jim Campbell. He is known for his hard-hitting interviews of leading figures from the worlds of business, politics, and sports. Known for “firsts,” Campbell snagged the first extensive interview with former New York Governor Eliot Spitzer after his resignation, the first interview with former Tyco CEO Denis Kozlowski after his release from prison, and the first broadcast interview with former stock analyst Roomy Kahn, a government informant in one of the biggest insider trading busts in American history.
Campbell’s extensive corporate, consulting, and entrepreneurial business background includes roles at KPMG Consulting, Dean Witter Financial Services (now Morgan Stanley), and IBM. He is founder and president of JC Ventures, Inc., a management consulting business.

Table of Contents

Acknowledgments ix

Introduction

From One Man's Fraud to the Unwitting Conspiracy That Led to the Failure of the Financial Regulatory System-and the Willful Blindness on Wall Street xiii

1 The Fall of Madoff

The Final Days 1

2 The Rise of Madoff

The Legit Bernie, or the "Front of the Restaurant" 27

3 The Madoff Path to Ponzi

Why Did Madoff Do It? 49

4 The Largest and Longest Ponzi Scheme in History

How Did Madoff Do It? 69

5 The Systemic Failure

The Whistleblowers and the Failure of the Financial Regulators 101

6 The Money Trail

The Forensic Investigators and the Failure of Wall Street 139

7 The Abuse of Power

SIPC, the Madoff Recovery Trustee, and the Victims 177

8 The Madoff Family

Did They Know? 215

9 The Elusive Madoff

King of Wall Street to Inmate 61727054 249

10 Never Again

No More Ponzi Schemes (and the Big Conspiracies the Government Missed) 271

Notes 295

Index 307

Editorial Reviews

03/26/2021

Radio host Campbell offers a compelling, fast-paced look Bernie Madoff's orchestration of the biggest Ponzi scheme in history. In 2008, Madoff, then chairman of Bernard L. Madoff Investment Securities LLC, was arrested, and in 2009 he pled guilty to having defrauded investors of billions of dollars. Campbell seeks answers to questions about Madoff's crime: Were his wife, Ruth, and his sons Mark and Andrew aware of what Madoff was doing? How much did his employees and associates know? And how long did the scheme really last? To back up his conclusions, Campbell relies on interviews with Bernie, Ruth, Andrew (who died in 2014), and former employees of Madoff's, as well as information from the federal investigation. He breaks down Wall Street jargon to ease readability and makes sense of a process that was intentionally confusing in order to throw off would-be investigators. Offering fresh insight, this book will leave readers with a better understanding of how events unfolded. VERDICT Campbell's reporting is top-notch, and he unearths information that will be new to the general public. A must for those still searching for an answer to the ultimate question about Madoff's crimes: Why?—Mattie Cook, Flat River Community Lib., MI

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