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No One Would Listen: A True Financial Thriller [Audiobook] [Audio CD]

Harry Markopolos , Scott Brick
4.2 out of 5 stars  See all reviews (26 customer reviews)
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Book Description

8 Feb 2011
Harry Markopolos and his team of financial sleuths discuss first–hand how they cracked the Madoff Ponzi scheme No One Would Listen is the thrilling story of how the Harry Markopolos, a little–known number cruncher from a Boston equity derivatives firm, and his investigative team uncovered Bernie Madoff′s scam years before it made headlines, and how they desperately tried to warn the government, the industry, and the financial press. Page by page, Markopolos details his pursuit of the greatest financial criminal in history, and reveals the massive fraud, governmental incompetence, and criminal collusion that has changed thousands of lives forever–as well as the world′s financial system. The only book to tell the story of Madoff′s scam and the SEC′s failings by those who saw both first hand Describes how Madoff was enabled by investors and fiduciaries alike Discusses how the SEC missed the red flags raised by Markopolos Despite repeated written and verbal warnings to the SEC by Harry Markopolos, Bernie Madoff was allowed to continue his operations. No One Would Listen paints a vivid portrait of Markopolos and his determined team of financial sleuths, and what impact Madoff′s scam will have on financial markets and regulation for decades to come.
--This text refers to the Hardcover edition.

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Product details

  • Audio CD
  • Publisher: Brilliance Corporation; Unabridged edition (8 Feb 2011)
  • Language: English
  • ISBN-10: 9781455819119
  • ISBN-13: 978-1455819119
  • ASIN: 1455819115
  • Product Dimensions: 1.8 x 1.3 x 0.4 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (26 customer reviews)
  • Amazon Bestsellers Rank: 1,787,032 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

[ STARRED REVIEW ] Markopolos, the whistleblower who filed five unheeded complaints against Ponzi king Bernie Madoff over nine years, has produced an astonishing true–life whodunit set amidst the personalities, plots, and international intrigue of Wall Street. Having collected damning information on money manager Madoff–the respected co–founder of NASDAQ who ran the largest financial scam in history–since 1999, Markopolos′s work as a chartered financial analyst and certified fraud examiner, aided by an industry journalist and two colleagues from his days as a derivatives portfolio manager, lays bare the Security and Exchange Commission (SEC) as a tragically inept regulating agency that "didn′t give a rat′s ass about protecting investors," and seemed to consider Madoff "just another guy cutting some corners." Realizing he had not one but two powerful opponents–"Madoff and this nonfunctioning agency"–Markopolos refused to give up, despite fearing for his life and his family; accordingly, he transmits his team′s determination and fascination in contagious detail. The hows and whys of Madoff′s eventual arrest, Markopolos′s subsequent appearances before Congress, and the carnival of press coverage makes a satisfying conclusion to this strange epic; Markopolos also includes complete documentation of his formal submissions to the SEC, plus his recommendations for much–needed reform at the agency. (Mar.) ( PublishersWeekly.com , March 29, 2010) "…a salutary tale and the detailed regulatory lessons offered in the epilogue deserve attention." ( Financial Times , March 2010)

‘…a salutary tale and the detailed regulatory lessons offered in the epilogue deserve attention.’ (Financial Times, March 2010). ′...a highly readable account...′ (Pensions Week, April 2010). ′...full of details about his dispiriting efforts to alert the authorities to Bernie Madoff′s $65 billion fraud.′ (UK.Reuters.com, March 2010). ′...reads like a thriller, full of purple prose.′ (TimesOnline.co.uk, March 2010). ‘This was easily the most exiting book I have read this year.’  (Actuary, SEptember 2010). --This text refers to the Hardcover edition.

From the Inside Flap

Bernie Madoff was a king of the financial world. He′d helped create NASDAQ and founded one of the most successful broker–dealers in the industry. He was also a beloved philanthropist. But very few people knew about his side business: he was quietly running the largest hedge fund in the world, a fund that eventually spread to over forty nations and handled tens of billions of dollars. Harry Markopolos was a quant, a little–known number cruncher sitting at a desk at a Boston equity derivatives firm analyzing investment products. When a marketer for that firm, Frank Casey, handed Harry a prospectus outlining Madoff′s strategy and asked him to create a similar product, he sat down and looked at the numbers. Literally within minutes Harry knew it was impossible to do. The numbers didn′t add up. For the next ten years, Harry Markopolos and the investigative team he recruited tried desperately to warn the government, the industry, and the financial press that the largest and most successful hedge fund in the industry was a total fraud and that the respected and admired Bernie Madoff was a crook. But No One Would Listen . This is the thrilling, complete story of the pursuit of the greatest financial criminal in history—a chase that put Markopolos′s life in jeopardy, led to international notoriety from his appearance on 60 Minutes , and once again opened the door to questions regarding the true effectiveness of the Securities and Exchange Commission (SEC). Markopolos′s incredible investigation takes readers inside the financial industry, revealing the never–before–told stories behind the headlines. As he shows, Madoff was a creation of the anything–for–profit culture that has devastated our economy and that perhaps led thousands of industry professionals, who knew about the fraud, to adhere to the industry′s code of silence. No One Would Listen is the frighteningly true story of massive fraud, governmental incompetence, and criminal collusion that has changed thousands of lives forever—as well as the world′s financial system. --This text refers to the Hardcover edition.

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Customer Reviews

Most Helpful Customer Reviews
9 of 9 people found the following review helpful
5.0 out of 5 stars the failure of the sec 25 May 2010
Format:Hardcover
three books were written on this subject: Arvelund, concentrating on the man, leBor concentrating on the victims and this book.
As an economist I found this book highly interesting, because it analysed the main cause of the whole scam; scoundrels are everywhere; stupid rich people idem; but it is the spectacular failure of the SEC that made the scam possible.
Finding a remedy is a major challenge to our profession.
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9 of 9 people found the following review helpful
5.0 out of 5 stars STATUS 27 April 2010
By DAVID BRYSON TOP 500 REVIEWER VINE VOICE
Format:Hardcover|Vine Customer Review of Free Product (What's this?)
The last book that I read about Madoff was also the first, the Strobers' account rushed out only a month after the scandal broke publicly. Appendix B of that volume contained the 29 `red flags' that indicated to Harry Markopolos what Madoff was doing, and Appendix B of Harry's own book gives them to us again, except that they are now 30. I wanted to read this book partly to bring myself up to date with the case, but above all I wanted to hear it from Harry Markopolos.

`No one would listen' he proclaims by way of a title. The reason is staring us in the face, and it will be completely familiar to anyone who has worked in, or dealt with, any large and established organisation. To be listened to, you need status. Markopolos does not use the word status: those possessed of status, and who are listened to in consequence, know better than to blurt this out or are too dim and self-complacent to understand the point; but I actually saw the expression used in a recent report of an appeal against a planning application in England. The successful applicant was a large firm, the objector was a private citizen, and the court dismissed the objection because he `lacked status'. This is literally true. It was Madoff's perceived status that got so many to believe him for so long, but to appreciate how deeply ingrained the mentality is, just read the Introduction here. Interrogated in jail Madoff was calm and forthcoming until Markopolos was mentioned, at which Madoff became irate `You know what? He's really a joke in the industry.' There you have it - Who does this upstart think he is? I won't be exposed by the likes of him, and I speak for some great silent majority.

Madoff was, we hope, unique in some ways, but not in thinking like that.
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5 of 5 people found the following review helpful
5.0 out of 5 stars A TALE OF DOGGED DETERMINATION 17 Aug 2010
By DOPPLEGANGER TOP 500 REVIEWER
Format:Hardcover|Verified Purchase
Harry Markopolos is a truly remarkable and commendable bloke who against all odds and the formidable obstruction of the Securities Exchange Commission, tried desperately to expose Bernard Madoff's 'Ponzi Scheme'. Had the SEC taken heed of Mr Markopolos's first well documented submission in 1999 and rightly stopped Madoff's so-called Hedge Fund then it would have saved others from losing $44 billion from 2000 until Madoff handed himself into the police on December 10, 2008.

This book carefully and interestingly tracks the battle that Mr Markopolos and his informal team had to fight to get the SEC to stop stonewalling and launch its own investigations into this mammoth fraud, with a lot of the investigations and factual evidence already supplied to them by My Markopolos. In all from late 1999 to Madoff's confession in 2008, Markopolos made 5 written submissions to the SEC as well as many calls and meetings with SEC officials. He discounts corruption as a reason the SEC refused to act earlier in the face of the overwhelming and compelling evidence before them and prefers to attribute this horrendous act of incompetence to the systemic ignorance of the workings of the industry they were supposed to be regulating.

At the 'Madoff Affair'Congressional Hearings in Feb 2009, after the SEC leadership had given its evidence NY Congressman, Gary Ackerman told them, " one guy with a few friends and helpers discovered this thing nearly a decade ago, led you to this pile of dung that is Bernie Madoff and you stuck your nose in it, and couldn't figure it out." He went on to tell them that "You wouldn't find your backside with two hands if the light was on!
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4 of 4 people found the following review helpful
5.0 out of 5 stars Brilliant read 23 Sep 2010
By SC Dog VINE VOICE
Format:Hardcover|Vine Customer Review of Free Product (What's this?)
I ordered this book not knowing what to expect and ended up shocked at how badly government departments failed in their duty to protect and regulate an entire industry, causing a huge loss to so many people.
With a basic knowledge of the situation I was unsure what more this book could give me that I'd be interested in but it held my interest from start to finish carefully explaining complicated financial products so those with only a basic understanding of the actual products would be able to understand and follow, without overloading you if you have some knowledge.

Following the story throughout the book I was initially led to believe that the author was overstating his importance and the warnings he was issuing, but it soon became clear that he had uncovered a huge problem and no was listening to his concerns. I can now completely understand the author's anger towards the SEC and it leaves readers wondering about the trust they have issued in the UK's FSA and the new, supposedly better run, SEC.

A great read, if a little scary, and one I would definitely recommend to other people with even a small interest in the financial crisis.
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Most Recent Customer Reviews
4.0 out of 5 stars The thankless tasks of whistleblowers...
Harry Markopolos has written an important book on the long-running fraud committed by Bernie Madoff. Read more
Published 9 months ago by John P. Jones III
2.0 out of 5 stars Great Story
A great financial disaster story. However the story is written poorly. The narrative is devoid of fluidity and the paragraphs appear like entries from a diary stiched together... Read more
Published 16 months ago by V. Joseph
4.0 out of 5 stars Rivetting
A great read. How did Bernie Madoff get away with his ponzi scheme for so long?? Well the author of this book tried and tried and tried to warn the US financial authorities for... Read more
Published 18 months ago by GoldenVision
2.0 out of 5 stars True but Badly Written
I have to agree with the other two-star reviews. I give two stars because it is a true story of breathtaking arrogance, criminality, greed and incompetence, and the financial... Read more
Published 22 months ago by Dr. Geoffrey Kemball Cook
4.0 out of 5 stars No one would listen
An excellent account of the trials and tribulations of Harry Markopolis, the guy that tried for ten years to blow the whistle on Maddof. Read more
Published on 19 Sep 2011 by grandefromage
5.0 out of 5 stars Motivated reasoning and the failure of light-touch regulation
Alan Greenspan -- the former chairman of the Federal Reserve -- was a famous advocate of the idea that markets are largely self-regulating. Read more
Published on 19 Mar 2011 by DigiTAL
5.0 out of 5 stars True Financial Thriller !
This book indicates the ignorance of the government to implement changes in the SEC, to reduce bureucracy and to educate more its personnel on financial rather than legal... Read more
Published on 27 Sep 2010 by Finwizzard
2.0 out of 5 stars Author could've made it more Madoff and little less "me, me, me"!
I was very intrigued to read about what the unappreciated whistle-blower had to say on Madoff. While reading about the Bernie Madoff scandal was no doubt quite fascinating, one... Read more
Published on 27 July 2010 by PriyaSoum
5.0 out of 5 stars Surprisingly accurate it seems
This book tells the story of how Harry Markopolos and a small group of friends/colleagues in the Boston options trading community tried in vain to get the SEC to investigate Bernie... Read more
Published on 16 Jun 2010 by Darren Simons
5.0 out of 5 stars Tip of an iceberg?
I know enough about traded options to follow the author's arguments: indeed, as soon as Markopols outlined Madoff's "split strike conversion" strategy, it was obvious it couldn't... Read more
Published on 30 May 2010 by Yellow Duck
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