Saturday, May 22, 2010

Book Review No One Would Listen [Madoff Scandal]

The book No One Would Listen: A True Financial Thriller by Harry Markopolos is the unbelievable but true riveting story of how one man (along with a small team) tried to expose the Bernie Madoff swindle and scam. He ran into numerous roadblocks from the Securities and Exchange Commission, even though he provided very thorough and extensive reports to the agency. The excuse given by the SEC for ignoring him was that he didn't work for Madoff and Madoff didn't personally provide him with information.

As Markopolos continued to pursue his exposure, he felt that his life was in danger, not only from Madoff but many of the unsavory firms and individuals who were Madoff investors and wouldn't look too kindly on someone who was trying to bring the firm down. Markopolos had people following him, had to increase his home security, and carried a gun with him at all times.

He provides detailed transcriptions of conversations he had with members of the SEC and the press, in his attempt at bringing this scandal to light. Unfortunately, almost no one would listen, until Madoff admitted his guilt himself. If you want a full account of this whistleblowing attempt, read No One Would Listen.

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