No One Would Listen. A True Financial Thriller

  • ID: 4423555
  • Book
  • 368 Pages
  • John Wiley and Sons Ltd
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Praise for No One Would Listen

"Harry Markopolos is a hero . . . The silver lining in the Madoff collapse, if there could be such a thing, is that for at least one moment in time, the SEC has been exposed. And for his role in making that happen, Harry Markopolos deserves all of our thanks."
from the Foreword by David Einhorn, President and Founder of Greenlight Capital author of Fooling Some of the People All of the Time

"How to improve financial regulation and reduce the federal budget deficit, all in one fell swoop? Fire the SEC. Hire Harry Markopolos."
James Grant, Grant′s Interest Rate Observer

"No One Would Listen is not the story of Bernie Madoff, but rather a tale of government incompetence so incredible that if it were a work of fiction, it would be dismissed as ′totally unrealistic.′ If there is any good that is to come out of this incredible tale of governmental failure, it is that the magnitude and scope of regulatory incompetence was so extreme that it enhances the chances of true reform. Hopefully, the outrage over the facts brought to light by Harry Markopolos and his team of whistleblowers will encourage and expedite a complete structural and philosophical reorganization of the SEC."
Jack Schwager, Investment Director, Fortune Group author of Market Wizards and the Schwager on Futures book series

"This is a fascinating story that, unfortunately, only begins to uncover the underlying problems that face the investment industry. I applaud Harry and his team for their courage and conviction to act."
Gary G. Brent, Chairman HighView Financial Group

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Foreword.

Who′s Who.

Introduction.

Chapter 1: A Red Wagon in a Field of Snow.

Chapter 2: The Slot Machine That Kept Coming Up Cherries.

Chapter 3: Falling Down the Rabbit Hole.

Chapter 4: Finding More Peters (to Pay Paul).

Chapter 5: The Goddess of Justice Wears a Blindfold.

Chapter 6: Didn′t Anyone Want a Pulitzer?

Chapter 7: More Red Flags Than the Soviet Union.

Chapter 8: Closing the Biggest Barn Door in Wall Street History.

Chapter 9: Soaring Like an Eagle Surrounded by Turkeys.

Epilogue: Mr. Pinkslip Goes to Washington.

Appendix A: Madoff Tops Charts; Skeptics Ask How.

Appendix B: The World′s Largest Hedge Fund Is a Fraud.

Appendix C: Online Resource Guide for the Classroom and Beyond.

A Note on Sources.

About the Author.

Acknowledgments.

Index.

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[
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)

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