| No One Would Listen: A True Financial Thriller |  | Author: Harry Markopolos
Publisher: Wiley
Category: Book
List Price: $27.95
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Rating:  99 reviews
Sales Rank: 5,859
Media: Hardcover
Pages: 376
Number Of Items: 1
Shipping Weight (lbs): 1.4
Dimensions (in): 9 x 6.4 x 1.3
ISBN: 0470553731
Dewey Decimal Number: 364.163092
EAN: 9780470553732
ASIN: 0470553731
Publication Date: March 2, 2010
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Amazon.com Review
Harry Markopolos and his team of financial sleuths discuss first-hand how they cracked the Madoff Ponzi scheme No One Would Listen is the exclusive story of the Harry Markopolos-lead investigation into Bernie Madoff and his $65 billion Ponzi scheme. While a lot has been written about Madoff's scam, few actually know how Markopolos and his team-affectionately called "The Fox Hounds" by Markopolos himself, uncovered what Madoff was doing years before this financial disaster reached its pinnacle. Unfortunately, no one listened, until the damage of the world's largest financial fraud ever was irreversible. Since that time, Markopolos openly has testified and questioned the enforcement and fraud investigation capabilities of the Securities and Exchange Commission (SEC), shared a sliver of this page-turning story with 60 Minutes, and become perhaps the world's most visible and insightful whistleblower on fraud and conflicts of interest in financial markets. Throughout the book, Markopolos and his Fox Hounds tell their first-hand story of investigating Madoff-with the help of bestselling author David Fisher. They explain how they discovered the fraud, and then how they provided credible and detailed evidence to major newspapers and the Securities and Exchange Commission (SEC) many times between 2000 and 2008, only to have his warnings ignored repeatedly by the SEC. - Provides a firsthand account of how Markopolos uncovered Madoff's scam years before it actually fell apart
- Discusses how the SEC missed the red flags raised by Markopolos
- Describes how Madoff was enabled by investors and fiduciaries alike
- The only book to tell the story of Madoff's scam and the SEC's failings by those who saw both first hand
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 they will have on financial markets and financial regulation for decades to come. A Timeline of a Take-Down
Amazon-exclusive content from author Harry Markopolos How long did it take to uncover and expose a $40 billion crook? Ten years. 1998-1999
• 1998: My Firm “discovers” Bernie Madoff
• Late 1999: I am asked to reverse engineer Madoff’s returns 2000
• I knew he was a fraudster in 5 minutes
• May: Submission to SEC Boston Regional Office’s Director of Enforcement with 12 Red Flags 2001
• January: Team Member Frank Casey recruits MAR Hedge investigative journalist Michael Ocrant onto the team during a chance meeting in Barcelona, Spain
• March: My 2nd SEC Submission on how I think Madoff is running the scheme and his investment process
• I offer to go undercover to assist the SEC
• Apr: Michael Ocrant interviews Madoff
• May: MAR Hedge publishes Madoff expose, “Madoff Tops Charts; skeptics ask how”; Barron’s publishes, “Don’t Ask, Don’t Tell: Bernie Madoff is so secretive, he even asks investors to keep mum” 2002
• Jun: Key trip to UK, France & Switzerland; met with 20 Fund of Funds & Private Client Banks: 14 have Madoff and report “special access to Madoff”; two have admitted Madoff losses – Dexia Asset Management and Fix Family Office; 12 have not admitted Madoff losses and all 12 were turned into SEC Chairwoman on Feb. 5, 2009; off-Shore funds attract three types of investors who won’t report losses or file SIPC claims with the US government 2003-2004
• E-mail records of investigation lost; attempting to recover data from non-functioning hard drives 2005
• Jun: Frank Casey discovers Madoff attempting to borrow money from European banks (first sign that Madoff scheme is in trouble)
• Oct: Boston SEC’s Ed Manion arranges for 3rd SEC Submission
• Oct: Meeting with Boston SEC Branch Chief Mike Garrity, who quickly investigates, finds irregularities, and forwards my submission to SEC’s New York Office
• Nov: Boston Whistleblower calls NYC Branch Chief Meaghen Cheung and reveals his identity
• Nov: 29 Red Flags submitted
• Dec: I doubt NYC SEC’s ability, fear for my life, and contact Wall Street Journal and go to local law enforcement for protection 2006
• Jan: Integral Partners’ $40 million derivatives Ponzi Scheme goes to trial five years and five months after discovery, causing us to further doubt SEC competence
• Sep: Chicago Board Options Exchange VP tells me that several OEX option traders also think Madoff is a fraudster; if SEC had called the CBOE’s marketing office, they would have cooperated 2007
• Feb 28: Neil Chelo obtains a Madoff portfolio which shows zero ability to earn a return
• Jun: Casey obtains Wickford Fund LP prospectus showing Madoff is short of cash and offering a 3:1 leverage via bank loans, another clear warning sign that Madoff is running short of cash
• Jul: Chelo obtains Fairfield Greenwich Sentry LP financial statements for 2004 – 2006 and discovers three year-end audits with three different auditors in three different countries!
• Aug: Chelo conducts a 45 minute telephone interview with Fairfield Greenwich’s head of risk management; hedge funds all lose money except for Madoff! 2008
• Apr 2: Undelivered e-mail to Sokobin, SEC’s Director of Risk Assessment, entitled, “$30 Billion Equity Derivatives Hedge Fund Fraud in New York”
• Dec 11: Madoff runs out of money, turns himself in
• Dec 12: SEC insider calls me and warns “watch your back, Operation Cover-up has begun.” 2009
• Feb 4: My U.S. House testimony followed by SEC’s senior staff and FINRA acting CEO
• Sep 4: 477-page SEC IG Report on the Madoff Fiasco released
• Sep 10: I testify before US Senate Banking Committee with SEC IG
Product Description
Bernie Madoff was a king of the financial world and a beloved philanthropist. But very few people knew that 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 little-known number cruncher at a Boston equity derivatives firm analyzing investment products. A marketer for that firm, Frank Casey, handed Harry a prospectus outlining Madoff’s strategy and asked him to create a similar product. Harry sat down and looked at the numbers. The numbers didn’t add up. For the next ten years, the investigative team Markopolos recruited warned 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. The incredible investigation takes listeners inside the financial industry, revealing the never-before-told stories behind the headlines. 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.
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| Customer Reviews:
Showing reviews 1-5 of 99
A guidebook to questions every investor should ask their investment advisor July 15, 2010
Kevin Albright
As a CPA I strive to ask the right questions. I try to look past what I am told by my clients and question the assumptions my clients and I have made. I am thrilled with this book because of the articulation of the questions asked by the author.
I would have given a five star rating for this book if it weren't for the poor grammar and one very important spelling mistake which is repeated multiple times. The author or editor does not seem to understand the difference between or proper meaning of the words principal and principle. Principal is the proper word to use when describing the dollar value of a bond and is also the proper word to describe the owner of a partnership. Principle is the proper word to use when describing a person's ethical principles. Why is this important? I lost a lot of confidence in the author when he couldn't properly differentiate between the two words. Shouldn't an experienced quant know the difference? Shouldn't an editor know the difference?
Anyways, this is still a fascinating story and recommend it.
 Fascinating July 14, 2010
R. Buss (Wayzata, MN)
Harry's book is well worth the read. I am an industry participant who had no interest in reading this account. My father (a customer) sent me the book and had excellent questions about our firm because of the knowledge he gained from reading this book.
Banking Industry is Next June 23, 2010
Catharina M. Hamilton (La Jolla, CA United States)
Oh my Gosh, that book was all I needed to confirm my suspicions that all financial institutions ran by idiots need to be examined. My trouble has been with Bank of America after they "bought" Countrywide. They conveniently lost 8 of my mortgage payments. My credit score went down the tubes, default notices started arriving and wouldn't you know it....no answer, no emails, nothing. Even when mailing with certified, return receipt. The hassle, the incompetency by BofA as well as the OCC has been mind boggling.
This book opened my eyes that I am not alone and not crazy. I could barely put this book down, it was so well written, questions were answered, and my knowledge of several different instruments was increased exponently!
thank you for opening up this mess we call "oversight for consumers."
No One Would Listen but I Would if I Were You! June 22, 2010
S. A. (REDONDO BEACH, CA, US)
A true story page turner. Read it in 4 days. A unbelievable story about one man and his attempt to alert the SEC to the Madoff ponzi scam. Just a good read and a real wake up call for reform at the SEC. Final recommendations for refrom at the SEC about 85% accurate. Since I finished the book found out that many lawyers at the SEC spent 4-8 hrs a day viewing pornography. Hello......no wonder no one would listen???
If you have a pension, read this book June 21, 2010
Harry Eagar (Maui)
Harry Markopolos's story of how he tried to expose the Bernard Madoff fraud is repetitious, because he and his team of freelance sleuths tried five times to alert the Securities and Exchange Commission, and five times they got the same result. The brushoff.
Unlike most repetitive books, "No One Would Listen" maintains its interest throughout.
If hundreds of people in the business knew Madoff was a fraud, why did only four (Markopolos and his friends Frank Casey, Neil Chelo and Mike Ocrant) try to do anything about it? Markopolos's explanation for himself is, "Some things are just so important that you know you have to do them for free."
Plus, his parents, teachers and the Army trained him right, and he's a stubborn Greek. (Curiously, Enron's top ranks were filled with West Pointers; Markopolos, though, is a mustang, a Reserve officer. Makes you think.)
None of those explanations is wholly satisfactory. Of the hundreds of people who knew or suspected Madoff, some others must have had upright parents, tough teachers or other life experience that would have led them to do the right thing. Wouldn't they?
The story of how Markopolos got to be a whistleblower did not come out in the news accounts. His employer, envious of Madoff's glowing results and steady growth, asked Markopolos to duplicate Madoff's secret strategy.
Markopolos, a "quant" or quantitative analyst, took one look at Madoff's numbers and saw they were impossible.
Either Madoff was cheating (front running, a kind if insider trading using order intelligence from his genuine brokerage) or he was running a Ponzi scheme (a complete fabrication). It took the team a long time to be sure it was a Ponzi scheme.
Nevertheless, exactly what Madoff was doing in secret was not certain (and even today, how or why he started doing it is unknown), but Markopolos found 30 "red flags" in the publicly documentable record, any one of which would have yelled, "Fraud!"
In the end, all 30 proved to be valid.
Markopolos says it is not his intent to rehash the fall of Madoff, he never met the man; but to expose and either reform or replace the SEC. The SEC was a proper place to begin, had regulation been taken seriously by the government, but Markopolos never says why he didn't take his case to the FBI, the Massachusetts or New York or Connecticut attorneys general or even the municipal police. Perhaps he did not think they would understand the substance of his claims - which were, after all, based on logic, not bloody fingerprints.
He has 15 suggestions about how to go about making the SEC (or some substitute) effective, not all entirely believable in a political sense, although when he submitted his manuscript a few months ago, he seemed hopeful that the outrage in public opinion and in parts of Congress would force genuine changes.
That seems less likely now. The fat cats and their Republican allies in Congress have a sweet thing going and they wouldn't want to change it merely for the public good.
Their claims that overregulation would stifle competitiveness are absurd -- Markopolos, after more than 20 years examining competitiveness from the inside says flatly, "Self-regulation can never work" -- but it's clear that even mild regulation, of the sort that worked so well from 1935 to 1980, when Reaganomics took over, would stifle some of the worst abuses.
It is worth remembering that the New Deal era of financial oversight was the most prosperous in history. Regulation need not stifle competition.
The scariest thing about "No One Would Listen" is Markopolos' tale of how he changed from an analyst to a fraud investigator, and with only his wife's paycheck to support him, used public documents to uncover at least 20 other billion-dollar scams in American finance.
This claim is believable, although since all 20 are still cloaked in the secrecy of Department of Justice investigations, his statement cannot be verified.
I have not mentioned the sinister undercurrent of violence that runs through "No One Would Listen," because it is speculative. But, like Markopolos' claims of widespread fraud, this is (in some respects) believable, too.
If you have a pension, read this book.
Showing reviews 1-5 of 99
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