By Diana B. Henriques
"An awesome, meticulously mentioned postmortem. . . . The Wizard of Lies is the definitive ebook on what Madoff did and the way he did it." ―Bloomberg Businessweek
Who is Bernie Madoff, and the way did he pull off the most important Ponzi scheme in historical past?
This query has interested humans ever because the information broke concerning the manhattan financier who swindled his pals, relations, and different traders out of $65 billion. And in The Wizard of Lies, Diana B. Henriques of The big apple instances has written the definitive ebook at the guy and his scheme, drawing on exceptional entry and multiple hundred interviews, together with Bernie Madoff's first interviews for book when you consider that his arrest. Henriques additionally offers bright information from the complaints and executive investigations that explode the myths that experience come to enclose the tale, and in a revised and multiplied epilogue she unravels the most recent criminal advancements.
A true-life monetary mystery, The Wizard of Lies contrasts Madoff's extraordinary upward thrust on Wall road with dramatic scenes from his accelerating slide towards self-destruction. it's also the main entire account of the heartbreaking own failures and landmark criminal battles brought on by way of Madoff's downfall―the suicides, enterprise disasters, fractured households, shuttered charities―and the transparent classes this undying scandal bargains to Washington, Wall highway, and major Street.
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Extra resources for The Wizard of Lies: Bernie Madoff and the Death of Trust
Within the face of those lame factors, the Ivy govt theorized that Madoff was once mendacity. Coming shut (but no longer shut sufficient) to the truth of the Ponzi scheme, the administrative suspected that Madoff used to be rather utilizing traders’ cash to finance his valid stock-trading enterprise. The “investment profits” credited to their bills may perhaps really simply be “compensation for using their money,” he recommended in a notice to Ivy’s founders in might 1997. briefly, Madoff will be mendacity approximately how he was once earning money for his investors—paying them a percentage of his firm’s valid proprietary buying and selling earnings, instead of making an investment in his arcane hedged strategy—but not less than he used to be truly getting cash for them, the Ivy government obviously surmised. This thesis—that Madoff’s traders have been truly creditors who have been unwittingly financing his personal buying and selling task and getting paid for it with a few of his firm’s profits—gained substance years later whilst the Ivy govt talked with a admired hedge fund supervisor, who used to be no longer pointed out in court docket files. The Ivy government defined the dialog in an inner memo: [The supervisor] met final evening with anyone he has recognized for a very long time who works for Bernie. [He] stated, “lets speak fact right here. ” [He] complicated the subordinated lending concept approximately what the tactic fairly is. His touch gave it a nod—“you can contemplate it that method. ” one in all Ivy’s founders grew much more pointedly uncertain approximately Madoff over the following couple of years, even supposing he later denied he suspected a Ponzi scheme. In an inner memo in 2001, he saw that “Madoff can for my part bankrupt the Jewish neighborhood if he’s no longer ‘real. ’” Responding in 2002 to a staffer’s try and study and clarify Madoff’s remarkably constant returns, he wrote, “Ah, Madoff. You passed over another possibility—he’s a fraud. ” in accordance with their transforming into uneasiness, the Ivy executives had eased their very own wealth and that in their deepest consumers out of Madoff’s palms by means of approximately 2000. yet they didn't get rid of their pension consumers’ funds from their Madoff bills, in line with a next lawsuit opposed to them. it appears the unions have been pleased with the regular returns. furthermore, Ivy benefited from the ongoing charges and from having the pension cash counted as a part of its “assets below management,” a key benchmark within the funding advisory enterprise. So the small pension plans for a bunch of union employees, totaling greater than $220 million, stayed with Madoff. those neighborhood unions actually have been small fry one of the legions of pension cash marching into the realm of hedge money. while the enormous country public pension cash, comparable to California’s and New York’s, jointly elevated the share in their resources invested in hedge cash through only a aspect or , the end result used to be a flood of billions of bucks trying to find sizzling new cash run by means of impressive new managers. And one of many those who helped locate these managers was once a sensible, bold lady in suburban long island named Sandra Manzke, one of many few girls to upward push to the pinnacle of the hedge fund industry—and one of many earliest hedge fund managers to introduce mainstream pension plans and middle-income traders to Bernie Madoff.