No One Would Listen Download No One Would Listen ebook PDF or Read Online books in PDF, EPUB, and Mobi Format. Click Download or Read Online button to No One Would Listen book pdf for free now. Jan 01, 2010 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. Deleted song from the 2004 film version of 'The Phantom of the Opera'.
Ahri lol lane. Being a financial blogger, I often receive requests for reviewing books. I usually ignore them but when I was offered No One Would Listen by Harry Markopolos, I took the offer because I’m fascinated by the story.
When No One Would Listen
Harry Markopolos is the guy who sounded the alarm on Bernie Madoff’s giant Ponzi scheme. He submitted detailed evidence to the SEC several times over ten years, only to be ignored and deemed 'not credible.' After SEC finally conducted an investigation, they only asked Madoff to file some papers and register as an investment advisor. Madoff became more legit than he was ever before. He was able to claim he was examined and cleared by the SEC.
The most astonishing part of the story is that Madoff didn’t execute any trades in all those years. If only the SEC asked for trade tickets and double checked with the parties on the other side of the trade, the whole scheme could’ve been revealed very easily. SEC’s failure is bureaucracy and incompetence of the epic proportion.
Although the main story line is already well publicized in the press, the book provides a lot more details of the author’s saga with the SEC. I always prefer first-person accounts to third-person narration. Markopolos did a very good job. I gained a lot of respect for him, both for his intelligence and for his courage. You can watch his interview with 60 Minutes in these two videos.
From the book and the interview, I can tell Markopolos is mad at the SEC, and he ought to be. The entire book can be seen as a case study for how regulations based primarily on documentary compliance didn’t work. Such non-regulation gives investors a false sense of protection. It’s worse than no regulation.
After the Madoff fiasco, the SEC Office of Inspector General did a post-mortem and issued a 477-page report Investigation of Failure of the SEC To Uncover Bernard Madoff’s Ponzi Scheme. I read the 22-page Executive Summary. It corroborated with what Markopolos raised in the book.
[Except a review copy from the publisher’s PR firm, I received no monetary compensation for this review. Links to Amazon.com are affiliate links. Amazon pays me 4% – 6.5% if you make a purchase within 24 hours.]
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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.
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