No One Would Listen: A True Financial Thriller (2009) - Plot & Excerpts
Markopolos suggests that the SEC ignored his warnings in part because they didn't like him. After reading his book, I agree with that assessment. Markopolos does sound like a dick. But he also gave some easy ways to check whether his accusations were right. For example, the SEC (or investors, or anyone familiar with the markets) could have compared the fund statements Madoff produced to actual trading records to see if trades actually happened. The SEC debated doing just that, but decided it would take too long, so they relied instead on Madoff's words and his track record. A shocking lapse, with tragic results. Anyway, although Markopolos isn't all that likable, his book sure is entertaining. This is a fascinating account of the Madoff scandal, and the campaign waged by one eccentric quant to expose the Ponzi scheme. I loved the descriptions of the clues available to those in the know on Wall Street, which I found to be worth the time to slog through. It's a damning indictment of the SEC and those on the Street who knew something was amiss. The big Wall Street players like Goldman Sachs didn't care about individual investors, the feeder funds into Madoff were too greedy to ask questions because they were getting great returns, and the hapless souls at the SEC didn't understand the issues. It's a sad state of affairs, and I doubt that anything has changed to prevent this from happening again.
What do You think about No One Would Listen: A True Financial Thriller (2009)?
Interesting topic, I did not love the book as much as I hoped.
—johnny
