No One Would Listen: A True Financial Thriller
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.
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.
For additional information and resources, visit www.noonewouldlisten.com
"…a salutary tale and the detailed regulatory lessons offered in the epilogue deserve attention." (Financial Times, March 2010)
NO ONE WOULD LISTEN: A True Financial Thriller (Wiley; March 2; $27.95; Hardcover), is the story of Harry Markopolos, the whistleblower who uncovered Bernie Madoff’s Ponzi scheme 10 years before the rest of the world learned of the biggest financial crime in history. While a lot has been written about Madoff’s scam, few actually know the dramatic details of how Markopolos and a small group of sleuths, who he dubbed “The Foxhounds,” went about investigating and slowly peeling away the layers of fraud that reached around the globe.
Markopolos submitted irrefutable proof about Madoff’s scheme to the S.E.C. four different times. Unfortunately, no one listened; until the damage to investors reached into the multi billions. Since that time, Markopolos has openly testified and questioned the enforcement and fraud investigation capabilities of the Securities and Exchange Commission and has become one of the world’s most visible and insightful whistleblowers.
In NO ONE WOULD LISTEN, Harry Markopolos:
- Provides a first hand account of the S.E.C.’s negligence in following up on a whistleblower’s repeated warnings to investigate Madoff. Markopolos describes how time and time again, the S.E.C. ignored the proof that would have stopped Madoff’s scam before so many billions of dollars were lost.
- Markopolos’ account shows how weak Wall Street’s “watchdog” is in providing investors protection against serious crimes.
- Describes how Madoff was enabled by investors and fiduciaries alike. Many people in the financial industry knew or suspected that Madoff was not legitimate, yet no one wanted to mess with the profits flowing from Madoff’s “investments.”
- Reveals the story behind Markopolos’ many attempts to expose Madoff and protect investors. The irony: the true Sherlock Holmes of Wall Street was one committed individual and his team, not an army of investigators within the S.E.C.
- Markopolos discovered that European funds were heavily invested in Madoff. He knew that offshore funds are often used by those trying to hide their money, including organized crime and drug lords. After consulting with trusted law enforcement authorities, Markopolos began fearing for his life. He realized there were people who would kill to protect their billions of dollars.
NO ONE WOULD LISTEN ends with a list of concrete recommendations Markopolos was asked to make in 2009 to the S.E.C. and the Senate Banking committee in order to turn the S.E.C. into the effective regulatory force it is meant to be. However, the question remains: Is anyone listening now?
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