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The Madoff Chronicles: Inside the Secret World of Bernie and Ruth
 
 
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The Madoff Chronicles: Inside the Secret World of Bernie and Ruth [Hardcover]

Brian Ross (Author)
4.1 out of 5 stars  See all reviews (27 customer reviews)

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Book Description

September 29, 2009

Behind the walls of the house that lies built

After the news broke of Bernie Madoff's arrest on December 11, 2008, the facts were hard to grasp. Madoff claimed to have stolen fifty billion dollars; the sum seemed impossibly large. But of course it wasn't impossible. And that was only the beginning of the story.

As chief investigative correspondent for ABC News, Brian Ross has been on the front lines of the Madoff scandal since the beginning. Throughout the course of his investigation, he and his team have achieved unequaled access to the investigators working to unravel Madoff's fraud, and have succeeded in cultivating sources deep within the walls of Bernard L. Madoff Investment Securities that no other journalist has reached. Ross was even able to obtain a copy of the contents of Madoff's "little black book."

The result is an unparalleled, fly-on-the-wall view of a life of corrupted luxury and outrageous lies.

Ross chronicles the lavish lifestyle that Bernie and his high-school sweetheart, Ruth, enjoyed as the result of his ill-gotten gains and the bone-deep deceit that shocked the world with its sheer audacity. He details the layers of Madoff's scheme--from money men across the country who made millions convincing clients to entrust their wealth to Madoff, to the fabricated stock trades and false quarterly statements that fooled his victims, many of whom lost their savings, their homes, some of them even their lives, in the wake of Madoff's betrayal.

This is a true-crime drama of Shakespearean proportions, built upon the up-close investigative skills of one of our most respected journalists. The Madoff Chronicles is a vivid and chilling look behind the gilded doors of the greatest financial fraud in history.


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Editorial Reviews

About the Author

Brian Ross is one of our most honored and respected journalists. As ABC News' Chief Investigative Correspondent, he reports extensively for World News with Charles Gibson, Nightline, Good Morning America, and 20/20, as well as for ABC News Radio and "The Blotter" on ABCNews.com. His many distinguished investigations include inquiries into secret CIA prisons in Eastern Europe, international nuclear smuggling, and human rights abuses in China, Saipan, and the Democratic Republic of Congo. He broke the ABSCAM and Mark Foley Congressional page scandals and has led the way in exposing the trail of big money that corrupts Washington. Ross's work has been repeatedly honored with the most prestigious awards in journalism, including six DuPont Awards, five Peabody Awards, five Polk Awards, five awards from the Overseas Press Club, twelve Emmys, and three Edward R. Murrow Awards. Prior to joining ABC News, Ross worked for twenty years at NBC News, reporting for the NBC Nightly News and Dateline NBC. He lives in New York and Connecticut.

Product Details

  • Reading level: Ages 18 and up
  • Hardcover: 288 pages
  • Publisher: Hyperion; First Edition edition (September 29, 2009)
  • Language: English
  • ISBN-10: 140131029X
  • ISBN-13: 978-1401310295
  • Product Dimensions: 8.4 x 5.8 x 1.1 inches
  • Shipping Weight: 15.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (27 customer reviews)
  • Amazon Best Sellers Rank: #158,910 in Books (See Top 100 in Books)

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Customer Reviews

27 Reviews
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Average Customer Review
4.1 out of 5 stars (27 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

37 of 40 people found the following review helpful:
5.0 out of 5 stars Thus far, the best book about the Madoff Ponzi scheme, October 5, 2009
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This informative and interesting book includes interviews with a number of people who worked for Bernie Madoff, in particular a chapter devoted exclusively to an interview with Madoff's long-time secretary that's pretty much a tell-all about Madoff and some of the staff.

So many people lost money when they "invested" their funds with Madoff that it is amazing that they and the SEC just ignored the signs of the fraud. The investors and the SEC just did not dig deeply enough to figure out what was going on. Perhaps they just didn't want to. Seems many members of the SEC were just too close to Madoff.

I thought I had read pretty much about the fraud, but while reading this book, the Kindle edition, I realized there was much that I had not known. I was surprised that there were drugs involved, particularly marijuana use by Bernie and his wife Ruth. Bernie used to send his messenger to Spanish Harlem to purchase marijuana, and apparently Ruth Madoff was becoming a serious user of the product.

The book is extremely well written, and I found it hard to put down once I began reading it. I ended up asking how this all could have happened. I'm not an investor, but I read the financial news, thought the SEC could be trusted to follow through as required and do the job of protecting investors. But they failed! The investigator Harry Markopolos was on target when he testified to congress about the Madoff fraud and stated that the SEC wouldn't be able to find ice cream in a Dairy Queen nor steak in an Outback steak restaurant.

I HIGHLY recommend this book and would have given it ten stars were they available.
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12 of 12 people found the following review helpful:
5.0 out of 5 stars An excellent analysis of the Madoff Ponzi Scheme, October 30, 2010
By 
Roger J. Buffington (Huntington Beach, CA United States) - See all my reviews
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"The Madoff Chronicles" is an excellent analysis of the Madoff Ponzi Scheme. Rather than try to tell Madoff's life story, it tells the story of the fraud itself. This piece largely succeeds in explaining various dimensions of the fraud, from its essential nature, its effects on the Madoff family, the reasons that Madoff was able to attract so many investors, and the aftermath. This is an engrossing read that I found impossible to put down.

This piece, unlike some others, seems skeptical that the rest of the Madoff clan did not know that he was operating a Ponzi Scheme instead of a legitimate hedge fund. I completely agree with the author. The notion that Ruth, and above all, his two sons, did not know about the fraud is nonsense. They had to have known. More likely Madoff took the fall for his sons, giving them a pretext of deniability. What is indisputable is that the Madoff family lived a life of incredible luxury that is almost unimaginable. And why not? Whenever the Madoffs wanted money, which was often, they simply took their investors' funds, which funds were never invested at all, just kept in the bank for the use of the Madoffs and the odd investor redemption.

The SEC will likely never live down its failure to detect and put a stop to the Madoff fraud. (I am a civil attorney and have brought suit against numerous Ponzi Schemes. Generally you can spot one in about a minute by the uniform returns of over about ten percent. I've never been wrong yet applying this rule. That the SEC missed this for decades, despite several warnings, is inconceivable--the Madoff scam fit right into this rule.) Madoff's fraud ended only as a result of the 2008 financial crisis. When many of his investors sought to redeem their accounts, there was no money, and the whole house of cards came crashing down. No thanks to the SEC.

The securities industry will be years in adjusting to the weaknesses and failures in the system that the Madoff fraud revealed. This piece provides a valuable insight into the problems that somehow we must solve. Highly recommended. RJB.
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17 of 20 people found the following review helpful:
3.0 out of 5 stars Good story, less so of a read..., January 21, 2010
By 
Opinion_Sharer (Kinderhook, NY United States) - See all my reviews
This review is from: The Madoff Chronicles: Inside the Secret World of Bernie and Ruth (Hardcover)
Brian Ross gives an excellent account of the Madoff scandal. But his background in TV news shows through his writing in some really annoying ways. First, I got the impression that the chapters were meant to be stand-alone narratives or that the book was not written to be read from beginning to end but however you saw fit. This isn't really the case, but you do get the feeling that you've just come back from a commercial break after the beginning of each chapter. A lot of information is presented again (e.g. "Little Rick" is cited as one of Ross' sources several times. Each time he is described as "Little Rick, the Madoff firm's messenger...". This is not the only example and the book is only about 230 pages plus an appendix.). Another TV news trope is the gotcha line. There are several instances where Ross tells us something trivial about Madoff which allows him to insert a line that reads like dialog from a re-run of Dragnet (e.g. there is no reason for Ross to tell us that Madoff was once a Boy Scout, except, apparently, to remind us that he failed to keep himself "morally straight." Well, duh!). Finally, Ross needs some variation. There is one page in the last chapter which cites sources "close" to "Ruth," "her" (Ruth) and "the Madoff family." I can see that Ross may want to keep a source anonymous, but a little variation in this would be nice.

I came away knowing more about the whole scandal after having read this book but I think it could have been better edited.
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