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Octopus: Sam Israel, the Secret Market, and Wall Street's Wildest Con [Hardcover]

Guy Lawson
3.8 out of 5 stars  See all reviews (43 customer reviews)

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Book Description

July 10, 2012

Octopus is a real-life thriller that tells the inside story of an audacious hedge fund fraud and the wild search, by a colorful cast of rogues and schemers, for a “secret market” beneath the financial market we all know.
 
Sam Israel was a man who seemed to have it all – until the hedge fund he ran, Bayou, imploded and he became the target of a nationwide manhunt.  Born into one of America’s most illustrious trading families, Israel was determined to strike out on his own.  So after apprenticing with one of the greatest hedge fund traders of the 1980’s, Sam founded his own fund and promised his investors guaranteed profits.  With the proprietary computer program he’d created, he claimed to be able to predict the future.
 
But his future was already beginning to unravel.
 
After suffering devastating losses and fabricating fake returns, Israel knew it was only a matter of time before his real performance would be discovered, so when a former black-ops intelligence operative told him about a “secret market” run by the Fed, Israel bet his last $150 million on a chance to make billions. Thus began his year-long adventure in “the Upperworld” -- a society populated by clandestine bankers, shady European nobility, and spooks issuing cryptic warnings about a mysterious cabal known as the Octopus.
 
Whether the “secret market” was real or a con, Israel was all in – and as the pressures mounted and increasingly sinister violence crept into his life, he struggled to break free of the Octopus’ tentacles.


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Editorial Reviews

Review

"By far the most rollicking, trippy book to emerge from the 2008 financial crisis."
--Financial Times

“Lawson [has] found gold…This is a fantastic story, in both senses of the word, with a freshness that recalls Liars Poker.”
--Bryan Burrough, New York Times
 
“Read this book to understand Wall Street…Someone is going to Octopus into a movie. By this time next year, Lawson will have a fat deal…The reason for that is that Octopus is an  incredible dark comedy with one of the craziest true-life ironic twists you can possibly imagine.
--Matt Taibbi, Rolling Stone
 
"Lively...turns a lens on the fast and loose ways of Wall Street...would make an excellent gift for a regulatory complicance officer...or a shrink."
--Bloomberg Businessweek

“A cautionary tale of the highly sophisticated, often endemic fraud that still lurks on Wall Street…I was riveted by Mr. Lawson’s telling…the story is mind-boggling.”
--Andrew Sorkin, New York Times (Dealbook)
 
“Entertaining…a colorful contemporary story about greed and ambition warping judgment, about con men duping other con men…replete with secret markets, shady intelligence operatives, and even a space alien that overdosed on ice cream.”
--Reuters
 
“Full on Twilight Zone…features not just rampant fraud but guns, supposed CIA double agents, drugs, JFK’s assassination, and oh yes, world domination.  Did I mention that this is a nonfiction book?...An outrageous but definitely movie-worthy tale.  Lawson’s reporting is prodigious.”
--Fortune
 
“Like The Sting…An astounding story that forces you to remind yourself that this actually happened not ten years ago, to real people with real money.”
--Maclean’s
 
“[Features] a series of spy-thriller escapades that could have been plucked from a Jason Bourne movie…More fun and thrilling than any work of journalism about hedge funds has the right to be.”
--Canadian Business
 
 “An inside look at a savage tribal society [of Wall Street traders] that also reminds one of that rollicking farce concocted by Mel Brooks, ‘The Producers’… Brings to life one of the most colorful, and often engaging, con men of this or any other century…an entertaining, well-told tale.”
--Washington Times
 
“If you dig movies about cons, like Catch Me If You Can, The Sting, and The Spanish Prisoner, you will blow through Octopus, Guy Lawson’s deftly and enthusiastically told tale of Same Israel and the Bayou hedge fund.”
--The Daily Beast
 
“Penetratingly comprehensive…Lawson nimbly traverses the labyrinthine depths of a worldwide banking con that managed to involve looted Federal Reserve notes and the JFK assassination…An eye-opening window onto Wall Street’s destructive culture of unchecked hubris and a harrowing thrill ride into the unraveling mind of a desperate operator.”
--Kirkus Reviews

About the Author

GUY LAWSON has traveled the world reporting on war, crime, politics, and sports. His work has appeared in many national publications, including the New York Times, Harper's, GQ, and Rolling Stone, and he previously coauthored The Brotherhoods.  He and his family make their home in upstate New York.



Product Details

  • Hardcover: 368 pages
  • Publisher: Crown; First edition (July 10, 2012)
  • Language: English
  • ISBN-10: 0307716074
  • ISBN-13: 978-0307716071
  • Product Dimensions: 6.4 x 1.2 x 9.5 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (43 customer reviews)
  • Amazon Best Sellers Rank: #101,591 in Books (See Top 100 in Books)

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Customer Reviews

At the center of the story is ponzi schemer Sam Israel. K. Madhu2  |  10 reviewers made a similar statement
I started this book early on a Sunday afternoon and read it straight through. Jeff  |  7 reviewers made a similar statement
By hedge fund standards he was not big. Uncle Skye  |  1 reviewer made a similar statement
Most Helpful Customer Reviews
20 of 20 people found the following review helpful
5.0 out of 5 stars It's ALL here... July 10, 2012
Format:Hardcover
If you asked 10 different people who Sam Israel is, you would get 10 different responses. All the answers would be more bizarre than the next. Some how Guy Lawson was able to piece all of these things together. It all makes sense now - kind of. This twisted tale kept me turning the page and wondering if this all could be real. It is. I highly recommend this book. The writing is amazing, the story telling is perfect and this is a story you WANT to hear. It's ALL there.
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12 of 12 people found the following review helpful
5.0 out of 5 stars Absolutely spellbinding- dare you to put it down July 10, 2012
Format:Hardcover|Amazon Verified Purchase
Octopus: Sam Israel, the Secret Market, and Wall Street's Wildest ConThe first half is a sad commentary on the tragic Ponzi scheme that Sam Israel concocts, ensnaring family friends and colleagues. Then, as he casts about for ways to extricate himself, the second half becomes a non-stop train to Crazy Town. Hard to believe, amazing to read. I found myself shaking my head again and again, stunned by the outrageous twists and turns. Years from now this may be looked at as a more cautionary tale than Madoff's- because it's about so much more then just greed. It's about our ability to delude ourselves- at any cost. Shocking, sad, amazing.
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5 of 5 people found the following review helpful
5.0 out of 5 stars A UNIQUE AND RIVETING BOOK!! August 8, 2012
Format:Hardcover|Amazon Verified Purchase
This is a very unique book, extremely well written and hard to put down, as you can't wait to see what happens next. One thing it shows is how deep the layers of denial and delusion can go with people who are faced with their lives unraveling, and the spectre of prison. To believe you could make a trade where you would make $200 million dollars on the trade with "no risk" is laughable not only to the financial sophiticate, but also to most lay people. Another takeaway is what kind of "Mark" currently is targeted in the Big Store long con. In past days, ala the movie "The Sting", the mark was usually very well heeled financially, and the appeal was to his greed. In today's economic times, the target has probably shifted from the well heeled to the financially desperate. The global nature of the frauds makes detection and apprehension by the authorities exceedingly difficult. All in all an extremely good book, which you cannot help but enjoy
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Most Recent Customer Reviews
4.0 out of 5 stars Exciting Read
Good book. Definitely an eye-opening read, regardless of how true or untrue the events are. The book progresses very nicely, gets increasingly more improbable and more exciting. Read more
Published 1 day ago by JamesBurgh
4.0 out of 5 stars Thrilling Read!
Lawson's telling of the Sam Israel Wall Street scam is a fascinating view inside the mind of a pathological liar and first-rate thief. Read more
Published 25 days ago by AndyO
3.0 out of 5 stars My top pick for beach book (so far)
Global finance, conspiracy theories and a cast of unbelievable characters make this account of the life and times of the very real Sam Israel the perfect beach read.
Published 1 month ago by Bobbie A Albrecht
5.0 out of 5 stars This book tells you everything you need to know about everything.
This is the best non-fictional story of intrigue of the decade. If you're curious about how the world works, how smart people end up doing stupid things, and, especially, how the... Read more
Published 2 months ago by Matthew Care
4.0 out of 5 stars octapus
Interesting story from citizen to outlaw. I would highly recommend this book to anyone interested in stock market and investing. Think twice!
Published 2 months ago by P. Smith
1.0 out of 5 stars Outlandish
Complete and utter fantasy. No hedge fund guy, let alone any self respecting trader could feasibly fall for insane scam after scam. Read more
Published 2 months ago by Steven G Brill
1.0 out of 5 stars Phake, Phalse, Phoney
Guy Lawson interviews a scam artist, Sam Israel, then tells tall tales about other scam artists, and leads us on a trail full of money, molls and manipulation. Read more
Published 4 months ago by Larry Rochelle
4.0 out of 5 stars A Fascinating Story Told Well
This book tells a fascinating story of financial cons inside financial cons. It is written in a very entertaining way--I couldn't really put it down. Excellent.
Published 4 months ago by Colin
5.0 out of 5 stars Terrifying naivety!
A marvellous book, of particular interest to those of us who don't believe the world quite functions as the media and governments would have us think. Read more
Published 5 months ago by Blackdog
5.0 out of 5 stars An exciting read and a primer on the world of scams, two books for the...
Guy Lawson has examined one of the major frauds in the hedge fund world (Samuel Israel III) in a thorough and graceful style. Read more
Published 5 months ago by stanley goldstein, NY Hedge Fund Roundtable
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