Too Good to Be True: The Rise and Fall of Bernie Madoff

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Product Description

Despite all the headlines about Bernard Madoff, who pleaded guilty to running a $65 billion Ponzi scheme, he is still shrouded in mystery. Why (and when) did he turn his legitimate business into a massive fraud? How did he fool so many smart investors for so long? Who among his family and employees knew the truth?

The best person to answer these questions—and tell the full story of Madoff's rise and fall—is Erin Arvedlund. In early 2001, she was suspicious of the amazing returns of Madoff's hedge fund, which no one could explain. Her article in Barron's, based on more than one hundred interviews, could have prevented a lot of misery, had the SEC followed up.

But almost no one was willing to believe anything bad about "Uncle Bernie"—so nice, so humble, so generous to charities. As Arvedlund shows, Madoff was no ordinary liar, but a master of the type of lies people really wanted to believe. He kept his clients at a distance and allowed handsomely paid friends to solicit new ones for him; playing hard to get created an irresistible mystique.

Now, Arvedlund tackles the tough questions that are still unanswered in the wake of Madoff's collapse:

Did he start off as a legitimate money manager or was he a fraud from the beginning? Were there indications of larceny at the very start of his career?
Why did Madoff's biggest supporters within the industry, such as Walter Noel of Fairfield Greenwich and Ezra Merkin of Gabriel Capital, ignore the warning signs that were so apparent? Did they choose to remain ignorant as long as their commissions rolled in?
Why did SEC investigations fail to catch Madoff's Ponzi scheme even though several people had voiced concerns about his operation?
Who else helped Madoff carry out his scam? His family and close associates have denied any involvement, but was it possible for one man to engineer a heist of such scope?

With her keen investigative eye, Arvedlund presents a sweeping narrative of Madoff's career—from his youth in Queens, New York, to his early days working for his father-in-law, to his time as chairman of the NASDAQ exchange, and finally to infamy as the world's most notorious swindler. She offers a riveting glimpse of Madoff the man—an indifferent student with little ambition who transformed himself into a star with a talent for trading, a reputation for innovation, and an unmistakably erratic nature.

Readers will be fascinated by Arvedlund's portrayal of Madoff, his empire, and all those who never considered that he might be too good to be true.

About the Author

Erin Arvedlund is an investigative journalist who has written for Barron's, The Wall Street Journal, The New York Times, TheStreet.com, and Portfolio.com. In 2001, she wrote the first skeptical article about Bernard Madoff for a major publication. This is her first book.

Product Details

• Hardcover: 320 pages
• Publisher: Portfolio Hardcover; 1St Edition edition (August 11, 2009)
• Language: English
• ISBN-10: 1591842875
• ISBN-13: 978-1591842873
• Product Dimensions: 9.1 x 6.2 x 1.3 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 3.9 out of 5 stars  See all reviews (28 customer reviews)
• Amazon.com Sales Rank: #22,655 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

28 of 29 people found the following review helpful:

5.0 out of 5 stars Arvedlund was there from the start, August 14, 2009

By	Keri A. Nishi - See all my reviews (REAL NAME)

Erin Arvedlund brings a unique perspective to the Madoff story. The other Madoff books offer a collection of interviews, or are a re-hash of what we've all already read in the newspapers, or they're written by authors who have little connection to the story. Arvedlund's 2001 article "Don't Ask, Don't Tell" in Barron's was the first attempt to "out" Madoff in a major publication. A Deutsche Bank executive tipped her off to his suspicions back in early 2001, and this led to that seminal Barron's article that could have led to Madoff's unraveling years earlier if more people had listened. She has years of history with the Madoff story, and that perspective shows.

9 of 9 people found the following review helpful:

3.0 out of 5 stars Good attempt to piece things together, but nothing new..., September 13, 2009

By	M. Sue (New York, NY) - See all my reviews

..if you followed all the news reports of Bernie Madoff (NY Times, Fortune, Vanity Fair). I wanted to read this book over the others because the author was a Barron's reporter who years ago suspected something was wrong, so if anything, she would be the most clear-eyed & in a better position to tell Madoff's story. It is a meticulously researched book, but much of what it covers has been covered by other news outlets. There are also some parts that became repetitive, namely the stories of how managers of each feeder fund perpetuated the fraud, as well as bits & pieces about Robert Jaffe (who is described in the book earlier & is re-described in a similar way towards the end). There were also some inconsistencies in the description of Ezra Merkin (on the same page that he is described as being scholarly, someone turns around & said that he never acted scholarly, a complete contradiction). There is a feeling that maybe this book had to be rushed to publication because of timeliness, & they did not do a good job of editing.

But to the author's credit, it is a long & complicated story to tell & she ultimately did a good job of presenting all the factors that contributed to the massive fraud. The part about SEC really exposed how incompetent the people there were, for whatever reason. What happened should serve as a guide for the SEC & other regulatory bodies on hiring experienced & knowledgeable people in the industry they're regulating, & not just paper pushers with law degrees.

This is probably as good as it gets, when it comes to trying to explain what happened in the Madoff scheme at this point in time. The only people who can tell the story better are Madoff himself, possibly DiPascali, Ruth, & other family members.

15 of 17 people found the following review helpful:

5.0 out of 5 stars This book is NOT too good to be true!!, August 14, 2009

By	M. Armbrister - See all my reviews (REAL NAME)

Ms. Arvedlund did a fantastic job in laying out the history of Madoff's life, his inner circle of family and friends and their purported roles in his Ponzi scheme, and putting together the pieces of the puzzle as to how Madoff did it. Surprisingly lacking the fluff that some journalists and writers add in this media climate to try to hook their readers. Ms. Arvedlund thoroughly researched the information available and presented a logical and cogent explaination from an investigative journalist perspective on how his crimes were most likely effectuated.