The Bernard Madoff scandal is still unfolding — just the other day Madoff’s CFO (aka Chief Fraud Officer), Frank DiPascali plead guilty and, unlike his boss, offered to fully co-operate with authorities. He has already revealed key details of how the $50 billion fraud was perpetrated and speculation is mounting on who else Mr. DiPascali might finger. Perhaps befitting the size of the pyramid scheme, the length of time it went undetected, the star-studded victim list and the global scale of the scandal, you can expect an avalanche of titles to hit the shelves. Already, Madoff with Money by Jerry Oppenheimer (the Wall Street Journal recently carried an excerpt) is available. And the media is breathlessly reporting on the alleged affair between Madoff and the author of Madoff’s Other Secret: Love, Money, Bernie, and Me, due to be published later this month (I wonder why anyone would want to admit to an affair with Madoff, let alone write a book about it but that’s neither here nor there).
Peter Sander, the author of Madoff: Corruption, Deceit and the Making of the World’s Most Notorious Ponzi Scheme was probably hoping to beat the rush and hit the shelves with one of the first books on the subject. It is evident that the book was quickly put together: each chapter contains a hodgepodge of interesting facts and trivia, liberally interspersed with material lifted ad verbatim from other sources. The book could do with several rewrites and better editing. If you want to read one book on the Madoff scandal, unfortunately, this is not it. It is a pity really because the subject matter is so fascinating. If you do happen to lay your hands on a copy, you might find Chapter 9 titled The Psychology of Trust, which discusses how some otherwise very smart individuals got suckered by Madoff, to be interesting.
The book is published by The Lyons Press and has a list price of $17.95.
Fortunately, a wealth of information is available online on Madoff:
Archive.org has a copy of the website of Bernard L. Madoff Investment Securities LLC.
Whistle blower Harry Markopolos’ letter to SEC: The World’s Largest Hedge Fund is a Fraud.
Mr. Markopolos testimony to Congress.
Victim impact statements filed at Madoff sentencing.