In this book, financial journalist and first-time author Erin Arvedlund systematically maps out the intricate network of relationships within the Bernard Madoff investment fiasco. Arvedlund expended a considerable amount of time and energy in developing this book. She realized that Madoff was full of double talk and could not be delivering the consistent returns to his investors that they thought they were earning when she interviewed him for Barron’s magazine in 2001. The interview resulted in an article entitled, “Don’t Ask, Don’t Tell.” In response to Arvedlund’s questions, Madoff was typically evasive; he was off-putting when she asked him how his system for investing worked.
The fact that an immense Ponzi scheme was carried out by Madoff through his near-secret advisory activities escaped all but a few of the most Wall Street-savvy auditors. This secrecy was coupled with the attitudes of his elitist-minded millionaires – there were enough greedy and willing people to feed the pyramid and maintain its immense demand for money over several years – and how many is anyone’s guess.
This reader sends kudos to Arvedlund for her calm, balanced and well-written narrative. It delivers facts, figures and helpful insight. Well recommended.
This review was written by Ruta Arellano. Reprinted courtesy of Sacramento Book Review. Note: This trade paperback version contains a new chapter that updates events since the date of the original hardcover release.