Download E-books The Wizard of Lies: Bernie Madoff and the Death of Trust PDF

By Diana B. Henriques

"An remarkable, meticulously stated postmortem. . . . The Wizard of Lies is the definitive publication on what Madoff did and the way he did it." ―Bloomberg Businessweek

Who is Bernie Madoff, and the way did he pull off the most important Ponzi scheme in background?

This query has interested humans ever because the information broke concerning the manhattan financier who swindled his buddies, kin, and different traders out of $65 billion. And in The Wizard of Lies, Diana B. Henriques of The ny instances has written the definitive ebook at the guy and his scheme, drawing on unparalleled entry and multiple hundred interviews, together with Bernie Madoff's first interviews for booklet due to the fact his arrest. Henriques additionally offers shiny information from the proceedings and executive investigations that explode the myths that experience come to enclose the tale, and in a revised and extended epilogue she unravels the most recent criminal advancements.

A true-life monetary mystery, The Wizard of Lies contrasts Madoff's impressive upward push on Wall highway with dramatic scenes from his accelerating slide towards self-destruction. it's also the main entire account of the heartbreaking own failures and landmark criminal battles prompted by means of Madoff's downfall―the suicides, company mess ups, fractured households, shuttered charities―and the transparent classes this undying scandal bargains to Washington, Wall road, and major Street.

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By way of 2006, Madoff had planted his flag on nearly each continent. His presence in Europe had increased dramatically, with financial institution Medici in Vienna and Union Bancaire Privée in Geneva not just operating feeder cash without delay but additionally offering advisory providers to a couple of Madoff’s different feeder funds—including Fairfield Greenwich staff, established in long island and Bermuda. The Italian-based Unicredit’s Primeo cash attracted a small funding from a multinational improvement financial institution in vital Africa and, in flip, further the cash to the $1. five billion that flowed into the bring in fund. An offshore corporation known as Euro-Dutch administration, run via Dutch bankers, raised greater than $2. three billion for its Madoff feeder money dependent within the Cayman Islands. during elevating a complete of $4. five billion in clean funds for Madoff, Fairfield Greenwich could draw cash from Singapore, Qatar, Abu Dhabi, Dubai, Korea, and Tokyo. The optimum cash backed through the distinguished Banco Santander in Spain might eventually bring up at the least $1. five billion from traders within the filthy rich enclaves of relevant and South the United States. Even those titanic feeder money had feeder money in their personal, which in flip had feeder money, making a massive world wide irrigation method that sustained Madoff’s fraud with regular high-pressure streams of money. the various feeder cash paid “retrocession fees”—the trustee may later name them “kickbacks,” yet in addition they will be referred to as revenues commissions—that supplied a tangible gift and a strong incentive in the event you introduced in new traders. As hedge money have been gaining energy in Europe, Asia, and the center East, they have been additionally multiplying in the US. One illuminating instance of the proliferation of hedge money after 2006—a pattern Madoff milked to the maximum—was a one-man hedge fund in Florida known as Anchor Holdings LLC. a lot of Anchor’s consumers have been small relations or person “hedge funds,” with names similar to the “John Doe Hedge Fund” and the “Jane Doe IRA Hedge Fund. ” a couple of have been union or specialist pension plans. At its height, whilst Anchor Holdings supposedly had greater than $12 million in resources, its greatest person account was once below $750,000, and its smallest was once a Roth IRA account worthy simply $3,224. forty three. Anchor Holdings invested those modest nest eggs in one other hedge fund, which invested all its resources in an it sounds as if assorted portfolio of foreign hedge money. That portfolio consisted of the Primeo fund, the Santa Clara fund, and 4 different hedge funds—every unmarried considered one of which was once invested solely with Madoff. Believing they'd shunned the chance of placing all their eggs in a single basket, those small traders had truly passed their mark downs over to 1 guy: Bernie Madoff. it's no ask yourself that a few contributors of Congress have been not easy that the SEC bring up its awareness to the hedge fund industry’s incursions into the center category. Anchor Holdings might have been show A within the argument that hedge cash had “gone retail. ” yet due to the fact hedge money weren't required to sign up with the SEC—a badly drafted rule requiring registration used to be struck down by means of an appellate courtroom in 2006 and not redrafted—the SEC had no manner of realizing approximately Anchor Holdings or the numerous different money similar to it.

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