He hoodwinked the biggest, the brightest, the most accomplished, numerous
large and small banks around the world, the SEC, state pension funds, big
and small hedge fund managers, and the list goes on. And it went on for
decades. RBS, Northern Rock and the like are very small beer in comparison.
You have to read this book to figure out why "too good to be true" was
wholly discounted by those who got caught up in the scam.
It's a "can't put down book" for those who enjoy thrillers.
jh
ps: as an aside, those who have investments in financial instutions / mutual
funds / unit trusts / hedge funds, etc this Madoff book implicitly raises
the question of how many other Madoff like scams are up and running today.
Sounds fanciful ? Read this book and one will have a completely different
take on the issue. The one point the book drives home is that the whole
regulatory environment is simply incapable of providing any significant
degree of assurance that Madoff like scams can be prevented from starting
and continuing.
----- Original Message -----
From: "Chris Barker" <ftog@xxxxxxxxxxxxxx>
To: "Olympus Camera Discussion" <olympus@xxxxxxxxxxxxxxxxx>
Sent: Thursday, December 03, 2009 11:34 AM
Subject: Re: [OM] OT: Google Wave
> Now, John, you're determined to make me feel sad for the rest of the day
> ;-)
>
> But it's beyond me how the investors didn't see that "too good to be true"
> means "it can't be true".
>
> Chris
> On 3 Dec 2009, at 15:18, John Hudson wrote:
>
>> Chris : Suggest you pick up a copy of "Madoff, The Man Who Stole $65
>> billion" by Erin Arvedlund, published by Penguin. If you think that RB of
>> Scotland or Northern Rock were fiascos you'll find the Madoff book beyond
>> jaw dropping.
>
> --
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>
> The message was checked by ESET Smart Security.
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>
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