Bernie Madoff and the Death of Trust

Wednesday, April 27, 2011

Diana Henriques, New York Times senior financial writer who’s covered the Madoff scandal since the story broke, gives a full account of Bernie Madoff and his $65 billion Ponzi scheme—from his Wall Street rise to the personal disasters and landmark legal battles triggered by his downfall—and looks at the lessons this scandal offers to Washington, Wall Street, and Main Street. The Wizard of Lies: Bernie Madoff and the Death of Trust draws on unprecedented access and more than 100 interviews with people at all levels and on all sides of the crime, including Madoff's first interviews for publication since his arrest.

The Wizard of Lies: Bernie Madoff and the Death of Trust


Diana Henriques

Comments [14]

Fred from New York

Great additional info here:

Apr. 28 2011 10:26 AM
CL from New York

The suggestion that Madoff and/or members of his family involved in the "business" are somehow tragic is absurd. There is nothing at all noble in this thieving group. This is a simple story of greed and deception. The only satisfaction is that Bernie Madoff was summarily hauled off to jail.

And, by the way, this reporter is an after-the-fact irrelevance. "Trust is a two-edged sword." Wow! What insight.

Apr. 27 2011 12:42 PM
Curious from Rockland

Seem like quite a leap for the guest to not presume that the family knew about his scheme due to a lack of physical evidence. Would a wizard leave such a a paper trail? No co-conspirators according to him right, trust is alive after all.

Apr. 27 2011 12:42 PM
Bell Amber from nyc

Is the Federal reserve printing money and buying treasuries to keep interest rates artificially low a PONZI scheme

Apr. 27 2011 12:42 PM
J.D. from west village

Whistle blower Harry Markopoulos has questioned why the Wall Street Journal stopped a reporter investigating Madoff red flags in 2006. Any insight from this author about that?

Apr. 27 2011 12:41 PM
maggie from nj

Can you comment on what B.M. planned to do to wind it up?

I think there's only one way this scheme could have turned out.

Apr. 27 2011 12:37 PM

I think there's a good amount of focus on Madoff.

If we could find evidence to prosecute all the others, we should focus on them as well.

We should not only focus on Madoff, but on the title of the speaker's book and hope that ultimately something good comes out of this.

Madoff is a lost cause. Not merely because of his age, but because I believe, at this point, with one son having committed suicide, and Madoff dishonoring his son's life with more lies, redemption for Madoff is unlikely enough to not be worth considering.

Apr. 27 2011 12:35 PM

1. Thanks for reading my comment on the air!

2. SEC did not change a bit and I know this from experience. I am a whistleblower, dealt with various federal agencies. Nothing changed.

3. Mrs. Henriques answers suggest that she is either totally out of her league or is part of the establishment interested in the continuing the cover-up.

Apr. 27 2011 12:29 PM
Ron from NYC

There were signs and red flags in his legitimate business that he was up to no good. His unethical practice of accepting rebate fees for referring trades to other market makers when he could and should have executed the trades at his firm for a better price for the client - a best execution violation. Why did the SEC decide not to pursue that issue?

Apr. 27 2011 12:26 PM
J.D. from west village

Yeah, keep focusing on Bernie Madoff and not the dozens or hundreds of people who knew for years what he was doing and profited from it. Leave it to a New York Times reporter to alert the public years after a threat is exposed and locked up.

Agree, Madoff was a scapegoat for the legions of crooks who helped redistribute more wealth to the American aristocracy and have gotten away scott free.

Apr. 27 2011 12:18 PM

eensy weensy extremely petty correction in case you ever visit Bernie Madoff--it's pronounced beYOOT-Nur, NC.

Apr. 27 2011 12:14 PM

What's the difference between the Mafia and these Financial Companies?


Apr. 27 2011 12:12 PM


I'm in complete agreement.

Apr. 27 2011 12:02 PM

I think there is too much focus on Madoff. While he is definitely a crook, his crime was not relevant to the vast majority of investors. His Ponzi scheme did not cause the financial crisis we are experiencing now.

As the matter of fact, his scheme unraveled because of financial crisis, which resulted from the shenanigans of bigger crooks, who not only remain free, but stayed in the position of power to cause more damage.

This is the real story...

Apr. 27 2011 11:57 AM

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