PRINTFrom hero to zero
Madoff causes a catastrophe on Wall Street
Courtesy of Phoenix Books
Catastrophe: The Story of Bernard L. Madoff, the Man Who Swindled the World.
April 9, 2009 | 12:00 a.m. CST
The face of investment manager Bernie Madoff, eerily framed in black and hovering above a sea of burning bills, is not exactly the most sophisticated choice for a book cover. The writing in Catastrophe: The Story of Bernard L. Madoff, the Man Who Swindled the World reflects a similar level of advancement. Deborah and Gerald Strober take a narrative approach with the terrifying tale of a man who led thousands of people into a deep circle of financial hell.
Catastrophe is dedicated to Madoff’s victims and is essentially a collection of sob stories taken from victims and bloggers with overzealous opinions. Broken into four parts, the book includes the day Madoff confessed and a glimpse into his family. The authors attempt to peel back the layers but succeed only in exposing partial facts.
It’s depressing to read about all of the people who put their trust and life savings in Madoff’s schemes. But there is something fascinating about the net loss, especially when celebrities such as Larry King, John Malkovich and Elie Wiesel were among the victims. The frightening thing is that these honest investors had no reason to believe that their financial adviser was leading them into harm’s way.
Madoff’s glowing reputation paired with “his social graces and ‘soft-sell’ approach” placed him at the top rung of the investment ladder, according to the authors. But Palm Beach real estate agent Tara Pearl described Madoff’s Ponzi scheme as an “emotional holocaust,” and with Madoff being a Jewish philanthropist, this is a particularly interesting choice of words.
Madoff’s clients weren’t all celebrities, though. The Ambrosinos were a couple of Madoff’s clients who decided to retire, sell their house and travel the country in a mobile home. They ended up having to sell their mobile home and rely on friends for support. Tales such as theirs run rampant in Catastrophe.
Rival investment firm employee Harry Markopolos had been suspicious of Madoff’s investment claims since 1999. He was assigned to pick apart Madoff’s strategy and soon realized it was a fraud. Markopolos released a memo in 2005 diagramming his theories. But the authors breezed over this gripping detail. It would have added a new dimension to investigate the thought process of a man who saw through Madoff’s promises to clients early on.
Madoff’s two sons and his brother were part of the business, but the authors fail to reveal any insight into their involvement. It’s still difficult to say whether or not Madoff’s family ties had anything to do with the scandal.
The first pitfall of this book is its failure to reveal the outcome of Madoff’s situation. Opting to end the book with a 100-page appendix of legal jargon is the second. Both are sure ways to lose reader interest fast.
If you know nothing about Madoff, Catastrophe serves up a mediocre appetizer. But you might want to wait for a more satisfying account before you invest your reading time.
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