Summary of No One Would Listen

Looking for the book?
We have the summary! Get the key insights in just 10 minutes.

No One Would Listen book summary
Start getting smarter:
or see our plans

Rating

9 Overall

8 Importance

9 Innovation

9 Style


Recommendation

When Harry Markopolos began his career in the securities industry, he applied his mathematical skills to the design of investment products. In particular, his bosses wanted him to create investment instruments that competed with those offered by financier Bernie Madoff. When Markopolos found that Madoff’s results were impossible to match, he suspected that Madoff was running a Ponzi scheme – not investing money, but paying each investor with cash from other investors. His suspicion led to an investigative odyssey. Markopolos and his team uncovered not only the largest financial fraud in history, but also a dangerously dysfunctional U.S. regulatory system. In this book, Markopolos recounts his frustrating, thwarted efforts to warn the Securities and Exchange Commission (SEC) about the threat Madoff posed to unwary investors. The SEC failed to respond to his detailed written evidence, though Markopolos submitted it five times, starting in 2000, long before Madoff finally confessed in 2008 (he is now serving 150 years in jail). getAbstract recommends this engrossing book to readers who want to learn more about this epic scandal and its implications for financial industry regulation.

In this summary, you will learn

  • How Harry Markopolos and his investigative team discovered that financier Bernard Madoff was defrauding investors
  • How Madoff established and expanded history’s largest financial fraud
  • How the Securities and Exchange Commission’s lax response to repeated warnings about Madoff sustained his illegal operations
 

About the Author

Harry Markopolos is a financial fraud investigator and former securities industry executive.

 

Summary

The Biggest Financial Crime Ever
In December 2008, as Harry Markopolos prepared to bring his kids home from karate practice, he noticed several voice messages on his cellular phone. All his callers had the same shocking news: Wall Street legend Bernard Madoff, former chairman of Nasdaq...

More on this topic

Customers who read this summary also read

How Whistle-Blowers Shape History
How Whistle-Blowers Shape History
7
Investment
Investment
7
Perceptual Intelligence
Perceptual Intelligence
8
Penny Stock Chronicles
Penny Stock Chronicles
8
Can America’s Companies Survive America’s Most Aggressive Investors?
Can America’s Companies Survive America’s Most Aggressive Investors?
8
Cryptoassets
Cryptoassets
8

Related Channels

Comment on this summary