Saturday, September 9, 2017

Book Review: 'The Wizard of Lies' by Diana B. Henriques

"Whoever is a partner with a thief hates his own life;
He swears to tell the truth, but reveals nothing." -- Proverbs 29:24 (NKJV)

Veteran financial journalist Diana Henriques does a masterful job of providing a play-by-play account of those involved in the Madoff mess. I found that most of my unanswered questions were well covered here . . . as much as can be the case when dealing with world-champion liars and thieves.

Those who trust in Wall Street will find much food for thought here. I was delighted when Ms. Henriques pointed out in the book that another Ponzi scheme is undoubtedly already out there, lulling the inattentive into a false sense of security while siphoning off their money. Unfortunately, one potential use of this book is to make a Ponzi scheme work better. I pray that no one will use it that way. But you never know.

Naturally, a lot of people have much to hide . . . and others want to avoid extreme embarrassment. So a lot of the details may never be known.

It added a lot to the story to learn about Madoff's life behind bars and how the asset recovery program has been conducted.

Ultimately, it's the horrible human cost of such a crime that makes it so terrible. When someone does this kind of crime, there will be a lot of blood on his or her hands.

Be careful!

Editor's note: This review has been published with the permission of Donald Mitchell. Like what you read? Subscribe to the SFRB's free daily email notice so you can be up-to-date on our latest articles. Scroll up this page to the sign-up field on your right.

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