No One Would Listen is the exclusive story of the Harry Markopolos-lead investigation into Bernie Madoff and his $65 billion Ponzi scheme. While a lot has been written about Madoff’s scam, few actually know how Markopolos and his team-affectionately called “The Fox Hounds” by Markopolos himself, uncovered what Madoff was doing years before this financial disaster reached its pinnacle. Unfortunately, no one listened, until the damage of the world’s largest financial fraud ever was irreversible.

Since that time, Markopolos openly has testified and questioned the enforcement and fraud investigation capabilities of the Securities and Exchange Commission (SEC), shared a sliver of this page-turning story with 60 Minutes, and become perhaps the world’s most visible and insightful whistleblower on fraud and conflicts of interest in financial markets.

Throughout the book, Markopolos and his Fox Hounds tell their first-hand story of investigating Madoff-with the help of bestselling author David Fisher. They explain how they discovered the fraud, and then how they provided credible and detailed evidence to major newspapers and the Securities and Exchange Commission (SEC) many times between 2000 and 2008, only to have his warnings ignored repeatedly by the SEC.


This is a gripping, well-written story that becomes more mind-boggling with each chapter, as Markopolos begins to glimpse the vast scope of Madoff’s secretive scheme, as he uncovers more and more evidence that Madoff must be a fraud, and as he repeatedly hands the case to the SEC on a plate – only to have them blow it.

Markopolos’ quest started in 1999 when his bosses at an investment firm challenged him to design a ‘product’ similar to Madoff’s, figuring that this could make them a fortune. Markopolos, a so-called ‘quant’ or quantitative analyst, concluded within minutes that Madoff must be a fraud of some sort – no legitimate investment system could produce such consistent results, year on year, regardless of market fluctuations.


Madoff’s returns were what Madoff stated in the context of what he claimed was his investing methodology – that’s easy to spot in five minutes. If someone says that they’re getting the consistency of returns Madoff claimed whilst playing options on either side of his positions on the SP100 — through the 90’s and the subsequent volatility in ‘97 and ‘98 – that is easy to spot.

If someone comes to me and says that they’ve had zero-down years in 30 years, regardless of their claimed gains in that time – I want to immediately see their methods and trading methodology, because they’re a huge statistical outlier. If they won’t reveal what their methodology is, then there’s no way that I’d invest my money with them.

In the end, this book stands as a testament to the true horror of the American experience. There are always larger fish in the pond to eat the smaller fish. As we hide behind the tenets of Capitalism and espouse love for the free market, we are their victim. Powers beyond our control work the system to make a profit and we adore them for it. Taking a look at recent economic turmoil filtered through this work offers up a rather harrowing look at our economic identity.



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