This book tells the story of Bernard Lawrence Madoff, who was tried in New York in March 2009 and handed down a “symbolic” 150-year prison sentence for perpetuating the greatest financial crime in history. The book’s subtitle, ‘The Man Who Stole $ 65 Billion,’ hints at the scale of the crime, but the author makes it clear that the exact amount will never be known. Despite the fact that the book was published quickly in the same year of the trial, it shows evidence from a thorough investigation and it is not the author’s fault that she was able to raise more questions than she could answer.
The most surprising aspect of this book is that, although no one knows when or why Madoff started his illegal manipulations, he certainly operated his so-called ‘ponzi scheme’, a fraudulent hedge fund linked to an apparently legitimate business operation, for two to three decades. before. was put on trial. And although the collapse of his empire was undoubtedly imminent after the financial recession of 2007/8, it was Madoff who turned himself in and confessed to his crime.
Madoff was 72 when he was tried, an age greater than the ‘duration allotted to man’ according to Jewish scriptures. He had enjoyed the proceeds of crime, including various yachts, private jets, and mansions in various countries and US states, for what many would consider a lifetime. Being incarcerated at that age is a form of punishment, but many would feel that it is inadequate in terms of the years likely to be served. The author suggests that the whistleblowers were ignored and government agencies fell behind by failing to stop Madoff’s activities much earlier. There is little doubt that some suspicions were dispelled by the high profits that many people were making with the scheme.
Madoff refused to cooperate with state prosecutors, maintaining that he was solely responsible for the criminal activity. The author suggests that Madoff’s wife, Ruth, and at least one close business partner must have been involved in what the trial judge condemned as an “extraordinary evil” that ruined the lives of hundreds of people. So the people who profited for decades from this great crime have escaped punishment, and Madoff’s only years behind bars are unlikely to deter others from attempting similar financial fraud.
Madoff belonged to the large and tight-knit Jewish community in the US, and large numbers of Jews in New York and Florida figured prominently as investors in Madoff’s plan. One might have expected a much greater understanding of the character and personality of Bernie Madoff, as he was known in financial circles. He is the central figure of the book, but is not given any substance as a real person. It gives the impression of being an automaton, almost like one might perceive a rogue computer going crazy on Wall Street, out of control because no one knows how it works. And how is a computer punished?
