Word: arvedlund
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...Good to Be True: The Rise and Fall of Bernie Madoff by Erin Arvedlund (Portfolio) carefully details how Madoff's marks, some of them supposedly sharp hedge-fund managers, became feeder funds for Madoff's enterprise by willfully or negligently failing in their due diligence to check out the bogus Madoff claims. "The same people did more research on buying a car than they did on the man who handled their money," she writes...
...Arvedlund has bragging rights: her story in Barron's in May 2001 was an early warning, but ultimately it failed to foil the plot. Her account will delight those more interested in the scam than in the man. Arvedlund goes down the list of entities that were on notice about Madoff's "trading," and she holds particular contempt for the all-but-absent SEC ("one of the most dysfunctional and inept periods in the commission's history"). Also in her sights: Fairfield Greenwich, a tony hedge fund that funneled more than $7 billion into Madoff's pockets, and J. Ezra...
...Betrayal: The Life and Lies of Bernie Madoff (Harper) offers the biggest payoff of the three books. It's a perfect meld of business details and personalities, including the still unresolved role played by Madoff's wife and sons in the scam. The author is more interested than Arvedlund in Madoff the man and in the emotional aspect of this financial soap opera. He has perfect pitch when it comes to the agony and shame of the Jewish community for finding such a gonif (Yiddish for thief) in its midst...
...raft of unnoticed red flags. Madoff's methods previously had been investigated by the SEC, and in 2001, a prescient article raised questions about his inscrutable strategies: "Madoff's investors rave about his performance - even though they don't understand how he does it," wrote Barron's Erin Arvedlund, who quoted a "very satisfied investor" as conceding, "Even knowledgeable people can't really tell you what he's doing." But for investors pocketing windfalls, the lure of easy money outstripped suspicions raised by Madoff's shroud of secrecy. When that shroud was lifted, however, Madoff's investment fund stood revealed...
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