Betrayal: The Life and Lies of Bernie Madoff

by Andrew Kirtzman

“Accurate and highly readable.” — Wall Street Journal   Emmy award-winning journalist Andrew Kirtzman, explores “The Life and Lies of Bernie Madoff” in Betrayal —an in-depth, personal look at the architect of the biggest financial fraud in history. The New York Times calls Betrayal, “a novelistic, you-are-there sort of narrative,” and the shocking story of the King of the Swindlers—and his hundreds of celebrity and corporation victims, and the everyday people who tragically invested their life savings with him—does indeed read like a page-turning thriller. But it’s all amazingly, disturbingly true.

Genres: Nonfiction, True Crime, Business, Biography, Finance, Crime, Journalism

320 pages, Hardcover

First published January 1, 2009

About the author

Andrew Kirtzman has covered Rudolph W. Giuliani for three decades as a political reporter for print and television. He began as a City Hall reporter and then wrote what is considered a definitive book about Giuliani’s mayoralty. He was with Giuliani on the morning of September 11th and chronicled their experience together. He has covered more than a dozen national political campaigns and hosted two of New York’s most widely watched political shows, winning multiple Emmy Awards. He has written for The New York Times, The Washington Post, The New Republic, and other publications, and authored a book about the Bernie Madoff scandal. He appears regularly on CNN and MSNBC to discuss politics and government.

Reviews

[Stephen Lung · Rating 4 out of 5]

Bernie Madoff, known as the founder of NASDAQ (currently second largest exchange in the world), and the Jewish T-Bill because money invested with him was as safe as the US treasury. 20 years later, this man was locked behind bars and sentenced to one hundred and fifty years in jail time – didn't even know that could be possible. Behind the pristine image of NASDAQ, Bernie ran a shadow operation that defrauded billions from investors in America and Europe. This investment scandal was based on the premise of guaranteeing returns of 20% per year using a split strike conversion strategy.

Despite many warning signs from mathematicians trying to debunk this trading strategy, what surprised me the most was how inept the SEC was at handling this matter allowing this scheme to continue for over 20 years. And so, with investing as the old saying goes... caveat emptor; buyer beware.

[Amanda · Rating 5 out of 5]

I really enjoyed this book-- it wasn't focused on the intricacies of finance, but it gave a great account of Bernie Madoff's rise and fall, and it read like a novel. It was amazing to hear the various accounts of people who were duped by Madoff and those who suspected he was running a Ponzi scheme. For someone who's interested in understanding how a 30-year Ponzi scheme came to be, it's an interesting, quick and easy read.

[Julia · Rating 5 out of 5]

When the economy began to fall into disrepair in 2008, I was shocked to hear of Bernie Madoff's ponzi scheme. The depth of his depravity was like watching a car crash. I read every piece in the New Yorker, Economist, and every piece in the Vanity Fair series written about him, his family, his employees, and investors. Over the course of the last 3 years, I watched several documentaries about him.

So, when I found this book at Borders during its liquidation phase, I immediately grabbed it and put it with my books to buy. I didn't read it for almost a year, and I lent it to my father when he requested a book to read. He loved it instantly and started reading passages out loud to me. He read it in record time and returned it with an exhortation to me: You MUST read this book NOW. I began reading it that evening. I was thoroughly pleased with Andrew Kirtzman's book from page 1. The depth of his research is astounding, and it truly is a blow by blow of Madoff's life and schemes beginning with his childhood, which provides some level of understanding to his motivations for his criminal enterprise.

I began my career in fundraising, and I spent a portion of it working with major donors. The largest donations and endowments to this university were made by Jewish individuals and families. Our donors wintered in Palm Beach, commuted to New York City, and spent summers in many of Madoff's other overseas destinations. Because of Madoff's strategy of recruiting Jewish individuals and families, I cannot help but wonder how many of the major donors I worked with lost a portion of their wealth to Madoff.

I highly recommend this book to individuals who love biographies, financial biographies, corporate finances, investing strategies, and/or true crime.

[Mary · Rating 2 out of 5]

Disappointing.

[Geoff (G. Robbins) (merda constat variat altitudo) · Rating 5 out of 5]

A Ponzi scheme is one where no investments are made. The scheme is maintained by ensuring new people pay into it. This money is then distributed to the members of the scheme that were already investing. The Ponzi operator skims off his percentage as the money flows. When the investors stop, the fund collapses as there is no capital left.

Bernie Madoff was the Ponzi King of Wall Street. He had enormous wealth and influence, firstly in the New York Jewish community and later amongst the stars of Hollywood and European aristocracy. It was estimated that when the con was revealed the losses amounted to, in excess of, $82 billion.

Andrew Kirtzman has done an outstanding job of bringing together the history of Bernie Madoff. You see him as a young man working around the area, his university education through to his rise to fame as a sage of Wall Street. You also get a unique insight into how others saw the man during all the stages of his life. His lifestyle is laid out in detail, the yachts, the planes, the houses, yet you also see the price he paid for that wealth – the self-delusion, the secrecy, even towards his own family. He could never let his guard down for a minute to anyone.

Congratulations to the author for bringing to us a most entertaining book, it would have been easy to create a work that was dry and filled with facts and figures, but this book gives the reader the opportunity to see the life that Bernie Madoff created. Unfortunately, Mr Kirtzman is not a miracle worker so we never read what went on inside Madoff’s head and we probably never will.

[Kate Lawrence · Rating 3 out of 5]

I couldn't resist being drawn into this journalistic account of the whole Madoff debacle. How can one person deceive so many of the world's wealthiest and most prominent people? Not to mention competitors, muckraking journalists, the SEC, and all members of his family, many of whom worked for him and were with him on a daily basis. Even his wife was kept in the dark about what was going on. No one ever uncovered the scam; it failed only when the economy tanked in 2008 and Madoff could not cover his increased withdrawal requests. Countless innocent people, just wanting the best return on their investments and impressed with Madoff's track record, placed their entire savings with him, enjoyed the good life for awhile, then lost it all. Madoff's desire to be rich and recognized was stronger than any scruples he may otherwise have had, and he lived the dream--on stolen money--from his 20's until age 71.
The author's account is carefully documented and compelling. One fine point: the author several times uses the word "discrete" when he means "discreet." Homonyms with very different meanings are invisible to Spell Check, and it seems I see this type of mistake in print more and more often lately.

[Alex Flores · Rating 4 out of 5]

At work, I sit next to the author of this book. Andrew Kirtzman wrote a gem here. Despite my voracious appetite for reading about the financial crisis, I had not spent anytime reading the news about Bernie Madoff amid the larger financial turmoil. Reading this book caught me up and gave me a view into just how badly Madoff's ponzi scheme really was. In this book the reader is taken on a tour of what it was like to grow up in 50-60s NYC and Long Island as a Jew and how that cultural upbringing played so heavily into Madoff's success, and ultimately every one of his victim's unwillingness to believe he might be steering them wrong. Great read and good job of financial reporting against the backdrop of personal relationship, being Jewish, and Madoff's ego-maniacal issues.

[Miriam Dix · Rating 5 out of 5]

As whistleblower books go, this one was very well-written and researched. For me, the story of Bernie Madoff is the best real life financial thriller since Enron. Just when you think that you've seen the worst with Enron employees behind closed doors shredding documents before the Feds show up -- here comes Madoff & Associates sending out, on a monthly basis, COMPLETELY fabricated statements. Not only that but for Y E A R S!!! Geez, I don't know how the Madoffs sleep at night. I enjoyed reading the book and getting an inside look on the Madoffs. In addition, I was impressed with the research that was completed for this book as indicated by the notes & chronology included at the end of the book.

[Sarah Littman · Rating 4 out of 5]

Takeaways from this book:

People will allow greed to suspend all rational judgement. If an investment appears to good to be true, folks, it IS too good to be true.

The SEC was incompetent/negligent in terms of enforcement and oversight.

Why would anyone in their right mind put their entire fortune with one manager? Did none of these allegedly intelligent people understand the concept of a diversified portfolio?

Greed. The lust for a "guaranteed safe high return" -which as anyone who understands how the financial markets work, knows is a fictional concept - created a willing suspension of disbelief.

[Janet Richards]

Of the three Madoff books I read the samples of - this one captivated me the most by describing a party of the "thought they were rich" before the Madoff ponzi scheme came to light.

I'm not sure what I'm looking for - surely there must be some shred of a human that somehow became overwhelmed by his own lies? He could not have been that heartless to even bankrupt this own sister for personal gain? Could he?

[Grace Wagner · Rating 5 out of 5]

WHO CAN YOU TRUST?

THE LIFE AND LIES OF BERNIE MADOFF

IT WAS AN INCONCEIVABLE DECEPTION. OVER $65 BILLION
STOLEN; HE WAS THE WORLD LARGEST PONZI SCHEME.
HIS FAMILY, CLOSE FRIENDS AND ALL WHO WORK WITH
HIM, REALLY BELIVED HIM. WHEN ALL THE OTHER INVESTORS
WERE MAKING MONEY, BUT NOT THE WAY BERNIE WAS.
ALL HIS INVESTORS WERE LIVING LIKE ONLY THE MUTI
RICH CAN. WELL FINALLY THE DAY CAME AND BERNIE IS
NOW SERVING A LIFE SENTECE FOR FRAUD.

[Joey · Rating 3 out of 5]

As much as the American people despise Bernie Madoff, I do to. On the other hand I also find him as a genius . Having the capability to pull tricks on people and on wall street was mad, but at the same time interesting to read about how he did it . They caught him in the end yes, but he lived most of his life as a filthy rich person because of his federal crime. He had a good run and he knew himself that the day he ends up behind bars would be the day he had enough of spending money.

[Sam Miller · Rating 4 out of 5]

There is a great deal of technical money trading/economics in the book. With that said, it wasn't difficult to follow and understand. Bernie Madoff was as corrupt as they come. He swindled billions from people. Unfortunately, in my opinion, and from reading this account, his victims were all too happy to bank money and never ask questions. They were eager for the rich lifestyle and Bernie gave that to them.

[Jim · Rating 4 out of 5]

Sobering account of the rise and calamitous fall of the financial empire of Bernie Madoff. The book is filled with interesting anecdotes and characters including the quirky whistleblower Harry Markopolos who tried and failed to convince the SEC that Madoff was a crook. The downfall is a painful read as individuals lost their life savings in the biggest Ponzi scheme in history.

[Alison · Rating 3 out of 5]

Following how Madoff got away with his fraud for so long was quite complicated if you're new to the investment world so I found I had to re-read sections in order to understand it. However, gave a good insight as to why and how the financial bust happened - and just how wide the impact was of one or two incredibly smug and greedy men.

[Nancy · Rating 4 out of 5]

My book club did this one. Didn't want to read it, but it turned out to be very interesting. How so many people chose not to see the red flags because they were making so much money. Far reaching and long lasting effects of his actions.

[Joel Arnold · Rating 5 out of 5]

Reads like a novel, except it really happened. It gives a sense of the person behind what happened and lets you ride with his rise and fall. It is also a very sobering book, as you realize the destruction that can happen in a life because of greed or the lust for approval.

[Laurie · Rating 3 out of 5]

This book chronicles the amazing breadth and depth of Madoff's crimes. It was a real page turner for me as the psychology of the scam's perpetrator and also his victims is fascinating. If I were a psychologist, I could spend a career exploring the psychological processes in play here.

[Nadine Guirl · Rating 3 out of 5]

It is still incomprehensible to me that Madoff was able to perpetuate his scam for so long. So many people were blind, and so many more people were victimized. Pay attention, people. If something seems too good to be true, there's probably a problem lurking.

[Margaux]

Recommended by DAD

[Josh Stephens · Rating 3 out of 5]

Probably on par with the other 5 million Madoff books. Good read with lots of details chronicling his life growing up and beginning his scheme to his ultimate demise.

[Jack · Rating 3 out of 5]

Well written account of the rise and fall of Bernie Madoff. How does the financial world allow this stuff to happen ?

[Rachelle · Rating 5 out of 5]

What a great compilation of this brutal man's destruction of so many.

[Karen · Rating 4 out of 5]

I read this in a day.... Seriously reminded me of my hedge fund days at MKA -

[Jack Ablin · Rating 5 out of 5]

Great Book

Betrayal is a well written book that delves into the motivation behind one of the biggest frauds of our time. It's the best book on the subject.

[Gil Bradshaw · Rating 4 out of 5]

This is a very well-written account of the Bernie Madoff fraud that is great for non-financial professionals because the book isn't too technical. It's a pretty quick read.

[Mary · Rating 4 out of 5]

Very interesting and highly readable.

[Kelly Camui · Rating 4 out of 5]

page turner

[Jeannine · Rating 4 out of 5]

Wow. This is a fascinating book and I highly recommend it. It is amazing and rather frightening how Bernie Madoff deceived so many for so long.

[Melanie · Rating 4 out of 5]

Surprisingly I really enjoyed this book. Easy read and fascinating. His level of fraud was remarkable.