This book is one of the first of what will likely be a spate of titles on Bernie Madoff. Madoff's initial contribution to Wall Street was the development of electronic trading, which revolutionized securities markets by facilitating increased trading volume at reduced cost. Simultaneously, he ran a hedge fund that proved to be a Ponzi scheme that defrauded its investors of billions. Madoff's reputation and ability to generate trust, his connections through family and friends, and his system of feeder fees contributed to his ability to perpetuate the fraud. Other explanations include lack of regulation of hedge funds and the incompetence of SEC investigators. Arvedlund, an investigative journalist, was among the first to suspect that Madoff's consistently superior returns were an illusion. Her timely book is the result of numerous interviews with individuals who had connections to Madoff, ranging from colleagues and employees to schoolmates. Madoff's greed, smoothness, and arrogance clearly come through, but so does the greed of the investors who thought they were receiving superior returns.
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