He really did deceive the entire world. In a moment’s time, thousands of organizations and individuals worldwide lost their financial savings when Bernie Madoff’s massive investment fraud was uncovered. The widespread public outrage was directed not only at him but also his family. Surely those closest to him knew everything and were reaping all the benefits, right? Two recent books tell otherwise.
The first, Truth and Consequences: Life Inside the Madoff Family, by Laurie Sandell, chronicles the lives of his wife Ruth and sons Mark and Andrew both before and after the 2008 revelation that brought the financial empire crashing down. Ruth, who was married to Madoff from the age of 18, had all property seized. Mark committed suicide two years to the day of his father’s arrest. Andrew struggled to rebuild his own reputation in the business community. The writing at times entertains frivolous details and inconsequential family spats but provides an honest look into a tightly controlled family whose trusted patriarch was their ultimate undoing.
While Truth and Consequences focuses more on family dynamics and less on the actual logistics of Madoff’s crime, The Wizard of Lies: Bernie Madoff and the Death of Trust by Diana B. Henriques gives a detailed recounting of the Ponzi scheme itself. Henriques, a financial writer for the New York Times and one of the few to interview Madoff in prison, follows a substantial “cast of characters” including family members, accountants, federal investigators and lawyers to examine how a respected businessman could carry out deception on such a grand scale. If her earlier narrative seems dry and overwhelming in places, the latter half of the book provides plenty of courtroom drama and emotional testimony to keep readers engaged. As both authors note, family members and outsiders alike had their lives upended by the “Wizard of Lies”, and the rebuilding for many has just begun.