Two Madoff Scandal Books Are Being Planned

Posted on January 2, 2009

There are already two books being planned about the Bernard Madoff financial scandal. Madoff was arrested for a self-described multibillion-dollar Ponzi scheme which defrauded investors for decades. One of the books by reporter Andrew Kirtzman is being published by HarperCollins and another by journalist Richard Behar will be published by Random House.

Celebrities such as Kyra Sedgewick and Kevin Bacon lost millions. So did many prominent Jewish charities. Madoff just announced to employees one day that the gig was up and that the entire investment business was a big scam. They went to the feds and Madoff was arrested. The full extent of the fraud is still being investigated. Essentially, people invested money with him and he used that money to pay "returns" to the other investors. There never was any coherent investment strategy. It all fell apart when the economy tanked and investors wanted their money back.

Update: Kirtzman's book is called Betrayal: The Life and Lies of Bernie Madoff.