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Working with Emotional Intelligence
Do you have what it takes to succeed in your career?
The secret of success is not what they taught you in school. What matters most is not IQ, not a business school degree, not even technical know-how or years of expertise. The single most important factor in job performance and advancement is emotional intelligence. Emotional intelligence is actually a set of skills that anyone can acquire, and in this practical guide, Daniel Goleman identifies them, explains their importance, and shows how they can be fostered.
For leaders, emotional intelligence is almost 90 percent of what sets stars apart from the mediocre. As Goleman documents, it’s the essential ingredient for reaching and staying at the top in any field, even in high-tech careers. And organizations that learn to operate in emotionally intelligent ways are the companies that will remain vital and dynamic in the competitive marketplace of today–and the future.
Comprehensively researched, crisply written, and packed with fascinating case histories of triumphs, disasters, and dramatic turnarounds, Working with Emotional Intelligence may be the most important business book you’ll ever read.
No One Would Listen: A True Financial Thriller
Bernie Madoff was a king of the financial world and a beloved philanthropist. But very few people knew that he was quietly running the largest hedge fund in the world, a fund that eventually spread to over forty nations and handled tens of billions of dollars.
Harry Markopolos was a little-known number cruncher at a Boston equity derivatives firm analyzing investment products. A marketer for that firm, Frank Casey, handed Harry a prospectus outlining Madoff’s strategy and asked him to create a similar product. Harry sat down and looked at the numbers. The numbers didn’t add up. For the next ten years, the investigative team Markopolos recruited warned the government, the industry, and the financial press that the largest and most successful hedge fund in the industry was a total fraud and that the respected and admired Bernie Madoff was a crook. But no one would listen.
This is the thrilling, complete story of the pursuit of the greatest financial criminal in history. The incredible investigation takes listeners inside the financial industry, revealing the never-before-told stories behind the headlines. No One Would Listen is the frighteningly true story of massive fraud, governmental incompetence, and criminal collusion that has changed thousands of lives forever—as well as the world’s financial system.Harry Markopolos and his team of financial sleuths discuss first-hand how they cracked the Madoff Ponzi scheme
No One Would Listen is the exclusive story of the Harry Markopolos-lead investigation into Bernie Madoff and his $65 billion Ponzi scheme. While a lot has been written about Madoff’s scam, few actually know how Markopolos and his team-affectionately called “The Fox Hounds” by Markopolos himself, uncovered what Madoff was doing years before this financial disaster reached its pinnacle. Unfortunately, no one listened, until the damage of the world’s largest financial fraud ever was irreversible.
Since that time, Markopolos openly has testified and questioned the enforcement and fraud investigation capabilities of the Securities and Exchange Commission (SEC), shared a sliver of this page-turning story with 60 Minutes, and become perhaps the world’s most visible and insightful whistleblower on fraud and conflicts of interest in financial markets.
Throughout the book, Markopolos and his Fox Hounds tell their first-hand story of investigating Madoff-with the help of bestselling author David Fisher. They explain how they discovered the fraud, and then how they provided credible and detailed evidence to major newspapers and the Securities and Exchange Commission (SEC) many times between 2000 and 2008, only to have his warnings ignored repeatedly by the SEC.
Despite repeated written and verbal warnings to the SEC by Harry Markopolos, Bernie Madoff was allowed to continue his operations. No One Would Listen paints a vivid portrait of Markopolos and his determined team of financial sleuths, and what impact they will have on financial markets and financial regulation for decades to come.
A Timeline of a Take-Down
Amazon-exclusive content from author Harry Markopolos
How long did it take to uncover and expose a $40 billion crook? Ten years.
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1998-1999
• 1998: My Firm “discovers” Bernie Madoff
• Late 1999: I am asked to reverse engineer Madoff’s returns
2000
• I knew he was a fraudster in 5 minutes
• May: Submission to SEC Boston Regional Office’s Director of Enforcement with 12 Red Flags
2001
• January: Team Member Frank Casey recruits MAR Hedge investigative journalist Michael Ocrant onto the team during a chance meeting in Barcelona, Spain
• March: My 2nd SEC Submission on how I think Madoff is running the scheme and his investment process
• I offer to go undercover to assist the SEC
• Apr: Michael Ocrant interviews Madoff
• May: MAR Hedge publishes Madoff expose, “Madoff Tops Charts; skeptics ask how”; Barron’s publishes, “Don’t Ask, Don’t Tell: Bernie Madoff is so secretive, he even asks investors to keep mum”
2002
• Jun: Key trip to UK, France & Switzerland; met with 20 Fund of Funds & Private Client Banks: 14 have Madoff and report “special access to Madoff”; two have admitted Madoff losses – Dexia Asset Management and Fix Family Office; 12 have not admitted Madoff losses and all 12 were turned into SEC Chairwoman on Feb. 5, 2009; off-Shore funds attract three types of investors who won’t report losses or file SIPC claims with the US government
2003-2004
• E-mail records of investigation lost; attempting to recover data from non-functioning hard drives
2005
• Jun: Frank Casey discovers Madoff attempting to borrow money from European banks (first sign that Madoff scheme is in trouble)
• Oct: Boston SEC’s Ed Manion arranges for 3rd SEC Submission
• Oct: Meeting with Boston SEC Branch Chief Mike Garrity, who quickly investigates, finds irregularities, and forwards my submission to SEC’s New York Office
• Nov: Boston Whistleblower calls NYC Branch Chief Meaghen Cheung and reveals his identity
• Nov: 29 Red Flags submitted
• Dec: I doubt NYC SEC’s ability, fear for my life, and contact Wall Street Journal and go to local law enforcement for protection
2006
• Jan: Integral Partners’ $40 million derivatives Ponzi Scheme goes to trial five years and five months after discovery, causing us to further doubt SEC competence
• Sep: Chicago Board Options Exchange VP tells me that several OEX option traders also think Madoff is a fraudster; if SEC had called the CBOE’s marketing office, they would have cooperated
2007
• Feb 28: Neil Chelo obtains a Madoff portfolio which shows zero ability to earn a return
• Jun: Casey obtains Wickford Fund LP prospectus showing Madoff is short of cash and offering a 3:1 leverage via bank loans, another clear warning sign that Madoff is running short of cash
• Jul: Chelo obtains Fairfield Greenwich Sentry LP financial statements for 2004 – 2006 and discovers three year-end audits with three different auditors in three different countries!
• Aug: Chelo conducts a 45 minute telephone interview with Fairfield Greenwich’s head of risk management; hedge funds all lose money except for Madoff!
2008
• Apr 2: Undelivered e-mail to Sokobin, SEC’s Director of Risk Assessment, entitled, “$30 Billion Equity Derivatives Hedge Fund Fraud in New York”
• Dec 11: Madoff runs out of money, turns himself in
• Dec 12: SEC insider calls me and warns “watch your back, Operation Cover-up has begun.”
2009
• Feb 4: My U.S. House testimony followed by SEC’s senior staff and FINRA acting CEO
• Sep 4: 477-page SEC IG Report on the Madoff Fiasco released
• Sep 10: I testify before US Senate Banking Committee with SEC IG
2 Stars Extremely boring
shortest review I have ever written: Boring /way too technical/ a good story badly told / and arrogant
5 Stars No one would listen
Harry Markopolos’s book NO ONE WOULD LISTEN gave me a detailed blue print into the twisted reality of human behavior when it comes to money. A must read for every business student on the planet. Of course I would suggest that every government worker involved with regulating the financial institutions of this country should read this book, but, it seems to me they lack this skill.
5 Stars The financial crisis takes down Madoff. Markopolos takes down the SEC
This is a sensational story about the largest Ponzi scheme ever facilitated by the most incompetent financial regulator: the SEC. Congress is currently undertaking financial reform. But, Markopolos warns regulations are only as good as the regulators.
The best way to read this book is to start with Appendix B where Markopolos makes his case to the SEC and explains clearly why Bernie Madoff (BM) is running a Ponzi scheme. Next, move on to Attachment 1: that shows the unreal 15 year investment track record of Fairfield Sentry, a large feeder fund that invested all its assets with BM. Thus, Fairfield Sentry’s disclosure is a perfectly transparent window on BM’s claimed performance. Next, move on to Appendix A to read the excellent article by Michael Ocrant written in 2001. It is one of the first public article that raises worrisome questions about BM. Ocrant will become a member of Markopolos four-man investigative team. After reading this material at the end of the book, you will have an insider understanding of this Ponzi scheme.
Markopolos uncovering this Ponzi scheme boils down to two basic concepts. BM virtually never experienced any material losses. To do that he had to buy Puts very close to being in the money. Those would be financed by selling Calls also close to being in the money. As a result, Markopolos knew he could only earn T-Bills like returns instead of the15% per year before fees. The second impossibility is that BM funds required option positions that were at all times a lot greater than the entire volume outstanding S&P 100 index options he claimed he used. That is just not possible.
Markopolos investigation has a clear motivation. The manager of the Rampart hedge fund where he worked puts relentless pressure on Markopolos to come up with a competing product to BM. No matter how often Markopolos tells his boss, you can’t compete against fake numbers the latter orders Markopolos to come up with a competing product anyway. Tired of this situation, Markopolos decides to uncover Madoff.
No one would listen to Markopolos. Besides the SEC, he shared his findings with The Wall Street Journal, Forbes, and Eliot Spitzer, the former NY Attorney General. They all did not listen to his stuff. In the case of Spitzer, Markopolos suspected it may be because Spitzer invested in the BM funds. Yet, all the U.S. investment banks did not touch BM because they all understood he was running a Ponzi scheme. If among the outsiders no one would listen… among the insiders no one would speak up. Markopolos was determined to change that. He quits his job at Rampart and becomes a full time fraud investigator in 2004.
The SEC just won’t listen to Markopolos. Markopolos fully informed the SEC about Madoff’s Ponzi scheme in 1999, 2000, 2001, 2005, and 2007. The SEC would have to just obtain records of Madoff trades and confirm those were fictitious to arrest him. But, the SEC did only one meaningless investigation in 2006 where they just requested Madoff to register as an investment advisor. Only the financial crisis brought Madoff down. In December 2008, Madoff investors requested $8 billion in redemption that he could not meet. He confessed to his family the whole thing was a Ponzi scheme. And, his sons turned him in to authorities. The FBI arrested Bernie Madoff. The SEC made no difference.
Markopolos states the SEC has the wrong set of skills. SEC staffers are lawyers instead of financial experts. Thus, in our complex world the SEC is not equipped to protect investors. Markopolos makes 13 recommendations on how to restructure the SEC and its governing the securities industries. Some of those include replacing lawyers with financial experts, increase pay scale to attract top talent, overhaul the SEC examination process, relocate the SEC headquarter from Washington DC to New York where the expertise is, and develop a whistle blower program similar to the ones of the IRS and DOJ. It all makes good sense.
Markopolos takes down the SEC hierarchy. After Bernie Madoff was caught, Markopolos makes a Congressional testimonial that is devastating to the SEC. He demonstrates the SEC incompetence and illicit cooperation with the industry it is deemed to regulate. Within days of his Congressional hearing many of the senior SEC executives resign. Within less than five months they are all gone. And, their replacements conduct an honest internal investigation of why they did not listen to Markopolos. They interview Markopolos at length.
Why did Bernie Madoff’s Ponzi scheme succeeded for so long? It is because he offered everyone a deal to good to pass up.
For investors, he offered irresistible returns. Over the period 1990 to 2005 described in Attachment 1, BM funds earned 10.93% per year net of fees and beat the S&P 500. More importantly, BM funds bore only 24% of the risk of the S&P 500 with a standard deviation of only 4.24% vs 17.88% for the S&P 500. Gateway fund that used a strategy most similar to the BM funds earned only 4.54% per year over the same period hardly beating T-Bills at 4.15%. And, Gateway’s risk was still a bit higher than BM funds at 5.13%. The Efficient Market Hypothesis dictates that higher returns are associated with higher risk. But, BM funds combination of high returns with impossibly low risk were so far above the Efficient Frontier as to be unreal. But, his investors decided to believe in BM’s superior market timing, black box model, and even his front-running instead of deducing the obvious: this could only be a Ponzi scheme.
For investment managers, he offered an irresistible deal. The standard hedge fund charges 1% of assets and 20% of yearly returns. The feeder funds that diversify over several hedge funds usually tag on very small fees on top of the hedge funds very high fees. But, Bernie Madoff gave away the entire 1%/20% fee to the feeder funds. Thus, feeder funds were making as much with BM as if they were the original hedge fund! The feeder funds fees represented a fat 4% of assets. This indicated that BM returns before fees had to be a staggering 15% over the long term. Indeed, 15% times (1 - 20%) - 1% = 11% or BM return net of fees.
Investors losses were massive. Since 1991, David Sheehan, chief counsel of the trusteeship that resolved the BM affairs, gathered that investors invested about $36 billion. The $36 billion invested at different times rose to $65 billion in funny money by December 2008. Of the original $36 billion, investors got back $18 billion (or half). Remember in a Ponzi scheme not all funds are wiped out. The later investors repay the earlier investors in the fund.
So how much did the SEC failure cost investors? If the SEC had acted upon Markopolos first investigation in 1999, at that point BM had about $5 billion under management. Assuming investors would have received back close to half that amount in redemption as they did later, the loss to investors would have been $2.5 billion or only 1/7th the loss they incurred a decade later.
Markopolos finds out fraud is prevalent. As a fraud investigators he uncovers 20 market-timing frauds. That’s when an investment fund buys international stocks after the U.S. market has ran up and closed but before the international market has opened and captured the upcoming rise in price. He reports those 20 cases to the SEC. They don’t act on any of them. Markopolos also indicates front-running is rampant. That’s where a broker/dealer places his own order just before the ones of his clients to benefit from the upcoming pick up in prices. Markopolos has also investigated pharmaceutical and other medical frauds exploiting the Medicare fund. He says Big Pharma makes Wall Street look good. Hopefully, the health care and financial reforms will curb those abuses.
5 Stars Well Written and Captivating from the Beginning
The Madoff fraud was the biggest con in the history of the world, and Harry Markopolos and his team of Frank Casey, Neil Chelo and Mike Ocrant are true heroes for trying to ring the bell and get the SEC to do its job.
That goes without saying.
What needs to be said, however, is that this book is a genuinely fun read. This is more than a good tale; it is a tale well told.
Markopolos can write and he is both funny, insightful and appropriately outraged at “the big wink” given to lying, stealing and cheating on Wall Street.
Buy this book; it is as well written as anything produced by John Grisham, but has the advantage of being TRUE.
5 Stars worthwhile read
interesting insight into Madoff and the SEC.
I have been involved with SEC work or their impact on by business for a long time.
they really were horrible in this case and acted like what a lot of people think is wrong with government, protect who you are supposed to be checking. (the current oil spill is an example of a similar government agency) I hope the new changes make it more effective.
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The Little Black Book of Success: Laws of Leadership for Black Women
In this engaging and invaluable “mentor in your pocket,” three dynamic and successful black female executives share their strategies to help all black women, at any level of their careers, play the power game—and win.
Rich with wisdom, this practical gem focuses on the building blocks of true leadership—self-confidence, effective communication, collaboration, and courage—while dealing specifically with stereotypes (avoid the Mammy Trap, and don’t become the Angry Black Woman) and the perils of self-victimization (don’t assume that every challenge occurs because you are black or female).
Some leaders are born, but most leaders are made—and The Little Black Book of Success will show you how to make it to the top, one step at a time.
5 Stars What wonderful advice!
This book, written by 3 powerful women who have “been there, done that”, should be required reading for all black women(or all women) who aspire to become effective leaders. Challenging, inspiring and motivating.
4 Stars Black. Woman. Successful 4.5 Stars
I smiled when I saw the title of the book, The Little Black Book of Success by Elaine Meryl Brown, Marsha Haygood and Rhonda Joy McLean, thinking, `Another self-help book for sisters.’However, the fact that Elaine Meryl Brown was one of the co-authors intrigued me because I had read her fiction titles. I will say that The Little Black Book of success is definitely a self-help book, but it is so much more. It is filled from cover to cover with life instructions, career information and simple common sense revelations. What I really enjoyed were the Mama-isms at the end of each chapter such as, `All is fair in love and business,’ and a personal favorite, `There is no elevator to success; you must take the stairs.’ While the book is filled with advice, it is also witty and interesting.
The Little Black Book of Success is targeted to black women, but every woman under the sun could benefit from reading it and heeding what it offers. I recommend it for all women, of all ages, persuasions or ethnicities.
This book was provided by publisher for review purposes only.
Angelia Menchan
APOOO BookClub
5 Stars Simply Amazing
The Little Black Book of Success is simply amazing. I have been waiting for a book on leadership that is for women of color for a long time. I have transformed from being “average” to “above average” in the workplace as I read this book and apply the principles. I wish I had this book when I graduated from college eleven years ago. Thank you so much.
4 Stars Good Little Black Book
This book has it flaws–I wish that the chapters were longer and a little more fleshed out; I think that the subdivision of each chapter into three parts was not always necessary; and, I wish that the authors had added more illustrative examples from their individual experiences since they each have such interesting, exciting, and successful careers. That being said, I would still recommend this book to anyone (not just African-American women) who wants to more ably manage his or her career. While I had heard some of the tips before, many of them were new and fresh, and they really helped me to reconsider ways that I could accelerate my professional progress. I also really appreciate that, rather than just spouting platitudes, the authors give specific, concrete action steps for their readers to follow in various situations–in my experince, this is rare, so the inclusion is a very notable and welcome change from what is contained in similar literature. Finally, I liked that the book was informative but still a quick and easy read–very useful when trying to balance future professional development with current professional responsiblities. All in all, a good “little black book”.
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How to Win Friends & Influence People
YOU CAN GO AFTER THE JOB YOU WANT…AND GET IT! YOU CAN TAKE THE JOB YOU HAVE…AND IMPROVE IT! YOU CAN TAKE ANY SITUATION YOU’RE IN…AND MAKE IT WORK FOR YOU!
For more than sixty years the rock-solid, time-tested advice in this book has carried thousands of now famous people up the ladder of success in their business and personal lives.
Now this previously revised and updated bestseller is available in trade paperback for the first time to help you achieve your maximum potential throughout the next century! Learn:
* THREE FUNDAMENTAL TECHNIQUES IN HANDLING PEOPLE
* THE SIX WAYS TO MAKE PEOPLE LIKE YOU
* THE TWELVE WAYS TO WIN PEOPLE TO YOUR WAY OF THINKING
* THE NINE WAYS TO CHANGE PEOPLE WITHOUT AROUSING RESENTMENTThis grandfather of all people-skills books was first published in 1937. It was an overnight hit, eventually selling 15 million copies. How to Win Friends and Influence People is just as useful today as it was when it was first published, because Dale Carnegie had an understanding of human nature that will never be outdated. Financial success, Carnegie believed, is due 15 percent to professional knowledge and 85 percent to “the ability to express ideas, to assume leadership, and to arouse enthusiasm among people.” He teaches these skills through underlying principles of dealing with people so that they feel important and appreciated. He also emphasizes fundamental techniques for handling people without making them feel manipulated. Carnegie says you can make someone want to do what you want them to by seeing the situation from the other person’s point of view and “arousing in the other person an eager want.” You learn how to make people like you, win people over to your way of thinking, and change people without causing offense or arousing resentment. For instance, “let the other person feel that the idea is his or hers,” and “talk about your own mistakes before criticizing the other person.” Carnegie illustrates his points with anecdotes of historical figures, leaders of the business world, and everyday folks. –Joan Price
2 Stars Thoroughly unimpressed
I have heard about this relatively famous book for many years and finally decided to read it. I’m sorry I did.
I was thoroughly unimpressed. There was nothing in here I didn’t already know just from basic social skills learned through life. I’ll save you the time and trouble of reading this book…
Smile, listen, compliment others, and don’t be mean to people. Basically, treat other people the way you want to be treated.
There are no deep psychological theories, no mysterious tricks, and no secrets revealed in this book that make it worth reading.
5 Stars Influence Friends
Great book and was delivered as advertised — in new condition. Will look for future books here.
5 Stars A classic base to build on
“How to win friends and influence people” was written in the first half of the last century, and at first glance it may seem unrelated to sport. So why am I reviewing this book? Once you delve into its pages, you will see that these old-time lessons (primarily meant for the business world), are applicable to every single one of us.
When I first read Dale Carnegie’s words, I felt humbled. The principles presented are all so simple, so full of common sense, and so positive, yet are things that we have either forgotten, or never fully learnt. It was refreshing to hear about how old American Presidents, business people, and leaders from around the world worked with people and got to where they did. It is all too easy to get so caught up in present day material, that we fail to utilize resources and lessons learnt in the past.
There is a growing trend for people in one industry (such as we in sport and fitness), to broaden our horizons and look to the business world for ideas. They have to deal with bosses, colleagues, and customers. I have to deal with managers, physiotherapists & coaches, and work with players. The parallels with the business world become more and more apparent the more you think about it. If you are looking to learn from business books or resources, then you should without a doubt start with this one. It has been influencing people for over 70 years, and will serve as a great base from which to build.
I will be looking to review more books of this kind as they can be of great use to anyone and everyone, and they also make for a nice change of pace from scientific literature. Thank you to those of you who recommended this to me, you know who you are!
More reviews of books like this are on my blog, which is listed in my profile
5 Stars People Skills Perfected
I was drawn to this book after reading in Warren Buffett’s biography that it was a book he found hugely influential in his own success with dealing with people. Mr. Buffett had countless friends and influenced as many people as anyone in his lifetime, so I had to read it. I was not disappointed, this book has the eloquent writing style that was prominent in the 1930’s (the first edition was written in 1936)very charming and well written, it is a delight to read. I really wished I would have read this book twenty years ago. I would have had a much smoother journey through my business career and personal relationships, but alas later is better than never and I look forward to putting what I learned in place for the next fifty years.
Hear is how you win people to your way of thinking in a nutshell. How do you get the best of an argument? Avoid them at all costs, they are not worth the price. Always show respect for others opinions. Never, ever, say “You are wrong.” This gains you nothing. If you are wrong, admit it quickly and emphatically. This is biblical from the mouth of Jesus, no less. Begin all encounters with people in a friendly way. Always get the other person saying yes, by finding common ground. Let the other person do a great deal of the talking, this is perceived as having great listening skills. Let the other person feel that the idea that you are presenting is his or hers. This is a skill. It is crucial to honestly see things from the other person’s point of view. Be sympathetic with the other person’s ideas and desires. Appeal to the nobler motives. Dramatize your ideas to make them unforgettable and convincing. Throw down a challenge, something for the other person to live up to. This appeals to the ego and desire to be important.
A leader’s job includes changing people’s attitudes and behavior. Here is how to be a leader in a nutshell. Always begin with praise and honest appreciation. Call attention to people’s mistakes indirectly and very discreetly. Talk about your own mistakes before criticizing the other person. Ask questions instead of giving direct orders. Let the other person save face, give them a way out. Praise the slightest improvement and praise every improvement. Be hearty in your approbation and lavish in your praise. Give the other person a fine reputation to live up to. Use encouragement to get results. Make any fault seem easy to correct. Make the other person happy about doing the thing you suggest.
This is an excellent book within the realm of learning, developing, and using people skills. So many of us lack this level of tact and finesse, most of us would do well to read this book and put its principles into action. I believe all readers will get the money spent on this book back a thousand times over in the value it adds to your life if you put these principles in action and refer back to it before important conversations take place in your life. I give this book five stars and two thumbs up.
5 Stars Great Book !!
I would recommand this book to anyone who wants to improve their social skills. There are many useful ideas and examples that you might be able to relate to and make good use of. Of course not all of these ideas and theories are going to work at any given situation, and I believe a smart reader like you should be able to use some of these techniques in your very own way.
I work in the health care field and I have encountered many sick, unhappy or even angry patient everyday. This book helps me resolved and prevented a lot of conflicts, and at the same time patients are more friendly towards my new attitude.
Since everyone is different and everyone interpret things differently, I would leave you to decide whether or not it is a good book, but I hope you would benefit from this book more than I do.
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