Book Review: "The History of Greed" by David E.Y. Sarna

Title: The History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff

Author: David E. Y. Sarna

Publisher: Wiley

ISBN, PUB Date: 978-0470601808, September 7, 2010

Reviewed by: Shawn Edwards for Author Exposure

The History of Greed is a non-fiction account by David E. Y. Sarna of high dollar financial fraud in the modern era, explaining various methods con men employ to abuse investors as well as detailing particular instances of schemes and the aftermath. Sarna describes at length the fraud and recent conviction of Bernard Madoff; readers might remember news coverage of Madoff, charged in 2009 with orchestrating a Ponzi scheme involving over $170 billion.

For those interested in learning about the pitfalls investors face from fraudsters, The History of Greed is an excellent resource. Sarna is knowledgable of the financial field and provides information, evidence, and statistics about everything he discusses. Included at the end of the book is a bibliography composed primarily of online sources which researchers will find invaluable, thorough, and lengthy. This book presents scams from the investor's, the scammer's, and the regulator's perspective so that investors will understand how to identify possible scams and how regulators can help protect investors.

Readers who are only casually interested in the topic, however, may not enjoy The History of Greed from cover to cover. The author focuses on information at the expense of readability; while readers may enjoy learning how scams are run, they will have to push through Sarna's examples which often begin similarly and end identically. The title is also a bit of a misnomer. Less than ten percent of the book describes events before the 20th century, but most people would agree that greed has existed much longer than that. A more apt title would have been Greed in Modern Times.

The History of Greed is an informative book that researchers and finance aficionados will love. For those who are interested in the topic, especially the Madoff fraud, this will be a book to borrow, not buy.