Podcast appearances and mentions of diana henriques

Bernie Madoff was a market structure pioneer, a former NASDAQ chairman, and one of the most trusted names on Wall Street—bona fides that allowed him to architect the largest known Ponzi scheme in history under the noses of regulators. In this first episode of our two-part look at Madoff, Ronan and JR sit down with New York Times journalist Diana Henriques, author of The Wizard of Lies, which also inspired the HBO movie starring Robert De Niro. Diana, who was the first journalist to interview him in prison and played herself in the film, discusses Madoff's early rise in electronic trading, the mechanics of his $65 billion Ponzi scheme, and how he kept finance's biggest players on the hook for decades.

Diana Henriques, award-winning journalist and author, discusses the traits of fraudsters and the menace of reputation laundering.

Award-winning journalist Diana Henriques has spent her career covering financial markets, white collar crime, and market regulation. She joins Kurt and Chris to discuss her recent book, Taming the Street: The Old Guard, the New Deal, and FDR's Fight to Regulate American Capitalism, which chronicles the decade following the 1929 stock market crash, and the men in government and in the markets who fought to provide the framework for financial regulation that we still utilize today.

Award-winning journalist and author, Diana Henriques, joins Anthony this week to discuss her latest book,Taming the Street: The Old Guard, the New Deal, and FDR's Fight to Regulate American Capitalism. What does capitalism owe to the common good? Diana raises this urgent question with Anthony, discussing the steps President Franklin D. Roosevelt took to regulate Wall Street during the 1929 stock market crash and the Great Depression, and the role the New Deal still plays in today's markets. They then move on to discuss Diana's definitive book on Bernie Madoff.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Author of "Taming the Street," Diana Henriques, details how President Franklin D. Roosevelt battled to regulate Wall Street in the wake of the 1929 stock market crash and the ensuing Great Depression. (00:10)Then, Christine Wzorek highlights the launch of the Utah Chapter of Association for Corporate Growth's Women's Professional Network. (22:11)Mountain Money ends the hour exploring the benefits of exercising and infrared heat absorption with HOTWORX, a new business located in Kimball Junction. (38:34)

Diana Henriques is the author of 5 previous books including "The Wizard of Lies: Bernie Madoff and the Death of Trust." Originally from Bryan, Texas, and Roanoke, Virginia, Ms. Henriques spent 22 years as a reporter with the New York Times. In her latest book "Taming the Street," she writes in the preface: "My mission is to describe just one of the New Deal's most significant achievements, clearing out the vicious jungle that was the nation's financial landscape in the 1920s and replacing it with a well-tended terrain where ordinary Americans could save and invest with confidence."  Learn more about your ad choices. Visit megaphone.fm/adchoices

Diana Henriques is the author of 5 previous books including "The Wizard of Lies: Bernie Madoff and the Death of Trust." Originally from Bryan, Texas, and Roanoke, Virginia, Ms. Henriques spent 22 years as a reporter with the New York Times. In her latest book "Taming the Street," she writes in the preface: "My mission is to describe just one of the New Deal's most significant achievements, clearing out the vicious jungle that was the nation's financial landscape in the 1920s and replacing it with a well-tended terrain where ordinary Americans could save and invest with confidence."  Learn more about your ad choices. Visit megaphone.fm/adchoices

Diana Henriques, author of the new book, "Taming the Street: The Old Guard, The New Deal, and FDR's Fight to Save American Capitalism", joins the show to talk about how President Franklin Delano Roosevelt and a small group of men revolutionized Wall Street after Black Thursday with the establishment of the SEC and other agencies. Plus, how today's financial regulators are under pressure, and the risks that pose to all investors. And, investors are finally coming around to the Fed's 'Higher for Longer', mantra, and that is keeping stocks under pressure. LINKS FOR SHOW NOTES https://www.investopedia.com/what-to-expect-for-the-markets-next-week-4584772 https://www.investopedia.com/terms/a/appropriation.asp https://www.investopedia.com/articles/investing/031815/what-zero-interestrate-policy-zirp.asp https://www.investopedia.com/terms/b/blackthursday.asp https://www.gao.gov/legal/appropriations-law/resources http://dianabhenriques.com/ https://selfserve.decipherinc.com/survey/selfserve/20f6/230732

Diana Henriques, author of the new book, "Taming the Street: The Old Guard, The New Deal, and FDR's Fight to Save American Capitalism", joins the show to talk about how President Franklin Delano Roosevelt and a small group of men revolutionized Wall Street after Black Thursday with the establishment of the SEC and other agencies. Plus, how today's financial regulators are under pressure, and the risks that pose to all investors. And, investors are finally coming around to the Fed's 'Higher for Longer', mantra, and that is keeping stocks under pressure. LINKS FOR SHOW NOTES https://www.investopedia.com/what-to-expect-for-the-markets-next-week-4584772 https://www.investopedia.com/terms/a/appropriation.asp https://www.investopedia.com/articles/investing/031815/what-zero-interestrate-policy-zirp.asp https://www.investopedia.com/terms/b/blackthursday.asp https://www.gao.gov/legal/appropriations-law/resources http://dianabhenriques.com/ https://selfserve.decipherinc.com/survey/selfserve/20f6/230732

Journalist and author Diana B. Henriques discusses her book Taming the Street: The Old Guard, the New Deal, and FDR's Fight to Regulate American Capitalism. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Journalist and author Diana B. Henriques discusses her book Taming the Street: The Old Guard, the New Deal, and FDR's Fight to Regulate American Capitalism. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Michael Kahn, senior market analyst at Lowry Research Corp., says the trend since October of last year remains up, despite the corrective nature of the last six weeks; that push and pull makes it that Kahn suggests buying only a few solid choices but not buying broadly or getting widely invested because the market's 'just not there at the moment.' Lowry notes that small-cap companies are struggling and he wants to see a resurgence in small-caps to get happy about the market's resurgence and prospects. In The Book Interview, best-selling author Diana Henriques discusses her newest effort -- 'Taming the Street: The Old Guard, the New Deal, and FDR's Fight to Regulate American Capitalism' -- which is out today. In the latest episode of 'Find Me The Money,' forensic accountant Tracy Coenen dives into the high cost -- and the spent money that might be recovered -- in cases of romantic infidelity, and Chuck discusses taking some old coins and jewelry to a gold buyer, and what he learned from the process.

EPISODE 1706: In this KEEN ON show, Andrew talks to Diana B. Henriques, author of TAMING THE STREET, about the New Deal, FDR's fight to regulate American capitalism and its relevance today in Joe Biden's America Diana B. Henriques, an award-winning financial journalist, is the author of A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History, released in September 2017. She is also the author of The Wizard of Lies: Bernie Madoff and the Death of Trust, a New York Times bestseller, and three other books on business history. As a staff writer for The New York Times from 1989 to 2012 and as a contributing writer since then, she has largely specialized in investigative reporting on white-collar crime, market regulation and corporate governance. In May 2017, HBO aired its film-length adaptation of The Wizard of Lies, with Robert De Niro in the starring role — and with Ms. Henriques playing herself as the first journalist to interview Madoff in prison. An avid reader and reviewer of financial histories, Ms. Henriques is also the author of Fidelity's World: The Secret Life and Public Power of the Mutual Fund Giant (1995), The White Sharks of Wall Street: Thomas Mellon Evans and The Original Corporate Raiders (2000), and The Machinery of Greed: Public Authority Abuse and What To Do About It. (1986). Ms. Henriques was a member of a reporting team that was named a Pulitzer finalist in 2003 for its coverage of the aftermath of the Enron scandals. She was also a member of a team that won a 1999 Gerald Loeb Award for covering the near-collapse of Long Term Capital Management, a hedge fund whose troubles rocked the financial markets in September 1998. She was one of four reporters honored in 1996 by the Deadline Club, the New York City chapter of the Sigma Delta Chi professional journalism society, for a series on how wealthy Americans legally sidestep taxes. She has explored the expansion of tax breaks, regulatory exemptions and Congressional earmarks for religious nonprofits, and helped monitor commodity markets and money market funds in the financial turmoil of late 2008. Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running How To Fix Democracy show. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the final episode of the series, host Mary Pilon is joined by BS High co-director Travon Free to discuss the rollercoaster experience of interviewing Bishop Sycamore coach Roy Johnson. Then, Pilon is joined by an expert on fraud and conmen - journalist and author Diana Henriques - to discuss why sports are a ripe place for fraud and the psychological impact of being a victim of fraud. Learn more about your ad choices. Visit megaphone.fm/adchoices

Diana Henriques describes Madoff's Ponzi scheme, discusses how difficult it is to uncover fraud by those who prey on the trust of others and addresses the simple, consistent controls that saved some investors from losses. Diana is featured in the new Netflix series MADOFF: The Monster of Wall Street.

Kate discusses House of Grucci (Hulu), a documentary special that goes inside the lives of America's First Family of Fireworks, and this week's episode of Real Housewives of Miami. Diana Henriques, award-winning financial journalist and New York Times best-selling author discusses Madoff: The Monster of Wall Street. The Netflix series reveals the truth behind Bernie Madoff's infamous $64 billion-dollar global Ponzi scheme, the largest in history, that shattered the lives of countless individual investors who had placed their trust in the revered Wall Street statesman. Henriques book The Wizard of Lies: Bernie Madoff and the Death of Trust, has referred to it as the definitive book on what Madoff did and how he did it. Reality Life with Kate CaseyPatreon: http://www.patreon.com/katecaseyCameo: https://cameo.com/katecaseyTwitter: https://twitter.com/katecaseyInstagram: http://www.instagram.com/katecaseycaTik Tok: http://www.tiktok.com/itskatecaseyClubhouse: @katecasey Facebook Group: https://www.facebook.com/groups/113157919338245Amazon.com: www.amazon.com/shop/katecaseySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Diana B. Henriques, an award-winning financial journalist, is the author of A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History, released in September 2017. She is also the author of The Wizard of Lies: Bernie Madoff and the Death of Trust, a New York Times bestseller, and three other books on business history. ABOUT CECE LEUNG, CPA Cecilia "Cece" Leung is a finance executive and CFO advisor to growing businesses who are ready to scale up financially and get ready for next-level opportunities. Cece is the founding partner of The Entrepreneur CFO, a global professional advisory firm helping growing companies with strategic decision making as they become financially and operationally ready for their next big thing. With fluency in Mandarin, Cantonese and English, paired with two decades of international financial services experience in New York, London, Switzerland, Hong Kong and China, Cece has worked with prominent firms including JP Morgan, PricewaterhouseCoopers, and Ernst & Young, offering the best in-class solutions to Fortune 500 and growing companies worldwide. Cece is the author of the book Dear Accountant: Stories, Advice and Explorations, which offers up-and-coming professionals valuable insights and perspectives about the many career paths and opportunities under the accounting and finance umbrella. Personal Website: http://www.ceceleung.com Book Website: http://www.dearaccountantbook.com The Entrepreneur CFO website: http://www.ecfopro.com Linkedin: https://www.linkedin.com/in/ceceleung/    

Diana Henriques, author of 'The Wizard of Lies: Bernie Madoff and the Death of Trust,' discusses the death of the man who was behind the world's largest investment fraud and the lessons that will forever be attached to his disgraced name. Henriques -- who corresponded with Madoff in prison up until 2017 -- gives her take on whether Madoff had any remorse for his crimes, whether he ever came clean about just what happened and why and more. Also on the show, Bruce Monrad of Northeast Investors Trust discusses fixed income and high-yield investments in a market environment with rates and inflation just hinting that they will be on the rise soon, and Tom Lydon of ETFTrends.com makes a small-cap value and momentum fund his ETF of the Week.

Bernie Madoff died in prison at the age of 82. Author Diana Henriques wrote Wizard of Lies, an account of the Ponzi scheme that ruined lives. She joins the show to explain what happened to the ill-gotten money that resulted from the scheme, and how Madoff’s wife has been emotionally.

Diana Henriques drew on her years of financial journalism and extraordinary access to the title character to write the definitive book about Bernie Madoff. It was turned into an HBO movie in early 2017 starring Robert De Niro, Michelle Pfeiffer and Diana, playing herself.

Bernie Madoff conned some of the smartest people in the world, from savvy investors to famous artists. All the while, he deceived government regulators. So how did he fool so many people, and for so long? Diana Henriques is a journalist and author who's written extensively about Madoff. In this interview, she describes what made him such a successful con man. And she warns about the possibility of another Bernie Madoff.Listen ad-free on Wondery+ hereSupport us by supporting our sponsors!ZipRecruiter - Try ZipRecruiter FOR FREE at ZipRecruiter.com/as.Better Help - Get 10% off your first month at betterhelp.com/as.

Today we have Diana Henriques on the program to discuss her book, A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History. Diana is a financial journalist with really too many major awards to mention, spanning a decades long career covering some of the most impactful stories of the era—including Enron and Long-Term Capital Management. She's the author of several books, but most will recognize her mega bestseller, The Wizard of Lies: Bernie Madoff and the Death of Trust, which eventually went on to become an HBO miniseries starring Robert DeNiro. We wanted Diana on because there really hasn't been a good book about what caused the crash of ‘87, but her easy to follow narrative fills the void. Our conversation ended up ranging well beyond all that, though. Diana is delightful and just full of knowledge and experience, there is so much here to learn. You can find Diana on Twitter @dianabhenriques or her website dianabhenriques.com. Enjoy!

How did Bernie Madoff pull off the biggest Ponzi scheme in history? Diana Henriques, journalist and author of the bestseller The Wizard of Lies: Bernie Madoff and the Death of Trust, reveals that Madoff had an unusual gift for someone orchestrating fraud.

Is the U.S. economy about to fall off a cliff? Declining growth, financial market jitters, and a growing rift between the U.S. and China are all fueling fears of a recession.For the first time in 12 years, since shortly before the last recession, interest rate yields on 10-year government notes are lower than for short-term loans. This inverted yield curve is highly unusual and the latest sign that a sharp slowdown could happen soon."The inverted yield curve has accurately predicted seven out of the last seven recessions in the past half century, says our guest, award-winning financial journalist and best-selling author Diana Henriques. In this episode we look at the risks of a recession and constructive ways to handle it. These include:- "A calming voice from the cockpit." The need for wise leadership and strong communication skills from The White House.- Experienced financial regulators who know what to do in a crisis.- Greater attention from big business to the needs of stakeholders, not just shareholders. "A modern economy and financial system plugged in to global financial systems is a complex, delicate machine," says Diana. What's needed is "somebody watching it that knows what they're doing... how to explain what's happening and what plans they have to explain it to the public in a way that's credible and understandable."Protecting yourself in case of a recession... link.More on Diana Henriques books and media engagements... here. See acast.com/privacy for privacy and opt-out information.

Diana Henriques describes Madoff’s Ponzi scheme, discusses how difficult it is to uncover fraud by those who prey on the trust of others and addresses the simple, consistent controls that saved some investors from losses.

In a year of crazy politics, disdain for the views of experts, and deep partisan divisions, we look beyond anger and fear stoked by cable TV, talk radio and social media to learn eight deeper lessons of where we are today and in what direction we are headed.Here are the eight “Fix It” takeaways as we head into 2019. Warning: Some are hopeful!1. “Women just aren’t going to take it anymore.” We discuss the growing power of women in politics, entertainment and hear why workplace programs to stop the widespread crisis of sexual harassment could be so much better than most initiatives are today. 2. “Debt is back in a big, bad way. Why the debate over rising federal deficits and the nation’s debt mountain will grow in 2019. 3. “The economy slows down and financial worries heat up.”As Wall Street volatility returns, reporter and author Diana Henriques tells us what new financial protections are needed to prevent a future meltdown.4. “Don’t count capitalism out.” We pushback against the recent celebration of socialism and discuss why markets are still the best way to enable opportunity for all—even despite fears that AI will take all the jobs and inequality will destroy the middle class. 5.”Identity Politics Are Back (And that’s not a good thing.)”. Political tribes were a big theme for us in 2018: The decline of civil debate and the view of some that those they disagree with are their enemies. Can ideas be traumatizing and is support for free speech and democracy declining?6. “New Hope From The Heartland.” Why it’s not all opioids and despair. We look at promising developments in towns and cities across the country. 7.“Things Are Better Than You Think “ At a time when many are gripped by optimism and fear we look at the powerful case for optimism. 8. “So far the system works.” From the Mueller investigation to gains made in 2018 by the economy and business, we look at how the system is holding up from assaults by extremists on the right and left. See acast.com/privacy for privacy and opt-out information.

The U.S. stock market has soared about 40% since the Trump election. But is it over-valued and ready for a meltdown?Shortly before the worst one-day crash in history in November 1987, the market had been charging ahead, with a 40% rise that year. The economy was on a roll, just like today. What would happen if giant investment funds bailed out of stocks at the same time? Would there be another financial crisis, even worse than the events in 2008?"We are more vulnerable to a radical readjustment," says our guest, New York Times journalist, Diana Henriques, author of the widely praised "A First Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History.""It is important for us always to remember that markets go up and they go down, says Diana. "What we need to worry about is do they fall apart when they fall.""Even professional money managers today are alarmed at the fragility of market structures on which they rely."In this episode, we look at potential solutions, including streamlined financial regulations, guaranteeing that authorities have a 360 degree view of where financial brushfires are erupting, and scrapping the highly fragmented system that we have today. We also take a second look to the findings of the Brady Commission, the post-mortem report after the "catastrophe" in 1987.Hear more about the financial system and its flaws from our previous guests: Roger Lowenstein on why we need The Federal Reserve; Rana Foroohar, of The Financial Times, on Wall Street's giant threat to the economy; ABC News Chief Business, Technology and Economics Correspondent, Rebecca Jarvis, on fixing everyday money mistakes. See acast.com/privacy for privacy and opt-out information.

Today a look at a new HBO movie and a Netflix docuseries, both about true crimes — the massive financial fraud of Bernie Madoff, and the unsolved murder, nearly 50 years ago, of a young Baltimore nun.5:25: Baltimore Sun reporter Alison Knezevich talks about the 1969 murder of Sister Catherine Cesnick, now the subject of a seven-part Netflix documentary called, "The Keepers." This week, Baltimore County police reported that a DNA sample taken from the remains of a Catholic priest did not match evidence from the nearly 50-year-old crime scene. 14:18: Financial journalist and author Diana Henriques talks about her role in "The Wizard of Lies," an HBO film about the Bernie Madoff scandal starring Oscar-winner Robert DeNiro and Michelle Pfeiffer, and directed by Baltimore native Barry Levinson. Henriques is the author of the best-selling book upon which the movie is based. She covered the Madoff scandal for The New York Times and interviewed the crook in prison. She tells how she ended up playing herself, opposite DeNiro's Madoff, in the HBO film.Links:http://www.baltimoresun.com/news/maryland/baltimore-county/bs-md-co-nun-cold-case-20170209-story.htmlhttp://www.baltimoresun.com/news/maryland/bs-md-co-dna-maskell-20170517-story.htmlhttp://www.hbo.com/movies/the-wizard-of-lies/synopsis.html

(Bloomberg)--Arthur Levitt, former chairman of the U.S. Securities and Exchange Commission, interviews Diana Henriques, author of, “A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History,” on "A Closer Look With Arthur Levitt." To contact the producer and editor: Michael Lysak +1-212-617-5560 or acloserlook@bloomberg.net

Ask some Wall Street veterans where they were on October 19, 1987 and they will likely regale you with details of any crisis. My life changed that day in ways that often creep up on me. Indeed, Black Monday was the single worst day in Wall Street history, with the Dow Jones Industrial Average plunging by more than 22 percent in one session--that’s the equivalent of the blue chip index diving by more than 5,000 points today. It was a “First Class Catastrophe”, according to our first class guest and storyteller supreme, Diana Henriques, who dropped by the studio to help us retrace the events that led up to that day. Diana joined us on the podcast earlier this year when her book, The Wizard of Lies: Bernie Madoff and the Death of Trust, was made into an HBO movie. This time around Diana is joining us to discuss her latest book, A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History.  As Diana recounts, Black Monday was more than seven years in the making and threatened nearly every U.S. financial institution. There were missed opportunities, market delusions, and destructive actions that stretched from the “silver crisis” of 1980 to turf battles in Washington and a rivalry between the New York Stock Exchange and the Chicago Mercantile Exchange. Here’s the crazy thing...you’d think that after Black Monday, lessons would be learned. But in her analysis, Henriques demonstrates how that Monday in the fall of 1987 was the predicate to the financial crisis of 2008. Sadly, investors, regulators, and bankers failed to heed the lessons of 1987, even as the same patterns resurfaced. This was a fascinating interview for me because I lived through this period. I had just started my career on Wall Street, as the chaos was unfolding. I watched firsthand as my father nearly lost his business.  This chat was like going down memory lane and it’ll give you guys a good glimpse of the life I used to live before I started hosting podcasts and radio shows! “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in iTunes. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. For a recap of every episode, visit https://www.betterment.com/resources/topics/inside-betterment/better-off-podcast/ Connect with me at these places for all my content: http://www.jillonmoney.com/  https://twitter.com/jillonmoney  https://www.facebook.com/JillonMoney  https://www.instagram.com/jillonmoney/  https://www.youtube.com/c/JillSchlesinger  https://www.linkedin.com/in/jillonmoney/  https://soundcloud.com/jill-schlesinger  http://www.stitcher.com/podcast/jill-on-money  http://betteroffpodcast.com/  https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

October 19th marks the 30th anniversary of what's called "Black Monday" when the Dow Jones had its biggest one-day percentage drop in its history; it was one of the worst days in trading in Wall Street ever. To this day, there’s still no agreement as to what exactly sparked the crash, with historians and government officials pointing to a variety of contributing factors. But a major suspect was an investment strategy known as portfolio insurance. "We came so close to a system cracking meltdown, fuse blowing crisis. We need to know that," said Diana Henriques, a financial journalist and author of the new book A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History.  This is the first of several stories in WNYC's Crash Course, a series about the stock market crash of October 19, 1987, and what it can tell us about today's financial markets. If you've ever regretted a decision about investing in the stock market, how did you make that choice? Tell us your story. 

Diana Henriques drew on her years of financial journalism and extraordinary access to the title character to write the definitive book about Bernie Madoff.  It was turned into an HBO movie earlier this year starring Robert De Niro, Michelle Pfeiffer and Diana, playing herself.

FedEx delivers. CarMax revs up. Finish Line finishes strong. Bed Bath & Beyond takes a bath. And General Mills brings back a classic breakfast cereal. Plus, investigative journalist Diana Henriques talks about her new book, A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History. Thanks to Harry's for supporting The Motley Fool. Get your Free Trial Set - go to Harrys.com/Fool .    

The 1987 financial crash is considered to be the worst day on Wall Street. In her book, A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History, Diana Henriques looks at how "Black Monday" was really seven years in the making. She writes that this was due to missed opportunities, market delusions and destructive actions that stretched from the “silver crisis” of 1980 to turf battles in Washington.

The 1987 financial crash is considered to be the worst day on Wall Street. In her book, A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History, Diana Henriques looks at how "Black Monday" was really seven years in the making. She writes that this was due to missed opportunities, market delusions and destructive actions that stretched from the “silver crisis” of 1980 to turf battles in Washington.

On Oct. 19, 1987, the stock market fell 22.6 percent, the largest single-day loss in Wall Street history. Though the day became known as “Black Monday,” many of the details of what happened have been lost to history. New York Times financial reporter Diana Henriques (@dianabhenriques) examines what led up to Black Monday and what lessons can be learned from it in “A First-Class Catastrophe: The Road to Black Monday, the Worst Day In Wall Street History.” She joins Here & Now‘s Jeremy Hobson to talk about the book. Book Excerpt: ‘A First-Class Catastrophe’ By Diana Henriques He was a towering six foot seven, his round, balding head perpetually wreathed in cigar smoke. Paul A. Volcker, the chairman of the Federal Reserve System, was formidable even when he was cheerful. On Wednesday afternoon, March 26, 1980, he was furious. Volcker, in office for barely seven months, had been pulled out of a meeting by a frantic message from Harry Jacobs, the chairman of Bache Halsey Stuart Shields, the second-largest brokerage firm on Wall Street. The Fed had almost no authority over brokerage firms, but Jacobs said he thought “it was in the national interest” that he alert Volcker to a crisis in the silver market—a market over which the Fed also had virtually no authority. Jacobs’s news was alarming. Silver prices were plummeting, and two of the firm’s biggest customers, a pair of billionaire brothers in Texas named William Herbert and Nelson Bunker Hunt, had told him the previous evening that they could not cover a $100 million debit in their Bache accounts, which they had used to amass millions of ounces of actual silver and paper claims on millions more. If silver prices fell further and the Hunts did indeed default on their debt to the firm, the silver they had pledged as collateral was no longer worth enough to cover their obligations. Bache was confronting a ruinous loss, possibly a threat to its financial survival. Jacobs suspected the Hunts also owed money to other major banks and Wall Street firms and may well have pledged more of their silver hoard as collateral. Volcker immediately wanted to know which banks had made loans to the Hunts. He didn’t regulate Wall Street brokers or silver speculators, but he emphatically did regulate much of the nation’s banking system. There, at least, his authority to act was clear. Indeed, Volcker had been responding to fire alarms in the banking system for weeks, as banks and savings and loans struggled with rising interest rates—themselves a consequence of Volcker’s attack on the raging inflation that had sapped the economy for nearly a decade. Confidence in America’s banks was as fragile as blown glass, and the last thing Volcker needed was a “bolt from the blue” like this. Yet, here was the head of Wall Street’s number-two firm warning him that some big banks were financing what sounded like wildly speculative silver trading by a couple of Texas plutocrats. Within minutes, Volcker had reached out to Harold Williams, the urbane and seasoned chairman of the Securities and Exchange Commission, the primary U.S. government regulator of Bache and its fellow brokerage firms. Williams was at a conference in Colonial Williamsburg; he ducked into a side room, spoke with Volcker about Bache, and then phoned to tell his staffers to check immediately on the rest of Wall Street’s exposure to the silver speculators. Williams then hurried back to Washington. A senior Treasury Department official and the comptroller of the currency (another bank regulator) were also alerted to the potential crisis. Both headed for the Fed’s headquarters on Constitution Avenue. Together, perhaps they could cover all the financial corners of this unfamiliar crisis. To do that, the group needed a regulator with some authority over the silver markets. Volcker called the office of James M. Stone, who had been tapped less than a year earlier by President Jimmy Carter to be the chairman of the Commodity Futures Trading Commission, a young federal agency that regulated the market where most of this silver speculation had gone on. At age thirty-two, Jim Stone—a cousin of the notable filmmaker Oliver Stone—had already studied at the London School of Economics and earned a doctorate in economics from Harvard. His doctoral thesis had been published as a prescient book predicting how computers would revolutionize Wall Street trading, first by doing the paperwork but ultimately by sweeping away the traditional stock exchanges entirely. Stone was a slight, brilliant, and determined young man, but his view that regulation played a positive role in the markets made him deeply unpopular in the industry he regulated and put him at odds with his more laissez-faire CFTC colleagues. One grumpy board member at a leading Chicago commodity exchange privately dismissed him as a “little twerp.” Almost everyone in political circles (except Volcker, apparently) knew that young Dr. Stone had become so isolated at the CFTC that he could barely get support for approving the minutes of the last meeting. When Volcker got Stone on the phone, his question was similar to the one he had asked Harold Williams at the SEC: how big a stake did the Hunt brothers have in his market? “I can’t tell you that. It’s confidential,” Stone said. The politely delivered answer stopped Volcker cold; he was momentarily speechless. Then he let loose. Volcker conceded later that he “did not react very well” to Stone’s refusal to share the vital information, even after the CFTC chairman explained that a law passed in 1978 barred his agency from revealing customer trading positions, even to other regulators. Stone simply did not have the authority to comply with the Fed chairman’s request. Stone, like Volcker, instantly saw that the silver crisis was a danger to the financial system because of the hidden web of loans that linked the banks and the brokerage firms to the Hunts and to one another. He promptly headed for Volcker’s office. Sometime later, the SEC’s Harold Williams arrived. Aides shuttled in and out, working the telephones, checking silver prices, and pressing bankers and brokerage finance officers for straight answers. By 6 p.m., as twilight filled the deep, high windows of Volcker’s office, the ad hoc group had finally established that at least a half-dozen major Wall Street firms, including Merrill Lynch and Paine Webber, had set up trading accounts for the Hunts and that a number of major banks had been lending money to those firms, or directly to the Hunts, since at least the previous summer, transactions secured by a growing pile of rapidly depreciating silver. Eight months earlier, on August 1, 1979, silver was trading below $10 an ounce. Prices rose through Labor Day, past Thanksgiving, and into the Christmas holidays. At $20 an ounce, silver had broken out of its traditional ratio to gold. At $30 an ounce, the sky-high price prompted newlyweds to sell their sterling flatware before burglars could steal it. Printers and film manufacturers, which used silver as a raw material, started laying off workers and feared bankruptcy. Through it all, the Hunts kept buying, largely with borrowed money. Then, on January 17, 1980, silver prices paused at $50 an ounce and started to slide. At that point, the Hunts’ hoard was worth $6.6 billion. After that date, prices dropped sharply; they had fallen to $10.80 on Tuesday, March 25, the day before Harry Jacobs at Bache called Volcker. At that price, the Hunts owed far more than their silver would fetch in the cash market, and their lenders were pressing for more collateral of some kind. It was on that Tuesday evening that the brothers told Jacobs they were unable to pay anything more. The next day, they shared the same unwelcome news with their other brokers. Crisis had arrived, and panic might quickly follow if a big bank or brokerage firm failed as a result of the Hunts’ default. That’s where Paul Volcker stepped into the story. After their Wednesday war room conference, held together more by personality and mutual respect than by any clear lines of authority, Volcker and his fellow regulators sweated out Thursday’s trading day. Stone, in defiance of the CFTC’s legislative restrictions, had finally given his fellow regulators an estimate of how much money the Hunts owed in his market: $800 million. That figure, which turned out to be an understatement, was so staggering it prompted the shocked bank regulators immediately to order examiners to visit various vaults to be sure that the Hunt brothers hadn’t pledged the same silver to multiple lenders. By Thursday, the rest of Wall Street had gotten wind of the silver crisis, and the stock market had a wild day. The Dow Jones Industrial Average fell by as much 3.5 percent before stabilizing, as traders reacted to rumors that the Hunts and some of their creditors were dumping stocks to raise desperately needed cash. Of course, it is true that every share of stock that is sold is also bought—by someone, at some price. When far more people want to sell than to buy, prices have to drop sharply before buyers will bid for even a few shares. The term heavy selling, then, means that shares can be sold only at increasingly lower prices—not that everyone is selling and no one is buying. With that caveat, “heavy selling” is what happened as the stock market reacted to fears of a default by the Hunt brothers. One Wall Street veteran said that Thursday’s trading reminded him of the frenzied response to President John F. Kennedy’s assassination in 1963. A Treasury official called the leadership at the New York Stock Exchange several times that day to assess how it was faring in the storm. The fear in Washington and on Wall Street was that the Hunts’ failure to pay their creditors would mean that those creditors would default on their own debts, spreading the contagion. Infusions of cash by the owners of the most vulnerable silver trading houses prevented an immediate disaster, but t

Hear some of the highlights from FoolFest, our annual event dedicated to investing Foolishly, including lessons in embracing failure from Texas Roadhouse Founder and CEO, a fascinating inside look at Bernie Madoff with The Wizard of Lies author Diana Henriques, and learn the valuable investing lesson from the fraudulent brokerage firm that never made a trade. Get $25 off your first purchase at bombfell.com/fool

Bernie Madoff perpetrated the largest scam of investor money in history. How? Today we're thrilled to talk to the author of the book which HBO has now made into a four time Emmy-nominated film, The Wizard Of Lies," Diana Henriques. We'll discuss the scandal, her interactions with Madoff, and what we can learn from this tragedy. In our headline segment we ask the question, "What happens to your HSA during retirement?" Morningstar asked the same question in a recent article, and the guys review it and discuss many retirement options. We then turn to a recent survey by GenFKD about millennials and homes. Apparently many millennials would like to buy a home but they're fighting an uphill battle. We talk with David Grasso from GenFKD about their findings. We'll also throw out the Haven Life Line to Conrad, who's concerned about our new sponsor, and we'll answer a letter from the mailbag.  Special thanks to M1Finance for sponsoring our show! We couldn't do any of this without the support of this awesome company.  

Apple unveils a new sound. Alibaba hits a new high. And Nordstrom considers going private. Plus, investigative journalist Diana Henriques talks about her best-selling book turned HBO film, The Wizard of Lies. Thanks to Casper for supporting The Motley Fool. Save $50 on a mattress at www.casper.com/fool and use the promo code "fool".  

Bernie Madoff is perhaps the most notorious name in the history of Wall Street. By now we all know the story. Madoff conducted a Ponzi scheme that is considered to be the largest in U.S. history. Over the course of decades, Madoff stole billions of dollars from his clients and finally, amid the financial crisis of 2008, the crime came to a screeching halt. How on earth was he able to pull it off for so long, when there were plenty of warning signs and whistleblowers who tried to alert regulators that something was amiss? One of the journalists covering the scandal was Diana Henriques, then a staff reporter at The New York Times, who specialized in investigative reporting on white-collar crime, market regulation and corporate governance. Diana used her countless hours of work as the lead reporter on the story as a catalyst to write the bestselleing book, The Wizard of Lies: Bernie Madoff and the Death of Trust. Diana had incredible access, including the first interview with an imprisoned Madoff. I was fortunate enough to interview her in 2011, just as the book was becoming a bestseller. I remember thinking at the time that the tale of Bernie Madoff was not just a financial story, but a Shakespearean tragedy. Robert De Niro was so drawn to the character of Bernie Madoff as Henriques depicted him, that he bought the film rights to “The Wizard of Lies.” Six years later, HBO films released the movie version of “The Wizard of Lies” - it debuted this past Sunday. If you’ve yet to see “The Wizard of Lies,” go watch it. DVR it, stream it, whatever the method, just watch it. It’s incredibly well done and stars Robert De Niro as Bernie Madoff and Michelle Pfeiffer as Ruth Madoff. Diana is an amazing storyteller, from her dogged pursuit of the Madoff prison interview to her describing the phone call she got from Robert De Niro saying he wanted to play Madoff...just an incredible story. We wanted to give you as much of Diana as possible, so for this week only, we’re skipping the caller of the week...don’t freak out, it’ll return next week. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in iTunes. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. For a recap of every episode, visit https://www.betterment.com/resources/topics/inside-betterment/better-off-podcast/. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ https://soundcloud.com/jill-schlesinger http://www.stitcher.com/podcast/jill-on-money http://betteroffpodcast.com/ https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

The latest from La Croisette: which Oscar winner has four movies screening at the Cannes Film Festival this week; and which film was the first to be booed (and why). At 5:28: In honor of Memorial Day, this week's #ListOfSix: Our 6 Favorite War/Soldier/Veteran Movies. 11:27: Eleanor Coppola makes her narrative feature debut at the age of 80. O'Toole on Paris Can Wait (starring Diane Lane, Alec Baldwin, and Arnaud Viard). Paris Can Wait inspires this week's #BlastFromThePastFilms: Cairo Time (2009), Unfaithful (2002) and A Walk on the Moon (1999). 17:39: Then it's on to Anne with an E, Netflix' adaptation of the beloved children's book Anne of Green Gables by L.M. Montgomery. How does it compare to the Emmy-winning 1985 series? What is Hollister's criticism of the criticism? And why does it make O'Toole think of Liza Minnelli? 26:10: The biggest Ponzi scheme of all time: Robert De Niro and Michelle Pfeiffer as Bernie & Ruth Madoff in Barry Levinson's The Wizard of Lies (HBO). Based on the best-selling book by Diana Henriques (who herself makes a cameo in the film). 38:11 Hollister hates to give Bernie any more attention than he's already received (her written review of the Richard Dreyfuss-Blythe Danner pairing here), so, instead, ends with an announcement: don't miss Season 5 of House of Cards - which Netflix will be releasing May 30.

If you thought you knew the whole story behind the Bernard Madoff Ponzi scheme, think again. New York Times writer, Diana Henriques, takes you into the dark world of Bernie Madoff and gives us not just an overview of his crime, but exposes the psychology behind a life long scam artist. From his humble beginnings to his jail cell in Federal prison, Henriques takes the mask off of the most infamous con artist of our time. 

Diana Henriques, author of the best-selling The Wizard of Lies: Bernie Madoff and the Death of Trust, and a contributing writer for The New York Times, spoke on "What Bernie Madoff Can Teach Us About Business Ethics" on Apr. 12, 2012 as part of the UNE's annual P.D. Merrill Business Ethics Lecture Series.

Diana Henriques, author of the best-selling The Wizard of Lies: Bernie Madoff and the Death of Trust, and a contributing writer for The New York Times, spoke on "What Bernie Madoff Can Teach Us About Business Ethics" on Apr. 12, 2012 as part of the UNE's annual P.D. Merrill Business Ethics Lecture Series.

This week: Jeff Sommer with Diana Henriques on Bernard Madoff, Gretchen Morgenson on institutions that are too big to fail, and Robert Frank on improving government agencies like D.M.V.'s.

Fed Chief Bernanke speaks up.  Apple CEO Steve Jobs steps down.  Warren Buffett makes a big buy.  And Tiffany reports big earnings.  Our analysts discuss those stories and share some stocks on their radar.  Plus, New York Times writer Diana Henriques, author of The Wizard of Lies: Bernie Madoff and the Death of Trust, discusses how Bernie Madoff pulled off the biggest Ponzi scheme in history.

Twenty-two years at the New York Times, currently senior financial writer, winner of a Polk Award, Pulitzer Prize finalist for her coverage of the 2008 financial crisis and author of a great new book The Wizard of Lies: Bernie Madoff and the death of trust, it was an honor to welcome Diana Henriques to Pundit Review Radio. So much has been said and written about Bernie Madoff and his Ponzi scheme. Incredibly, there is much about the story that people do not know, and in many cases, what people do know is flat out wrong. Ms. Henriques was the first journalist to interview Madoff in prison, and he sent her dozens of follow-up emails and letters. Few people know his story better. Everything is in this book, from the childhood and the lessons learned, to his early business days to the Ponzi scheme itself. Of course, the story is filled with gut wrenching human drama, the damage Madoff inflicted upon everyone around him, starting with his family. After reading the book, I am convinced that Madoff’s wife and sons did not know about his Ponzi scheme. It was fascinating to hear her describe meeting Madoff in prison a couple of months after his oldest son Mark had committed suicide. He seemed like a shattered man and it was hard to think anything other than “good”! That is just one of many moments of clarity that the book provides. It also goes to great detail to explain how he was able to get away with it for so long, and how many opportunities regulators had to stop him. The failure of government at all levels is another central character in this story. Not only did they miss numerous chances to identify the fraud, they asked all the wrong questions after the fact. Shocker. This is a great book. The Pundit Review Radio Podcast RSS feed can be found here. What is Pundit Review Radio? On Boston’s Talk Station WRKO since 2005, Pundit Review Radio is where the old media meets the new. Each week we give voice to the work of the most influential leaders in the new media/citizen journalist revolution. Called “groundbreaking” by Talkers Magazine, this unique show brings the best of the blogs to the radio every Sunday evening from 6-9pm on AM680 WRKO, Boston’s Talk Station.

Twenty-two years at the New York Times, currently senior financial writer, winner of a Polk Award, Pulitzer Prize finalist for her coverage of the 2008 financial crisis and author of a great new book The Wizard of Lies: Bernie Madoff and the death of trust, it was an honor to welcome Diana Henriques to Pundit Review Radio. So much has been said and written about Bernie Madoff and his Ponzi scheme. Incredibly, there is much about the story that people do not know, and in many cases, what people do know is flat out wrong. Ms. Henriques was the first journalist to interview Madoff in prison, and he sent her dozens of follow-up emails and letters. Few people know his story better. Everything is in this book, from the childhood and the lessons learned, to his early business days to the Ponzi scheme itself. Of course, the story is filled with gut wrenching human drama, the damage Madoff inflicted upon everyone around him, starting with his family. After reading the book, I am convinced that Madoff’s wife and sons did not know about his Ponzi scheme. It was fascinating to hear her describe meeting Madoff in prison a couple of months after his oldest son Mark had committed suicide. He seemed like a shattered man and it was hard to think anything other than “good”! That is just one of many moments of clarity that the book provides. It also goes to great detail to explain how he was able to get away with it for so long, and how many opportunities regulators had to stop him. The failure of government at all levels is another central character in this story. Not only did they miss numerous chances to identify the fraud, they asked all the wrong questions after the fact. Shocker. This is a great book. The Pundit Review Radio Podcast RSS feed can be found here. What is Pundit Review Radio? On Boston’s Talk Station WRKO since 2005, Pundit Review Radio is where the old media meets the new. Each week we give voice to the work of the most influential leaders in the new media/citizen journalist revolution. Called “groundbreaking” by Talkers Magazine, this unique show brings the best of the blogs to the radio every Sunday evening from 6-9pm on AM680 WRKO, Boston’s Talk Station.

Microsoft bets big on Skype. Disney loses big on Mars. Big oil gets grilled over big tax breaks. Google unveils the Chromebook. And Facebook deals with a public relations fiasco. Plus, New York Times writer Diana Henriques, author of The Wizard of Lies: Bernie Madoff and the Death of Trust, discusses how Bernie Madoff pulled off the biggest Ponzi scheme in history.