Yesterday, Bernie Madoff was sentence to 150 years for what the judge called “extraordinary evil”. There is no doubt that through his deceptive practices Madoff ruined many lives for his personal gain. But could he have achieved such a Ponzi scheme without our help? I don’t think so.
If we are not guilty along side Madoff, our own greed is at least an accessory to it. In business, if things are too good to be true, they usually are. This is a tough one to accept because we tell ourselves all kinds of stories…how we are special and this time, we should believe it. Madoff was able to carry out his Ponzi scheme because he knew two things about most of us:
- We want to believe that we have the inside scoop on a “secret” way to make money even when the market is going down.
- We want to have faith in “gurus” (financial and business) who can can help guide our future.
Personal and financial greed is a tough habit to break. I have been working on that one for alot of years. Sometimes we need to listen to the old adage, “Pigs get fat, hogs get slaughtered”.
Do you think we share responsibility along side Bernie Madoff?
I totally agree, Barry. It reminds me of the people who say that the mortgage crisis is all the lenders’ fault. But don’t the people who signed the dotted line when they knew they were living way beyond their means bear some responsibility too?
@Alexandra Yes, our desire to live in houses beyond our ability to pay for it helped drive the mortgage crisis.
It takes two to tango.
Great question, Barry. Don’t forget that a significant number of Madoff’s investors either knew him personally or met him through others who were major players in their lives. Our part is that we are drawn to sociopaths because they exude a calmness reflecting their inability to feel anxiety.
It’s not just that the return was ‘too good to be true’, but his persona was also ‘too good to be true’.
@Bart Agreed- many people say that grifters like this have a certain calmness and confidence that we all love!