There's something about Bernie Madoff !! At first glance, he does not come across as the most striking personality in the group. If anything he is understated and unassuming. Not at all flashy. He's not somebody you'd be able to trust your money with easily, just for the sheer lack of flair that he exhibits.
But people still did. That's because when you watch closely you notice the demeanor of a man who's got everything under control. Who whether speaks or not, is still the man in-charge in the room. Being powerful is like being a lady, if you have to tell people you are, you probably aren't. And that's why Bernie prefers to keep mum. Whenever I watch him on TV, I always feel that he's still got another card up his sleeve and he'd probably get out of this unscathed, barring his reputation of course.
Surely Madoff is not the kind of person one would expect, leave alone suspect, of doing what he did. Running the biggest Ponzi scheme of all times. The Wall Street always knew there were skeletons in it's closet. But when something like this came out with Madoff's name associated with it, it's surprise and shock element swelled that much more.
Madoff has served as the chairman of the NASDAQ in the past. It was one thing that he pushed for greater accountability and transparency in the business during that time. Quite another that behind closed doors he himself was hatching the biggest fraud of our times.
Well, I have read a lot about Madoff and people have got numerous things to say about him. One thing that resounds through all their views and opinions is that Bernie was a "smart" and a "decent" man.
A trading expert, Jim Angel has this to say of him. "Here's somebody who didn't need to start a scam to become a multi millionaire many times over. And yet apparently there must have been some 'flaw' in his makeup that led him to get into this mess and to dig himself deeper and deeper."
Makes me wonder what this 'flaw' really was. Was it an urge to show the world how smart he was? If not through his work then through his duplicity. Did it all start out as a mere gamble and then turned into a compulsive exercise to gain approval and adulation of his clients. Since he could not give a performance commensurate to the applause, he decided to sham. He surely would have known that his luck would run out soon but still he didn't stop. What made him squander, with wanton disregard, the money of numerous people many of whom were close friends. Was he totally oblivious to reality? Or was it just the plain old sin of "greed" that got the better of him.
Some point out that it was "greed" which was the cause of this huge scam. And I couldn't agree more. And not just Madoff's greed, but the greed of his investors too. Madoff is no doubt to be blamed and he would (probably) serve a long long time for that. But what about the investors?Doubts about the double digit returns year after year were blanketed only by the investors' greed and ignorance. They blindly followed the maxim of "Bernie knows !!" but the blindfold on their eyes was really one of their own greed. When something appears too good to be true, it is probably not. And that's what it precisely was. Well in hindsight everything looks 20-20 but I bet there were signs and red flags all along which the investors just ignored. And in the process became the "willing victims" of Bernie. Ah, an oxymoron !!
It's always difficult to draw a line between ambition and greed. Ambition is good we are taught. Greed is not. But the line that divides them is really thin. Often times its difficult to tell on which side we are when in pursuit of something. That big pent house, that second or third car or that beach house down south !! Who's to say what's ambition and what's greed. Hedonism really dictates much of what we do. And hedonism is a close relative of greed.
Madoff may have initially desired only to build himself a decent name on the Wall Street. And may be he started out alright too, but at what point greed usurped the dominion of his mind, nobody knows, not even himself.
And it's not just the case with him. It's the same for us all. Are we all not victims of greed? Isn't it greed when we keep seeking ways to make more and more money. When we fall preys to the "quick money" schemes. Isn't it greed when we are doing a job we don't even love just because it's monetarily rewarding? And is it not greed when we despise taxes and find ways to evade them.
So, what's the way out? Who knows... Greed is difficult to exorcise because most of the times we don't even know that it's taken control of our selves. But if we do know that we are in it's possession, one remedy could be following the maxim of "Simple Living and High Thinking" as advocated by Gandhi. Or may be learn from the Bible, "Food and raiment and with that I shall be content". Again, akin to many philosophies, they are much easier to preach than practice.
The repercussions of Madoff's deeds are many. On the honest brokers and traders, it has put a tremendous pressure of convincing investors to come back to the markets. Many charities whose money was with Madoff have been shut down and the people they were helping have turned out to be Madoff's biggest victims eventually. And as some have suggested this act of Madoff's has fuelled feelings of Anti-Semitism across the globe.
But more than anything hasn't this scam once again reinstated greed as the biggest sin of all? Sure there are pride, sloth, gluttony, anger, envy and lust. But greed really beats them all. And on it's pervasiveness alone. Not all of us are slothful. Some are short-tempered or envious. But greed is a strong desire in almost all of us and is extremely difficult to overcome. It's a beast bigger than any and no "silver bullet" is yet known that could kill it.
"Greed" my friends, is the biggest and deadliest of all sins. Don't let anyone tell you otherwise !!
But people still did. That's because when you watch closely you notice the demeanor of a man who's got everything under control. Who whether speaks or not, is still the man in-charge in the room. Being powerful is like being a lady, if you have to tell people you are, you probably aren't. And that's why Bernie prefers to keep mum. Whenever I watch him on TV, I always feel that he's still got another card up his sleeve and he'd probably get out of this unscathed, barring his reputation of course.
Surely Madoff is not the kind of person one would expect, leave alone suspect, of doing what he did. Running the biggest Ponzi scheme of all times. The Wall Street always knew there were skeletons in it's closet. But when something like this came out with Madoff's name associated with it, it's surprise and shock element swelled that much more.
Madoff has served as the chairman of the NASDAQ in the past. It was one thing that he pushed for greater accountability and transparency in the business during that time. Quite another that behind closed doors he himself was hatching the biggest fraud of our times.
Well, I have read a lot about Madoff and people have got numerous things to say about him. One thing that resounds through all their views and opinions is that Bernie was a "smart" and a "decent" man.
A trading expert, Jim Angel has this to say of him. "Here's somebody who didn't need to start a scam to become a multi millionaire many times over. And yet apparently there must have been some 'flaw' in his makeup that led him to get into this mess and to dig himself deeper and deeper."
Makes me wonder what this 'flaw' really was. Was it an urge to show the world how smart he was? If not through his work then through his duplicity. Did it all start out as a mere gamble and then turned into a compulsive exercise to gain approval and adulation of his clients. Since he could not give a performance commensurate to the applause, he decided to sham. He surely would have known that his luck would run out soon but still he didn't stop. What made him squander, with wanton disregard, the money of numerous people many of whom were close friends. Was he totally oblivious to reality? Or was it just the plain old sin of "greed" that got the better of him.
Some point out that it was "greed" which was the cause of this huge scam. And I couldn't agree more. And not just Madoff's greed, but the greed of his investors too. Madoff is no doubt to be blamed and he would (probably) serve a long long time for that. But what about the investors?Doubts about the double digit returns year after year were blanketed only by the investors' greed and ignorance. They blindly followed the maxim of "Bernie knows !!" but the blindfold on their eyes was really one of their own greed. When something appears too good to be true, it is probably not. And that's what it precisely was. Well in hindsight everything looks 20-20 but I bet there were signs and red flags all along which the investors just ignored. And in the process became the "willing victims" of Bernie. Ah, an oxymoron !!
It's always difficult to draw a line between ambition and greed. Ambition is good we are taught. Greed is not. But the line that divides them is really thin. Often times its difficult to tell on which side we are when in pursuit of something. That big pent house, that second or third car or that beach house down south !! Who's to say what's ambition and what's greed. Hedonism really dictates much of what we do. And hedonism is a close relative of greed.
Madoff may have initially desired only to build himself a decent name on the Wall Street. And may be he started out alright too, but at what point greed usurped the dominion of his mind, nobody knows, not even himself.
And it's not just the case with him. It's the same for us all. Are we all not victims of greed? Isn't it greed when we keep seeking ways to make more and more money. When we fall preys to the "quick money" schemes. Isn't it greed when we are doing a job we don't even love just because it's monetarily rewarding? And is it not greed when we despise taxes and find ways to evade them.
So, what's the way out? Who knows... Greed is difficult to exorcise because most of the times we don't even know that it's taken control of our selves. But if we do know that we are in it's possession, one remedy could be following the maxim of "Simple Living and High Thinking" as advocated by Gandhi. Or may be learn from the Bible, "Food and raiment and with that I shall be content". Again, akin to many philosophies, they are much easier to preach than practice.
The repercussions of Madoff's deeds are many. On the honest brokers and traders, it has put a tremendous pressure of convincing investors to come back to the markets. Many charities whose money was with Madoff have been shut down and the people they were helping have turned out to be Madoff's biggest victims eventually. And as some have suggested this act of Madoff's has fuelled feelings of Anti-Semitism across the globe.
But more than anything hasn't this scam once again reinstated greed as the biggest sin of all? Sure there are pride, sloth, gluttony, anger, envy and lust. But greed really beats them all. And on it's pervasiveness alone. Not all of us are slothful. Some are short-tempered or envious. But greed is a strong desire in almost all of us and is extremely difficult to overcome. It's a beast bigger than any and no "silver bullet" is yet known that could kill it.
"Greed" my friends, is the biggest and deadliest of all sins. Don't let anyone tell you otherwise !!
