The Deadly Sins of Bernie Madoff

There are in philosophy seven deadly sins: Gluttony; fornication; avarice; sorrow; anger; discouragement; vainglory; pride. One of the remarkable things about the unbelievable Ponzi Scheme perpertrated by Bernie Madoff is just how badly he was overcome by several of these. The damage, as we all know, was devastating both to himself and everyone around him.

Avarice or greed

By the time Madoff started his hedge fund he had already gained status, power, and wealth within the Wall Street community. He had run a successful marketing firm, Bernie Madoff and Associates LLC, since 1960. He had even been chairman of NASDAQ. As such, whatever fortune he hoped to create through this Ponzi scheme, he certainly didn't need the money. Rather, whatever fortune he had already, it wasn't enough. As such, he decided to swindle people out of billions more. By doing so, he allowed greed get the best of him.

Pride

Madoff had long been a pillar of the community. He had been invited to all the parties and in his circle, he was part of the in crowd. He could have long ago owned up to what he did but that would have meant losing his status in his world. As such, he continued this charade until he could continue it no longer. By doing so, he allowed pride get the best of him.

Sloth

Ultimately, everything that Madoff wanted by creating this Ponzi Scheme, he could have gotten without cheating. He had the knowledge and the connections. Yet, rather than building a legitimate investment company, he built a Ponzi Scheme. Why? That's because a legitimate investment company would have required work, skill, and risk he simply wasn't willing to take. As such, he allowed sloth, or laziness, to get the best of him.

We often hear of these sins, and likely we don't think much of them. Hopefully, the story of Bernie Madoff is a cautionary tale of just how deadly they are.