With Halloween just around the corner, many retailers are preparing for the influx of customers looking to buy the hottest, trendiest costume. Two years ago, Amy Winehouse replicas ruled the streets on October 31st. Last year, Barack Obamas numbered in the tens to every block. This year, could the man on the left secure a spot in Halloween history? Certainly he has earned himself a spot in the textbooks. He is Bernard Madoff, black listed for embezzling billions of dollars from thousands of wealthy Americans who trusted him with their fortunes. Marx's theory of "False Consciousness" aptly describes the state of mind of his victims when they decided to put all of their eggs, in this case "savings," into one basket, in this case Bernie Madoff. It is not to be denied that Madoff's actions were despicable and his greed nearly unparalleled, but how could his investors - highly educated, incredibly successful business men and women - ignore perhaps the most basic theory of financial success, longevity and prosperity by investing everything they had in one source? If they had to keep their millions in one place, why not the bank? Banks are far less susceptible to stock market fluctuations or the ulterior motives of a single person than a Wall Street investment firm. They bought into the idea that by investing in Bernard L. Madoff Investment Securities, their assets would be managed and invested responsibly and returns on their investments would turn their millions into billions. Greed was involved not just on the part of Madoff, but arguably on the part of many investors. Those who lost the most had put themselves at the highest risk by entrusting the most money to the seasoned scam artist. In weeks they plummeted down the social status ladder from "elite" to nearly the bottom; the plush rug of luxury was pulled from underneath them and replaced shortly thereafter with a cold, hard slab of concrete. In the coming months and years it will be interesting to see how members of the socio-economic group that once ruled America takes on their new role as member of the majority.
Thursday, October 8, 2009
False Consciousness: How Madoff Made Off With Billions
With Halloween just around the corner, many retailers are preparing for the influx of customers looking to buy the hottest, trendiest costume. Two years ago, Amy Winehouse replicas ruled the streets on October 31st. Last year, Barack Obamas numbered in the tens to every block. This year, could the man on the left secure a spot in Halloween history? Certainly he has earned himself a spot in the textbooks. He is Bernard Madoff, black listed for embezzling billions of dollars from thousands of wealthy Americans who trusted him with their fortunes. Marx's theory of "False Consciousness" aptly describes the state of mind of his victims when they decided to put all of their eggs, in this case "savings," into one basket, in this case Bernie Madoff. It is not to be denied that Madoff's actions were despicable and his greed nearly unparalleled, but how could his investors - highly educated, incredibly successful business men and women - ignore perhaps the most basic theory of financial success, longevity and prosperity by investing everything they had in one source? If they had to keep their millions in one place, why not the bank? Banks are far less susceptible to stock market fluctuations or the ulterior motives of a single person than a Wall Street investment firm. They bought into the idea that by investing in Bernard L. Madoff Investment Securities, their assets would be managed and invested responsibly and returns on their investments would turn their millions into billions. Greed was involved not just on the part of Madoff, but arguably on the part of many investors. Those who lost the most had put themselves at the highest risk by entrusting the most money to the seasoned scam artist. In weeks they plummeted down the social status ladder from "elite" to nearly the bottom; the plush rug of luxury was pulled from underneath them and replaced shortly thereafter with a cold, hard slab of concrete. In the coming months and years it will be interesting to see how members of the socio-economic group that once ruled America takes on their new role as member of the majority.
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Good post, Claire.
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