Blog 76: The Devastating Consequence Of Greed.

Sometimes I ask myself, we have so much more than we will ever need so why strive to get more? It is one thing to be ambitious it is another to be greedy.

As the story of Charles Murphy leaping to his death in an apparent suicide in the plush Mahattan’s Sofitel hotel emerged, I could not help but feel sorry for the loved ones he left behind. He is the fourth victim connected to Bernie Madoff’s Ponzi scandal to commit suicide.

Mr Murphy was a billionaire at one point in time and decided to invest almost his life’s worth of $7bn with Bernie’s investment  which turned out to be the biggest fraud ever recorded in Wall Street’s history.

His apparent suicide from the 24th balcony of his hotel room sent a reminder of three other very well heeled individuals that followed the same suicidal path after discovering that their entire worth had been invested in a scheme that left a lot of lives in ruin.

Most notable was Rene Thierry Magon De La Villehuchet, a French aristocrat, whose AIA Group had lost $1.5 billion in addition to two investors who also killed themselves one of which is William Foxton, a 65-year-old former Army major who committed suicide in 2009 due to the shame of going bankrupt.

 

So why is someone who was smart enough to have amassed billions ended up gullible to a scheme that someone of his reputation in the banking industry should be familiar with?

The Ponzi Scheme can be traced back to 1919, orchestrated by Charles Ponzi it promises mind numbing profits in your investments with little or no risk.

As the saying goes ‘when something is too good to be true it most probably is’ and the only reason I can think of as to why people still fall for this old trick is simply GREED. We see them everyday on spam emails mainly from Africa where scammers promise you a share or percentage of a hefty sum of money if only you can provide an account to move the funds.

How people you would expect to do better because they know better catch this bait leaves me speechless to say the least.

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Author: FR76

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