{ Friday, March 20, 2009 }
Small Moral Compromises
In his article on Madoff and Ivar Kreuger -- masterminds of the Ponzi schemes, Ron Chernow concludes:
...Ponzi enterprises come about not as sudden inspirations of criminal masterminds but as the gradual culmination of small moral compromises made by financiers who aren't quite as ingenious as they think. As Charles Baudelaire once said, we descend into hell by tiny steps.
Madoff apparently thought his fraud would be temporary, til things got better. But they didn't, and things got 65 billion dollars worse.
LINK | 3:32 PM | TB
{ Post a comment }
Might ascent also possible by tiny steps?
One hopes.
vt | March 21, 2009 8:20 PM