CNBC Contributor and author of The Arrogance Cycle, Michael Farr writes, \"Bruce Horlick does an amazing job of making my words come alive. If you prefer to listen to business books, I think you will find that Bruce is able to capture, inform, and entertain listeners like few can.\"
Middle Aged (35-54)
North American (General)
North American (US General American - GenAM)
North American (US Mid-Atlantic)
Note: Transcripts are generated using speech recognition software and may contain errors.
Chapter three Pyrite Arrogantly gullible Bernie Madoff is a world class no good son of a ***** which is probably insulting Toe world class, No good sons of ******* everywhere is among the worst human beings imaginable. He was filthy, rich, arrogant, confident, charming, brilliant. And he was a thief. Madoff took members only exclusivity to an old time low. Should he have been caught much, much earlier than he Waas, could anyone have known? Yes, the evidence was Hampel. As far as I know, his club never had a slogan, but it should have on Lee the arrogant need apply only those who believe that they have the right to belong to an inside group that holds the secret key to the city of gold. On Lee, the true believers who will never lose faith in the genius who runs the club Onley. Those who have the arrogance to think the rest of us are just totally clueless. The trouble with the city of gold is that it's likely to be the city of pyrite. Fool's gold pyrite is high iron sulfide. Gold is pure element to some eyes. They look alike. They're not. How did it work? Some rich current client would offer to get U. N prospects were less concerned with the details than they were with the thought of being left out of the profitable parade. New investors who understood that the superior returns depended on the brilliant Madoff sharing his one of a kind, wildly winning formula. Newbies wouldn't dare question the great and powerful Oz. There was also the presumption that anything is marvelously successful had to be more complicated than an average investor could possibly fathom. The fear of looking stupid quashes a lot of good questions. And then there was the camaraderie, the knowing smile, the not a recognition when you belonged and you met someone else who also belonged, you know, burning. Sure, a great guy. He sure is you metric. Afterwards, the members of that club couldn't believe how they'd had the wool pulled over their eyes. They were aghast at the nerve, the duplicity, the a morality of the guy. What was he, some kind of psychopath? How could he screws his friend's like that? Old folks, families, widows, charities didn't matter. The burning his philosophy is, he later revealed to his prison mates was quite simple. Screwem and That's what he proceeded to dio over and over and over again. For 35 years, a Ponzi scheme that deep sixed an estimated $65 billion quote investments from the folks who were suckered in. Much of the vanishing money belonged to philanthropic organizations around the world. The made off vacuum was not just left in account balances and in the lives and living standards of the once wealthy, but also in the plethora of charitable services that those funds, once secured, were equally desperate. To defend. Our arrogant mistakes is being reasonable, or at least justifiable. The rationalizing, like the arrogance, knows few boundaries. The it's too complicated argument is common. Many will prefer cloaking too complicated in more intricate, emphatic language, like the vast complexity rendered the offering nearly imponderable, almost demanding expert council. The point is not to feel bad about having done something unjustifiably idiotic. All of that heavy duty financial stuff is way over my head. I can't possibly understand it. So don't blame me for the disastrous outcome. So there you have it, the zenith of extreme arrogance and then idea of human character. It probably doesn't get much worse than Bernie On the other hand, it would be foolhardy to believe that the kind of psychopathic criminal negligence displayed by Madoff is the only kind of arrogance that extracts a cost from society and shatters the confidence of investors in the culture of I deserve it. Extreme arrogance takes many forms. We ignore the signs at our own peril.
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