Quote:
Originally Posted by Zhuge Liang
The thing that annoys me most about Madoff is that he ruined it all before I could get in on the game.
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Steven Greenspan, a psychiatry professor at the U of CO wrote a book about the factors and psychology of a scam. After his book (Annals of Gullibility)was published, "with supreme irony", he lost half his retirement investments with Madoff.
Quote:
Greenspan wrote:
The basic mechanism explaining the success of Ponzi schemes is the tendency of humans to model their actions, especially when dealing with matters they don't fully understand, on the behavior of other humans."
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Greenspan explains the Madoff ponzi scheme AND Saddam's WMDs.
Greenspan also noted the scam is particularly powerful within an ethnic or religious group as Ponzi demonstrated in 1920 Italy. Religious people particularly because: if another believes your religion, then he must be trustworthy. Nonsense. Rarely are the most religious also the most trustworthy. Just another example of why religion justifies so much of what those same people would otherwise call 'evil'.
How to identify the greatest ‘evils’? Let religion be a basis of any decision. Madoff was particularly influential – could promote his lies easiest - among other older Jews.