preview

Occurrence: The Similarities Between Avarice And Greed

Decent Essays

What is avarice? Avarice, also known as greed, is an intense and selfish desire to gain wealth or power. Avarice is considered part of the seven basic character flaws, these flaws also including arrogance and impatience. It has the capacity to change a person's character and morals, as well as drive them to do things never before thought capable. Bernie Madoff was affected by greed and was willing to steal and swindle to obtain what he desired: false happiness in wealth. The method he chose to utilize was a Ponzi scheme. The Ponzi scheme was invented by Charles Ponzi who used the technique to swindle people out of their life savings. A Ponzi scheme is comprised of a central operator who offers high returns on investments. Once a number of investments are secured and new ones come in, they are used to pay off older investments. This is done to make the operation seem legitimate. The central operator then pockets the extra money from investments. Bernie, driven by greed, paid too much for his whistle …show more content…

Madoff Investments Securities was founded by Bernie Madoff and believed to be run honestly until 1987. After the crash of the stock market, Black Monday, Bernie needed to improve business and satisfy his greed or avarice. To satisfy his avarice he set up a Ponzi scheme by methods previously listed and forged documents to make all seem fine. The scheme ran successfully for years before Madoff admitted to his two sons and employees on December 10, 2008. His sons, horrified by the allegation uttered by there father, turned him in to the police on December 11, 2008. Bernie Madoff was arrested and stood trial for his Ponzi Scheme, the most successful ever, and was sentenced to 150 years in prison. The whole ordeal took a toll on his entire family, especially his son, Mark Madoff, who committed suicide due to allegations about his involvement. To date, only half of Bernie's victims have been reimbursed, some losing their entire life

Get Access