Cultural Critique Essay - the Madoff Affair

Cultural Critique Essay - The Madoff Affair

Sharon Howard

Cultural Critique Essay - The Madoff Affair

In the book, After You Believe: Why Christian Character Matters, N.T. Wright defines character as, “the transforming, shaping and marking of a life and its habits – will generate the sort of behavior that rules might have pointed toward but which a “rule-keeping” mentality can never achieve (Wright, 2010, p. 7).” Wright suggests that character is transformed by three things; aim for the right goal, what are the right steps needed and the learned steps must become habitual (Wright, 2010, p. 29). Bernard Madoff certainly had character, but that character destroyed the financial market on December 11, 2008, when Madoff admitted it was all "one big lie” (Frontline: The Madoff Affair, 2009). Madoff’s Ponzi scheme cost investors $65 million. In the article, Seeking Competent Leaders, author Myra Wright explains that Madoff, “built his giant financial house of cards by using his charm and affability to create a powerful social network. The New York Times has reported that his social and professional lives were "practically inseparable (White, 2009)." FRONTLINE correspondent Martin Smith’s documentary The Madoff Affair outlines how Madoff was able to create an empire that would eventually cripple the financial market. Madoff’s personal and professional character, culture, and leadership unfortunately had a negative impact on his business partners, friends and family members. Exploring character, culture, and leadership will allow a deeper understanding of how Madoff created such a successfully fraudulent financial empire.

Madoff’s Lack of Character

Lack of character played a significant role in Madoff’s Ponzi scheme. Madoff’s investors believed that the financial statements his companies were reporting were accurate. Madoff explains that, “For many years up until I was arrested … I never invested those funds in the securities, as I had promised....