Bernie Madoff: Monster or Miscreant?

The lead article in today’s New York Times is titled, “Madoff, Apologizing, Is Given 150 Years.” It describes the Ponzi scheme operated by Bernie Madoff and the reaction to his sentence as it was handed down yesterday by Judge Denny Chin.

Mr. Madoff attributed pride to his downfall, yet it was even more striking, according to the article, that noone testified about any good deeds he had done. The judge himself described the crimes as “evil,” and Bernie Madoff was labelled as a monster. A crowd waited to accost him outside the courtroom but were denied the opportunity as he was whisked in and out through another entrance.

In my opinion, Bernie Madoff has come to typify an era of Wall Street excess and greed, and the scope of his fraud and deception is, indeed, breathtaking. To lose your life’s savings, for even one person, causes indescribable pain, and that feeling was multiplied manyfold in this scandal.

But does Bernie Madoff really represent evil incarnate? Or is it a failure of the system that resulted in the steady expansion of his scheme? I’m unsure. I hate to demonize anyone, and his sins were economic ones compared to the genocides that occur all too frequently around the world.

I think we should be satisfied that justice was served, and try to move on from this sordid matter.