Bernard Madoff downfall part 1

On March 12, 2009 Bernard Madoff pleaded guilty to pulling off the largest Ponzi scheme in history. In addition, he committed the largest investor fraud by a single person in history. On June 29, 2009, he was sentenced to 150 years in prison. Madoff swindled about 65 billion dollars out of investors. It makes you wonder how a person could have no sense of morals. How could a person be so ruthless and uncaring? Didn’t he realize what kind of harm and damage he caused to these investors? Some people lost everything investing and putting their trust in this man. Madoff said he begun the scheme in the early 1990’s. He started it as a short-term way to weather the early 1990’s recession and was unable to untangle himself as the years went by. He had to continue the scheme to satisfy the expectations of high returns promised to his clients. Madoff himself admitted that he knew the day would come when he would be caught and arrested. If he knew that he was going to get caught eventually, why did he keep doing it? Let’s go get the God U Said It verse and see what he said about this type of situation.

Some of you have heard part of 1st Timothy 6:10. The King James Version says “For the love of money is the root of all evil.” However, what I want to look at is 1st Timothy 6:9. The New Living Translation states “But people who long to be rich fall into temptation and are trapped by many foolish and harmful desires that plunge them into ruin and destruction.” What a powerful word and revelation toward this difficult situation. Madoff fell into temptation of not only being rich, but staying rich. He knew when the recession hit in the 1990’s that he would have problems satisfying the expectations of high returns. He made a promise to his investors that he had to keep. Otherwise, there would be questions and possibly an investigation into his financial activities. He gave into his foolish and harmful desires by developing and executing a Ponzi scheme. This was supposed to be temporary until the recession was over. However, he did the scheme for so long and got so deeply involved that he couldn’t see a way out. This involvement plunged him into ruin and destruction. At 70 years old, his life will never be the same again.

It goes to show that God knows what he is talking about. A lot of situations happening now positive and negative can be traced back to the bible. There is nothing wrong with being rich. There were wealth people in the bible. God said himself that he can make people wealthy. However, it must be done using God’s wisdom, knowledge and power. The trouble starts when your love for money is more than your love for God. Next time we will look on the other side of this tragedy: the victims. Until then may God continue to bless you and keep you.

Walt G.