“Greed goes before a fall” — revised version of “Pride goes before a fall.” This is what I finally learn from Bernard Madoff’s $50 billion Ponzi scheme fraud, the largest of its kind in history. Greed, greed, greed everywhere, on the part of Madoff, and also on the part of some of those being swindled by Madoff.  It was estimated that US government might probably lose as much as $17 billion in lost tax revenue. I am sure many books will be written on this fraud and I can’t wait to read them.

In the process of this, he has succeeded in ruining many people’s lives by hoaxing away millions of dollars from them. The 70-year-old Madoff could not have broken Guinness World Records in the scale of money-swindling without an excellent teamwork of like-minded culprits. It was said that his son turned him in for “a giant Ponzi scheme.” Hopefully, this is not part of another scheme to save his sons, who have a longer road to go than a 70-year-old.

As a parent, I am more interested in the lessons that we can  draw from this economic crime. What is unfolded before us are enormous greed, irresponsibility, audacity, hard-boiled crulty, carefully engineered violation of laws, and insatiable desire for more and more until the criminal gets caught and receives what he desires in the end and go down the history as the biggest money swindler.

When we are free from hunger, disease, cold and worries, with blue sky and under a sunny day, the life is so beautiful as it is. The bottom line is anything is better than knowingly doing what is wrong and eventually, fall eternally and most disgracefully.

One last note, for ordinary folks, be very cautious and do not allow greed to take you to any big or small get-rich-quick scheme.