History Of Greed

The “greater fool” theory of economics states that it’s possible to make money by buying paper (securities), whether overvalued or not, and later, selling it at a profit because there will always be an even greater fool willing to pay the higher price. Many described in this book profited by peddling such worthless junk to foolish investors. But for some people—Bernie Madoff, Norman Hsu, Sholam Weiss, and “Crazie Eddie” Antar, aka the “Darth Vader of Capitalism”—overvalued securities were not enough. Outright fraud was their way of life. History of Greed is the compelling inside story of the names you know—Charles Ponzi, Baron Rothschild, Lou Pearlman—and the names you don’t—Isaac Le Maire, the world’s first “naked” short-seller. It’s also our story—why we ignore the lessons of the past and fall prey, most every time, to the promise of easy money. For thousands of years, alchemists unsuccessfully tried to turn worthless base metals into gold. Where science failed at turning nothing into something, business succeeded. Sometimes we praise the creators of derivatives, collateral debt obligations, subprime mortgages, credit default swaps, or auction rate securities as Wall Street’s new financial wizards, the creators of “magic paper.” Other times, we vilify and prosecute them as scam artists. Sometimes, it’s hard to tell who is who. History of Greed reveals the inside secrets of how the markets really work, and how scam artists abuse them to gain an unfair edge or to outright steal. It describes how luftgescheft (“air business”), wizardry, dishonesty, and fraud are used to swindle people. Along with a comprehensive bibliography, History of Greed also details: 400 years of financial fraud—from everyday fraud to the odd and unusual Accounting fraud (phantom sales), stock option fraud (backdating), auction rate securities, hedge fund fraud, Ponzi schemes, promotion fraud (pump-and-dump scams), and money laundering How to detect fraudulent schemes How government regulation only fixes yesterday’s problems If it’s too good to be true, it probably is. If they say you can’t lose, you probably will. History of Greed shows that there really is no such thing as a free lunch, while also detailing how not to become the “greater fool.”

A seeming constant in the history of capitalism, greed has nonetheless undergone considerable transformations over the last five hundred years. This multilayered account offers a fresh take on an old topic, arguing that greed was experienced as a moral phenomenon and deployed to make sense of an unjust world. Focusing specifically on the interrelated themes of religion, economics, and health—each of which sought to study and channel the power of financial desire—Jared Poley shows how evolving ideas about greed became formative elements of the modern experience.

The history of avarice as the deadliest vice in western Europe has been said to begin in earnest only with the rise of capitalism or, earlier, the rise of a money economy. In this first full-length study of the early history of greed, Richard Newhauser shows that avaritia, the sin of greed for possessions, has a much longer history, and is more important for an understanding of the Middle Ages, than has previously been allowed. His examination of theological and literary texts composed between the first century CE and the tenth century reveals new significance in the portrayal of various kinds of greed, to the extent that by the early Middle Ages avarice was available to head the list of vices for authors engaged in the task of converting others from pagan materialism to Christian spirituality.

A provocative view of the past and the great rule makers of history yields an arresting perspective on recent events that have radically altered the present for America and the world.

A vivid history of the economics of greed told through the stories of those major figures primarily responsible. Age of Greed shows how the single-minded and selfish pursuit of immense personal wealth has been on the rise in the United States over the last forty years. Economic journalist Jeff Madrick tells this story through incisive profiles of the individuals responsible for this dramatic shift in our country’s fortunes, from the architects of the free-market economic philosophy (such as Milton Friedman and Alan Greenspan) to the politicians and businessmen (including Nixon, Reagan, Boesky, and Soros) who put it into practice. Their stories detail how a movement initially conceived as a moral battle for freedom instead brought about some of our nation's most pressing economic problems, including the intense economic inequity and instability America suffers from today. This is an indispensible guide to understanding the 1 percent.

This book dramatizes the history of self-interest by describing a centuries-long debate over greed, lust, and appropriate gender roles in terms that ordinary readers will enjoy. Ranging from the 18th century to the present, it offers a deft and engaging critique of economic history and the history of ideas from a feminist perspective.

'Greed' is a visceral insult. It jabs below the belt, evoking guilty sensations of gluttony and lust. It taunts the rich and powerful, penetrating the cover of modern ideologies and institutions. Today, old-fashioned accusations of greed drag the larger-than-life corporate fat cats down to human bodily proportions, accusing them of gain without genuine growth. This lively new book is a wide-ranging inquiry into how greed works in our lives and in the world at large. Western philosophy has intellectualized human passions, explaining and justifying our expansive desires as 'rational self-interest'. However, an examination of the visceral power of greed tells us something about the apathy of modern theory. It shows us how confused we have become about the meanings of growth, creating false and morally hazardous distinctions between biology on the one hand, and history on the other. With greed as a guide, this book considers how the integrity of these meanings may be restored. This remarkable book will be of interest to anyone concerned about the morality of economic behavior in the modern world. It will be an important text for students in the social sciences, especially in anthropology, sociology, development studies, and business studies.

More than just a tale of manipulated financial statements, counterfeit securities, sham transactions, and cyber fraud, this story is intertwined with personalities from among the rich and famous who were involved, in some fashion, such as Governor George Pataki, actress Debbie Reynolds, attorney F. Lee Bailey, and the former chairman of the SEC. In the largest pyramid scheme in American history, the Bennett Companies which even looted their own employee's pension fund, fleeced more than 12,000 investors, 10,000 trade creditors, and 245 banks and financial institutions, of more than $1 billion. A Ponzi scheme-named for Charles Ponzi, who enticed investors with promises of high returns to purchase worthless coupons in the 1920s- was taken to new heights in the 1990s by the Bennett Companies. Extensively documented, Need and Greed follows the human drama as a small-time scam grows exponentially into nationwide holdings of hotels, floating and fixed casinos, office buildings, shopping malls, and other investments. It also allows the reader a rare view into the inner workings of big-time crime, its prosecution, and subsequent civil litigation. Throughout the book, Weisman includes vignettes about hapless investors, portraits of the Bennetts and other key players, the corporate culture at Bennett Funding, and the trappings of the lush Bennett lifestyle.