Posts tagged with: Bernie Madoff

Only if there are new human beings will there be a new world, a renewed and better world.

When the Pope said these words at Vespers on Sunday, perhaps he had Bernie Madoff in mind.

Today, Madoff was sentenced to 150 years in prison for defrauding his investors of nearly $65 billion over the course of 20 years. His corruption and crimes ruined the livelihoods of thousands of businesspeople, charity workers, and families that trusted his sterling reputation to protect everything that they had worked to earn.

Unfortunately, Madoff is not the only man to have betrayed his financial responsibilities to others. The last few years saw financial scandals at Enron and WorldCom shake the public’s trust in corporations. Just two weeks ago, Texas billionaire R. Allen Stanford was arrested by the FBI on charges that he used a bank in Antigua to mask his $8 billion fraud, stealing from his investors.

When Pope Leo XIII published his encyclical Rerum Novarum in 1891, he wrote that “A small number of very rich men have been able to lay upon the teeming masses of the laboring poor a yoke little better than slavery itself.” The global economy has come a long way since then, with the rise of laws designed to fight white-collar crime, the expansion of opportunities for Third World entrepreneurship with the removal of tariffs, and the creation of enough wealth to eliminate most of the horrific working conditions of the Victorian Era. (more…)