1) Why brilliant people with more money than they’ll ever need allow their hunger for even more money to cause them to lose everything? 2) How much is enough, and why are people willing to risk so much to get more? 3) If money is so alluring, how is it that so many people of great wealth also seem so unhappy? CAUSE
The single-minded pursuit of wealth often leads smart people to do incredibly stupid things, things that destroy what money can’t buy. Examples given in the article:
A Sri Lankan American former hedge fund manager and billionaire founder of the Galleon Group, a New York-based hedge fund management firm. On October 16, 2009, he was arrested by the FBI on allegations of insider trading, which also caused the Galleon Group to close and on May 11, 2011 was found guilty on all 14 counts of conspiracy and securities fraud. On October 13, 2011, Rajaratnam was sentenced to 11 years in prison and fined a criminal and civil penalty of over $150 million combined. The resignation and humiliation of Berkshire Hathaway’s David Sokol David Sokol was one of the people being groomed to succeed Warren Buffett as CEO of Berkshire Hathaway. He was forced to resign in an insider trading scandal. Often referred to as Buffett's Mr. Fix-It, Sokol was tasked with rescuing underperforming Berkshire divisions Johns Manville and NetJets. Under Sokol's leadership Johns Manville was brought back on track and NetJets swung from a $157 million loss in 2009 to a $207 million gain in 2010. Sokol purchased 96,060 shares of Lubrizol at a limit price of $104 per share between January 5 and 7, 2011. He presented the idea of Berkshire acquiring Lubrizol to Buffett on January 14 or 15, 2011, and again after a January 25 meeting with Lubrizol's CEO. Berkshire Hathaway's board voted to acquire Lubrizol at $135 per share on March 13, 2011. On March 28, 2011, Sokol tendered his resignation from Berkshire Hathaway. HBO-TV adaptation of the bestseller “Too Big to Fail”
Based on the bestselling book by Andrew Ross Sorkin, 'Too Big to Fail' offers an intimate look at the epochal financial crisis of 2008 and the powerful men and women who decided the fate of the world’s economy in a matter of a few weeks. An exercise in collective greed that came pretty close to destroying the world as we know it.
CRITEREA (THEORY OR PERSPECTIVE)
Jacob Needleman, a professor of philosophy at San Francisco State University published a book called “Money and the Meaning of Life” 20 years ago and following answers are derived from the interview Jacob Needleman did with Fast Company years ago. Money may be the root of all evil, but only if you’re not honest about what it means to you. One should know how they are towards money and really understand that relationship and if a person does not know then he/she simply don’t know themselves. Needleman said “Money is about love and relationships”. It has a wonderful power to bring people together as well as tear them apart. Money truly can’t buy happiness, especially if you’re unhappy to begin with. Apart from our obvious physical needs, life is not determined by external factors rather than inner ones. So having money will not change your internal makeup. If you are an anxious person without money, you will be anxious person with money. Jacob said “If you are worrying about vegetables now, you’ll be worrying about yachts then.” Being rich does not make you smart — especially about things other than money. The key is to be not fooled by money- Needleman gave an example of a guy he met who worked his way up from zero to a half-billion dollars and Needleman asked him what was the most surprising thing that you discovered when you got rich he replied “Everybody asks my opinion about things because they think I know something. All I really know is how to make a lot of money.” Being rich does not automatically lead to a rich life.
There is a difference between success and money. In order for one to be...
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