Tuesday, February 8, 2011

Psychiatrist Reveals How to Spot Another Bernie Madoff

Via Vince Calio @ International Business Times (H/T FraudBytes).
Dr. Bryant told International Business Times that Madoff and other perpetrators of massive fraud typically suffer from narcissistic personality disorder (NPD), a condition in which the sufferer is absolutely convinced that he or she is better than everyone else.
“He, and others like him, most likely believe that no matter what they do they are justified in doing it and won't get caught,” said Bryant.
He added that the fact that it took so long to catch on to Madoff’s scam simply verified in Madoff's warped mind that there was nothing wrong with what he was doing.
“Authorities looked at Madoff a number of times and didn’t do anything, and so [Madoff’s] crimes became substantiated in his mind," Dr. Bryant said. "He most likely felt no remorse over what he had done whatsoever.”
Bryant listed some behavioral trends to look for in order to differentiate between a legitimate money manager and a snake oil salesman.

1 comment:

  1. This shows that where legal contracts are not available, one should be vary of being misled into doing stupid stuff by people who say they have power and position. Actions generally speak louder than words.