It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to heaven, we were all going direct the other way.” Charles Dickens A Tale of Two CitiesMoney brings out the best in people and the worst in people. Money is used and directed by the wise and yet it is the demise of the foolish. Money can shine brightly in a season of Light being used both in service and as evidence of an abundant life. For many, however, it brings out the darkness of their character. Money is only the tool –for what is deeper within the internal make-up of an individual. It was the best of times and the age of wisdom - Leonard Abess Jr. distributed $60 million of his own money – out of his own pocket - to his employees. Tellers, bookkeepers and clerks received tens of thousands of dollars and, in some cases, $100,000.00. The amounts were based on years of service. Abess sold a majority stake in the Miami based City National Bancshares and all 399 employees and 72 former employees shared in his windfall. In an interview Abess stated that he had known some of these people since he was seven years old and he “didn’t feel right getting the money myself.” He was concerned that their retirement plans had taken a beating with the downturn on Wallstreet. He also provided his recipients with financial counseling and high rate certificates of deposit. It was the worst of times and the age of foolishness. Bernie Madoff was arrested in December charged with one securities fraud. Instead of investing his clients’ money, he is accused of using the newest investments to pay off older clients, to create the appearance of returns, in a classic Ponzi scheme. His victims include celebrities, charitable organizations and individuals who trusted him with their money. Estimates of Madoff’s alleged theft range as high as $50 billion. It was the season of Light, it was the season of Darkness.
This entry was posted on Friday, February 27th, 2009 at 7:40 am and is filed under Miscellaneous.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Leave a Reply