WITH CHRISTMAS ALMOST HERE, a conversation with a friend about when we stopped believing in Santa Claus gains some pertinence. At the tender age of 5 she was told by a friend that Santa Claus didn't exist. She refused to believe him - not because she thought he was wrong, but because she thought that it just wasn't worth her while to stop believing in Santa Claus (little kids can be devastatingly sensible sometimes!).
I SUSPECT that a very similar argument might apply to many of the investors in the Madoff scam. They felt they they couldn't afford not to believe, because of what they thought they were gaining by believing.
FOR MORE BACKGROUND, see my December 22 post (MADOFF'S WILLING PARTNERS) and my background to game theory (THE CATCH-22 TRAP THAT THREATENS OUR WORLD) (November 9 post).
DON'T FORGET THE FREE ARTICLE (December 19 post) - a GREAT CHRISTMAS PRESENT!!
Tuesday, December 23, 2008
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