Wednesday, 27 May 2009

• Fighting the Anti-Semitism Brought About by the Madoff Scandal

  Since December 2008, when Bernie Madoff turned himself over to authorities for pulling a massive $65 billion Ponzi scheme, I like most of you have read the countless stories of victims and reporters trying to make sense of it all. In my reading of the Madoff story, I have noticed a very disturbing trend of playing into anti-Semitic and class stereotypes implying that Madoff’s ethnic group and humble beginnings in Queens were the cause of his scheming. 
  

  In New York Magazine’s "Bernie Madoff, Monster Mensch" cover story, the question is posed: What made Bernie Madoff, a man who helped revolution Wall Street and built a completely legal billion-dollar business, perpetrate the greatest fraud in history? (Steve Fishman, pg. 18 New York Magazine, March 2nd 2009)  Some of the reasons given were:

  “His grandparents had made their lives on the Lower East Side. He lived with them for a while, and that evening, he recalled how poor and rundown their neighborhood had looked. He still had, as one observer put it, a whiff of Queens about him. He didn’t look like a leader of Wall Street…. Bernie Madoff’s story begins as that of the classic Jewish outsider, storming Wall Street gates in pursuit of fortune. He entered the financial business through a dirty disgusting outback.”
  

  Entitling the article "Monster Mensch" is a play on the Yiddish term. One writer reported that: “Bernie was poor and from Queens…She said Bernie and Ruth (his wife) still had a Queens accent, adding playfully you could tell they weren’t from Switzerland.” When Palm Beach Post reporter Jose Lambiet started writing Madoff stories “the anti-Semitic messages started immediately” (Mark Seal, Vanity Fair, April 2009, pg 134).
  

  Each racial or ethnic minority group has stereotypes that they have been striving to overcome. Jewish people have had to struggle against stereotypes related to money. Sadly, Madoff has hurt his own people the most; he stole from mostly Jewish charities and institutions. A Palm Beach resident who lost millions due to Madoff stated “what Hitler didn’t finish, he did!" (Seal, Vanity Fair)

  An area hardest hit by Madoff was the Jewish Palm Beach Country Club; some in the area were resentful of Jewish people moving in. Palm Beach Post writer Lambiet stated: “It took decades for the Jewish community to get past this thing, and now…The anti-Semites are ecstatic, said one resident. Supposedly, there was a crack made at a local club: 'This is terrific – now maybe we’ll get our land back'. These people were not pleased at the way Jewish wealth has come into this community…” (Seal, Vanity Fair)
  

  Sadly, the Madoff case hasn’t just brought to light anti-Semitic sentiment, but has shed light on Hispanic prejudice and classism as well. In the same April 2009 issue of Vanity Fair, there was an article about a Swiss Brazilian family that worked closely with Madoff, and the stereotypes abounded: “loud Brazilian Women in the family, brash, new money, inconsiderate, hugging and kissing everyone…” It appears that there is a “logical” conclusion being made that of course this Latino, new-money family would work with a thief like Madoff. What can we expect when we let “those people” in our neighborhoods and financial firms?

  I do not think a certain ethnic group or class is to blame for the Madoff scandal. I think that out-of-control free market capitalism is to blame. As Christians we cannot play into anti-Semitic stereotypes, realizing we worship a Jewish savior. We should pray for the Jewish community and everyone who has been hit by this crisis.

  I am a student at Columbia University, and the law school lost $7 million to Madoff.  Elie Wiesel, famous Holocaust activist and author of Night, was robbed by Madoff as well. Let us pray that prejudice does not lead to the scapegoating of minorities and the poor for this crisis. As minorities, our greatest desire is “to be judged not by the color of our skin (or our religion or class) but by the content of our character” - Rev. Dr. Martin Luther King, Jr. 

  As Christians, we know that Galatians 3:28 states: “There is neither Jew nor Greek, slave nor free, male nor female, for you are all one in Christ Jesus.” Let us remember this as we speak out and pray against stereotyping and scapegoating.

  • 1:32 PM
  • 336 Views
  • 22 eProps
  • 12 Comments