{"id":19473,"date":"2012-12-12T07:54:27","date_gmt":"2012-12-12T13:54:27","guid":{"rendered":"http:\/\/www.drishtikone.com\/?p=19473"},"modified":"2012-12-12T07:54:27","modified_gmt":"2012-12-12T13:54:27","slug":"curse-of-money-when-centrality-of-life-loses-out-to-it","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/drishtikone\/2012\/12\/curse-of-money-when-centrality-of-life-loses-out-to-it\/","title":{"rendered":"Curse of money when centrality of Life loses out to it"},"content":{"rendered":"<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><head><meta http-equiv=\"content-type\" content=\"text\/html; charset=utf-8\"><meta http-equiv=\"content-type\" content=\"text\/html; charset=utf-8\"><\/head><body><p>We recently saw the headlines in India that have focused on the dramatic demise of two ultra rich brothers, Ponty and Hardeep Chadha, who made a fortune from their liquor and real estate businesses.\u00a0 In a moment of anger, both the brothers died in a matter of few minutes.\u00a0 The unbridled greed for getting more \u2026. and more, without scruples ostensibly led to disputes and both of them lost their lives in a mutual shootout in New Delhi.<\/p>\n<p>The lesson from this incident is not dramatic.\u00a0 Nor anything new.\u00a0 Across the world, the frantic quest to accumulate wealth, the \u201c More More \u201d syndrome, is the common denominator of human behavior.\u00a0 Instead of living a life, rich and powerful live a shallow and incomplete life.<\/p>\n<p>Let us look at one example to bring the message home.<\/p>\n<p>As a case in point, in 1923, nine of the wealthiest people in the world met at Chicago\u2019s Edgewater Beach Hotel. Their combined wealth, it was estimated, exceeded the wealth of the government of the United States at that time. These men certainly knew how to make a living and accumulate wealth.\u00a0 Right?<\/p>\n<p>Attending the meeting were the following men:<\/p>\n<ul>\n<li>The president of the largest steel company,<\/li>\n<li>The president of the largest utility company,<\/li>\n<li>The president of the largest gas company,<\/li>\n<li>The president of the New York Stock Exchange,<\/li>\n<li>The president of the Bank of International Settlements,<\/li>\n<li>The greatest wheat speculator,<\/li>\n<li>The greatest bear on Wall Street,<\/li>\n<li>The head of the World\u2019s greatest monopoly, &amp; a member of President Harding\u2019s cabinet.<\/li>\n<\/ul>\n<p>That\u2019s a pretty impressive line-up of people by anyone\u2019s yardstick.\u00a0 Isn\u2019t it?\u00a0 One would think these gentlemen would have such a lovely life that they would have enjoyed every moment of it.<\/p>\n<p>Yet, 25 years later, where were those nine industrial giants?<\/p>\n<p>Let\u2019s examine what happened to them 25 years later.<\/p>\n<ol>\n<li>The <strong>President of the then largest steel company (Bethlehem Steel Corp), Charles M Schwab<\/strong>, lived on borrowed capital for five years before he died bankrupt as his stock in Bethlehem Steel Corp was virtually worthless and on the day of his death he was in debt of over $300,000<\/li>\n<li>The <strong>President of the then largest gas company, Howard Hubson<\/strong>, went insane.<\/li>\n<li>One of the <strong>greatest commodity traders (Wheat Speculator), Arthur Cutten<\/strong>, died insolvent<\/li>\n<li>The then <strong>President of the New York Stock Exchange, Richard Whitney<\/strong>, was sent to jail.\u00a0 He stole funds from the New York Stock Exchange Gratuity Fund, the New York Yacht Club (where he served as the Treasurer), and $800,000 worth of bonds from his father-in-law\u2019s estate. (<a href=\"http:\/\/en.wikipedia.org\/wiki\/Richard_Whitney_%28financier%29\" target=\"_blank\" class=\" decorated-link\" rel=\"nofollow\">link<\/a>)<\/li>\n<li>The member of the <strong>US President\u2019s Cabinet (the member of President Harding\u2019s cabinet), Albert Fall<\/strong>, was pardoned from jail just to be able to go home and die in peace.\u00a0 <em>His acceptance of bribes for the leases resulted in the <a title=\"Teapot Dome scandal\" href=\"http:\/\/en.wikipedia.org\/wiki\/Teapot_Dome_scandal\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">Teapot Dome scandal<\/a>. The investigation found Fall guilty of conspiracy and bribery, $385,000 having been paid to him by Edward L. Doheny. Fall was jailed for one year as a result\u2014the first former cabinet officer sentenced to <a title=\"Prison\" href=\"http:\/\/en.wikipedia.org\/wiki\/Prison\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">prison<\/a> as a result of misconduct in office.\u00a0 His home was finally foreclosed!<\/em> (<a href=\"http:\/\/en.wikipedia.org\/wiki\/Albert_B._Fall\" target=\"_blank\" class=\" decorated-link\" rel=\"nofollow\">link<\/a>)<\/li>\n<li>The <strong>greatest \u201cbear\u201d on Wall Street, Jesse Livermore<\/strong> committed suicide.<\/li>\n<li>The <strong>President of the then world\u2019s greatest monopoly, Ivar Krueger<\/strong>, committed suicide.<\/li>\n<li>The <strong>President of the Bank of International Settlement, Leon Fraser<\/strong>, committed suicide.<\/li>\n<li>The <strong>president of the largest utility company, Samuel Insull<\/strong>, died penniless.<\/li>\n<\/ol>\n<p>Where did they go wrong?\u00a0 In a nutshell, what they forgot was how to \u201cmake\u201d life while they got busy making money.<\/p>\n<p><span style=\"text-decoration: underline\"><strong>Moral of the Story<\/strong><\/span><\/p>\n<p>Money in itself is not evil; it provides food for the hungry, medicine for the sick, clothes for the needy; Money is only a medium of exchange.\u00a0 Life, on the other hand, is much and much larger than that.<\/p>\n<p><em>Photo Credits: <a href=\"http:\/\/www.flickr.com\/photos\/9731367@N02\/\" target=\"_blank\" class=\" decorated-link\" rel=\"nofollow\">Philip Taylor PT<\/a><\/em><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"zemanta-pixie\" style=\"margin-top: 10px;height: 15px\"><a class=\"zemanta-pixie-a decorated-link\" title=\"Enhanced by Zemanta\" href=\"http:\/\/www.zemanta.com\/?px\" target=\"_blank\" rel=\"nofollow\"><img decoding=\"async\" class=\"zemanta-pixie-img\" style=\"border: none;float: right\" src=\"https:\/\/img.zemanta.com\/zemified_g.png?x-id=02c44211-6461-40a0-9b2c-fa16a47ac4b6\" alt=\"Enhanced by Zemanta\"><\/a><\/div>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"<p>We recently saw the headlines in India that have focused on the dramatic demise of two ultra rich brothers, Ponty and Hardeep Chadha, who made a fortune from their liquor and real estate businesses.\u00a0 In a moment of anger, both the brothers died in a matter of few minutes.\u00a0 The unbridled greed for getting more [&hellip;]<\/p>\n","protected":false},"author":1517,"featured_media":19474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93,43],"tags":[474,658,1127,4872,2467,3029,3556,3691],"class_list":["post-19473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-behavioural_sciences","category-motivation_and_personal_development","tag-bank-of-international-settlement","tag-cabinet-of-the-united-states","tag-edgewater-beach-hotel","tag-india","tag-new-york-stock-exchange","tag-samuel-insull","tag-united-states","tag-wall-street"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - 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