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Jackson, Madoff, and the ethical hazards of dealing with fame
By Lauren | July 16, 2009
Michael Jackson’s sudden death at age 50 has had the media buzzing with speculation about possible causes of the King of Pop’s untimely demise. Attention has centered on the huge doses of prescription drugs that Jackson was allegedly taking to fend off the aches and pains of a grueling rehearsal schedule. Just yesterday, AOL reported that the police are treating Jackson’s death as a possible homicide, and focusing on one or more of his doctors as prime suspects. While the full story has yet to emerge, it won’t be at all surprising if we ultimately discover that at least one of Jackson’s doctors was so awestruck by his celebrity status that he agreed to prescribe more drugs than Jackson’s system could handle.
What does this have to do with Bernie Madoff? Read on.
While the whole world knew Michael Jackson, Madoff was far from a household name. But in top-flight financial circles, Madoff’s reputation was legend. He was thought to have almost magical investment superpowers, and getting an appointment with him was widely believed to be the key to lasting financial success. Again, the whole story has yet to emerge, but I’ll wager right now that we’ll eventually find out that both individual and institutional investors were so dazzled by Madoff’s fame that they neglected to do ordinary due diligence before throwing their money at him.
There’s something about fame that can overwhelm common sense and ethical boundaries, especially when superstars offer expensive gifts as well as special personal access. The medical profession has begun grappling with the ethical hazards of treating celebrity patients, and I was delighted to see an article in this week’s edition of American Medical News calling for doctors to establish clear boundaries to prevent patients’ fame from influencing their medical care. The financial services industry would be smart to follow suit, and to find a way to take a skeptical look at famed investors so that another Bernie Madoff never emerges.
To read the American Medical News article, go to http://www.ama-assn.org/amednews/2009/07/13/prl120713.htm.
Topics: Business Ethics, Professional Ethics, customer relations, ethics |