2021iv16, Friday: The king of the Ponzi?

Madoff’s dead, but fraud lives on. A short history of the Real Book. And the importance of prioritising economics over culture wars.

Short thought: Very briefly, because of a hearing earlier today, it’s worth marking the passing of Bernard Madoff, by far the biggest Ponzi schemer ever unearthed.

I say “unearthed” because although all Ponzi schemes have a shelf-life, the numbers in the Madoff scandal were never entirely settled; and the sheer weight of skulduggery around these days, particularly in some corners of the crypto world, does sometimes make me wonder what else is lurking.

As the piece linked to above notes, fraud isn’t a victimless crime. Financial losses are life-changing in themselves, causing despair and sometimes suicide. And the loss of trust is just as damaging. Fraud is corrosive to societies as well as individuals, just as its close relative corruption.

Madoff’s passing is also an excuse, once more, to bewail the UK’s utterly disastrous approach to fraud. We haven’t had a single, big-bang Madoff here. Instead we have huge numbers of victims, losing billions each year to multiple fraudsters via scams which – to be honest – aren’t that sophisticated (often affinity frauds, of the kind Madoff specialised in), and spend (comparatively speaking) next to nothing in investigating and prosecuting them. A disgrace, and one which the Powers That Be remain singularly uninterested in tackling.


Someone is right on the internet: As I’ve mentioned once or twice, I play jazz piano. Note I’m not calling myself a jazz pianist. I’m nowhere near good enough for that. But I try. And I love it.

Anyone who’s ever played and studied jazz will have spent time poring over chord charts of standards old and new. And most of us will have, either on paper or as PDFs, a fakebook or two: a massive tome full of single sheets, with a melody and the chords, for everything from Round Midnight to Chameleon.

I know I do. I’ve even got a couple of fakebooks for specialised areas such as bossa nova. 

But I knew, to my shame, nothing about their background and history. This filled me in. It’s a short read, and points out that fakebooks aren’t without controversy, risking (as some fear they do) the ossification of an in-the-moment art form. But for anyone who’s ever squinted at a chord chart in a dimly-lit club or basement somewhere – trying to keep the line as the atmosphere of the jam fills your soul with a joy and spirit you just can’t get anywhere else and guides your fingers to do things you never knew they could – it’s a good one.


Someone else is right on the internetSimon Kuper, at the FT, is a great writer. Thoughtful, humble, interested and therefore interesting. Even when he writes about football, I’ll read his stuff. And I can’t say that about anyone else.

In today’s FT (paywall – sorry) he makes a point that many have made – but he makes it really well

There are always people who go around missing the main story of their times. No doubt some thought leaders in Paris in 1789 or Petrograd in early 1917 were getting all fired up about sideshows. Something similar is happening now: an obsession with “wokeism” and culture wars at a moment of economic transformation.

By which he means: shouting about culture wars has a huge opportunity cost. The economic damage of Covid, or the benefits of the shift in US economic policy under Biden (which is turning out to be far more progressive than most would have expected), is going to be consequential for everyone.

Meanwhile:

Today’s identity-based point-missing is often deliberate. Every morning, nativist politicians scour the news for a wokeist outrage — in a big world, there’s always one — and then spend the day banging on about it. This is an old phenomenon, explained by the sociologist Stanley Cohen in 1972: a conservative attempt to drum up a moral panic about a group of young people defined as “folk devils”. The “woke brigade” is only the latest in a lineage of folk devils that stretches back through Islamist terrorists, “superpredators” and hippies to early 1960s Mods and Rockers. Rightwingers exaggerated the dangers of all these groups.

Now, Simon is talking about the right-hand side of the aisle. I think the ailment stretches across politics. I imagine he does too, although I agree with his underlying point that the right is generally more effective in using it (perhaps cynically) as a cover for getting on with other priorities while “firing up the base”. 

Me? I’ll continue with my policy of ignoring anyone who decides to push buttons with straw-man terms like “woke” or “gammon” instead of trying to engage.

And keep trying to stop my brain atrophying, by reading people like Simon.


(If you’d like to read more like this, and would prefer it simply landing in your inbox three or so times a week, please go ahead and subscribe at https://remoteaccessbar.substack.com/.)

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