Greed is a powerful driver. It can cause good people to do bad things. For some figures, it was their downfall. Here are 10 famous figures in history whose insatiable ambitions for wealth or fame ultimately led to their downfall. Deception, fraud, and even murder marred their reputations.
Marcus Licinius Crassus
During the late years of the Roman Republic, Marcus Licinius Crassus was a wealthy entrepreneur who amassed a fortune in real estate. With money came political desires, and he formed a powerful political alliance that could dominate Roman politics. Money and power weren’t enough; he wanted military glory. Ignoring strategic advice, Crassus led an unsuccessful invasion into the Parthian Empire and was ultimately killed.
Leopold II of Belgium
As the sole owner of the Congo Free State, Leopold II became wealthy by exporting ivory and rubber. However, it was at the expense of the Congolese. Under his rule, he imposed a brutal system of forced labor that involved torture, murder, kidnapping, and the amputation of hands for failing to meet quotas. After his horrific methods were exposed internationally, he was forced to cede control of the territory.
Kenneth Lay and Jeffrey Skilling (Enron)
At the turn of the century, the energy company Enron was pulling in nearly $101 billion in revenue. However, it turned out to be one of the largest white-collar frauds in American history. Lay and Skilling, at the helm of the scheme, engaged in fraudulent practices involving manipulating financial statements and deceiving investors. The company’s true financial health was later exposed and led to its bankruptcy.
Bernie Madoff
Bernie Madoff was a well-respected financial investor on Wall Street. His success seemed limitless until his scheme was uncovered. With many people wanting to open accounts for what was a guaranteed return, Madoff used money from new investors to pay out previous ones. The Ponzi scheme, as it’s known, was illegal, and Madoff paid for it with jail time.
Lance Armstrong
Lance Armstrong became the face of bicycle racing after numerous wins. His determination and performance were inspiring to athletes everywhere. His open battle with testicular cancer proved that sickness could be overcome. However, after he gained notoriety, it was discovered that he had received a little extra help. Armstrong was using illegal performance-enhancing drugs. Fans were sorely disappointed, and Armstrong was ultimately stripped of his titles and banned from professional cycling, irrevocably tarnishing his legacy.
Joseph Hunt
In the 1980s, Joseph Hunt organized an exclusive investment club called the “Billionaire Boys Club.” He targeted the sons of wealthy families with a promise of quick riches. Hunt and the club misused funds, using investors’ money to support a lavish lifestyle with luxury cars and exclusive residences. Ron Levin, another con artist, swindled the group out of money, and Hunt was convicted of Levin’s murder.
Dr. Farid Fata
Dr. Farid Fata, known as “Dr. Death” among his victims, operated one of the largest private cancer practices in Michigan. Over the course of six years, Fata was paid out over $91 million by Medicare; however, $48 million of this amount was for unnecessary treatments. Fata purposely misdiagnosed healthy patients with cancer to maximize billings. He was sentenced to 45 years for healthcare fraud.
Chanda Kochhar
Indian banker Chanda Kochhar was alleged to have allowed Videocon Group, a company owned by her husband, to take out a multi-million-dollar loan quid pro quo despite violating banking regulations. Kochhar resigned following the exposé. Videocon’s loan went into default, costing ICICI Bank millions of dollars. The case is currently still undergoing legal proceedings.
Jay Gould
Jay Gould was a brilliant and successful financier who used his political influence to corner the gold market. He conspired to corner the gold market by buying large quantities, hoping to persuade President Grant’s administration to withhold government gold sales, which would drastically increase prices. Unfortunately, more gold was released, and prices plummeted as a result. Through his greed, he became known as “Robber Baron.”
The Emperor in “The Emperor’s New Clothes”
The last greedy victim on our list, the Emperor was exceedingly fond of his looks, spending all of his money on clothes. Two swindlers offered him clothes that were only visible to those worthy. He paraded all around town. However, it was a scam. The emperor’s gullibility led to intense embarrassment.
