Bernie Madoff is sometimes held up by critics of Ayn Rand’s ethics as a poster boy for the evil of self-interest. But far from being an example of Ayn Rand’s ethics, Madoff is a type of person that Ayn Rand explicitly condemned, because he undertook an irrational–and therefore self-destructive–scheme.

Self-interest, for Ayn Rand, does not equate to simple monetary gain, or the pleasures of any given moment. Self-interest is defined by achievement of a deeply happy life over as many years as possible. Ayn Rand recognized that it is impossible to build long-term happiness by theft or fraud. One’s long-term happiness can only be based on the production of life-sustaining/enhancing values, along with honest dealings with oneself and others.

Do you think Bernie Madoff is happy now, in prison? What about while he was running his scheme? This interview should give you a sense of how much he enjoyed himself while defrauding other people:

Does this sound like a man determined to pursue his own happiness and live his life to the fullest? What must it mean for Madoff to be happier in prison, when he has no freedom and no control over his own life, than during his con? His primary emotion while in the middle of the con scheme was fear, which indicates that he sensed his life was out of control. His lies were constantly threatening to catch up with him, and it was just a matter of time before something slipped and he was caught. Continue reading →