Actor Kevin Bacon famous for the six degrees of separation theory -- that is, Kevin Bacon is connected by film role to every actor through at most six other actors. For instance, Bacon was a guest on NBC's Will and Grace when Will said to Bacon, "You did a movie with Val Kilmer?" and Bacon replied, "No, but Val was in Top Gun with Tom Cruise, and Tom was in A Few Good Men with me. Huh, that was a short one."
Why am I talking about this? Bernie Madoff, who claims he stole $50 billion from investors around the world in a Ponzi scheme, is a mere one degree of separation from Kevin Bacon and his wife Kyra Sedgwick. New York magazine reports that the two "lost everything except for their checking accounts and the land they own" thanks to Madoff.
How did Bacon get sucked into the Madoff network? I don't know. It could have been through his Hollywood connections -- after all Steven Speilberg and Jeffrey Katzenberg are among the other Madoff victims and it would surprise me if Bacon didn't know them. Fortunately, both Bacon and Sedgwick are still working actors so they can rebuild their savings at a relatively rapid rate.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College. Portfolio published his eighth book, You Can't Order Change: Lessons From Jim McNerney's Turnaround at Boeing on December 26, 2008.
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Reader Comments (Page 1 of 1)
12-31-2008 @ 10:55AM
Dan Barnett said...
Giving others control of your money. Isn't that the definition of "Financial Advisor"
Now everyone is separated from Kevin Bacon is no more than three steps. Kevin Bacon-Bernie Madoff-wrecked ecomomy-us.
12-31-2008 @ 6:40PM
Richard said...
Hmmm. Bacon. Cooked his Bacon. Isn't there a Joke in here somewhere? Jewish Bacon. Hmmm Help!
12-31-2008 @ 6:40PM
Kjestine said...
Where was FINRA (formerly known as the NASD)? It is the "self regulatory agency" under the SEC that is supposed to audit each broker dealer each year? Did it just not show up to audit Madoff's broker/dealer for thirty years?
And now Obama has selected the head of FINRA to succeed Cox at the SEC. This is madness. Will someone please protect us investors??
1-02-2009 @ 1:38PM
Niri said...
Keep on dancing KB! It's only money!
http://www.youtube.com/user/baconbros1997
1-04-2009 @ 1:03PM
BML38 said...
Read Michael Lewis's editorial in today's NY Times--everybody that needed to know re: the operating business of Madoff Securities did know...is anyone following this blog?: www.bernard-madoff-scam.blogspot.com
1-18-2009 @ 9:06AM
Bearman said...
May be late to the party on this topic but just did a cartoon about it.
http://bearmancartoons.wordpress.com/2009/01/17/bearman-cartoon-kevin-bacon-bilked-by-bernard-madoff/