96 REFLECTIONS ON CHARACTER AND LEADERSHIP
boundaries between what was his and what was the company ’ s. He
probably rationalized that what he was doing was in the best interests
of the company. And, on one level of analysis, he may have been
correct. (In spite of all his wheeling and dealing, he does not appear
to have benefi ted personally from Fermenta.) In fact, El - Sayed ’ s
identifi cation with Fermenta was so strong that he was unwilling to
separate from it and enrich himself by selling out while a deal was
still possible. The way he mixed fact with fancy seems to indicate
that his capacity for reality - testing was marred. The lie about his
credentials was certainly self - destructive, given the high likelihood,
as such a public fi gure, that he would be found out.W hen we look at his behav ior more closely, we can see that El - Sayed
demonstrates many of the characteristics of the impostor. We see it in
his showmanship, his talent in playing on the greed of others, and his
ability to suspend the disbelief of his audience and create excitement
about the supposed success of his ventures. The protean quality of his
sense of identity is demonstrated in the way he oscillated between
playing the average guy and a business tycoon. In trying to resolve his
own confusion, El - Sayed seems to have transgressed. His personal myth
increasingly led him into trouble. His own problems and those of his
business became too intertwined. Self - deception eventually led to his
downfall.
The role of a hero is not very stable; many heroes end by being
viewed as villains. The paradox of El - Sayed ’ s story is that he got all
the blame for his investors ’ shattered illusions. We could argue that
Fermenta ’ s investors were as much to blame, having become victims of
their own greed. In the end, when he could no longer deliver, El - Sayed
was turned into a scapegoat. Generally speaking, people like El - Sayed
are the lifeblood of society, seeing new combinations that others miss
and helping to re - evaluate existing patterns of behavior. The positive
legacy of his particular story is that the scandal inspired lasting changes
in the Swedish fi nancial system. We might hypothesize that El - Sayed
did not act intentionally, and was swept away by unconscious forces; but
whatever the theories, he was found guilty on 14 counts of fi nancial
misconduct and jailed for fi ve years ( International Herald Tribune , 1989 ,
p. 12).
In many respects, El - Sayed ’ s behavior was little different from that
of the typical entrepreneur. Similar behavior patterns can be seen in
many entrepreneurs, particularly when the darker sides of entrepreneur-