I’m attaching scans of the concepts sketches from when I was designing the anarchy boogeyman. The idea was for him to represent this concept of anarchy that was so scary because it was just very different that what we’d been indoctrinated into. That’s why his parts are all mixed up. He’s gold and black to represent the colors of market anarchy. That’s why he has spots. They’re easy to draw and an easy way to add the black.
I was following a formula for cuteness that I’d read about for cartoon characters. You give them big, wide-set eyes and make them pudgy with short limbs. When I did that at first, he looked way too much like Patrick Star from Spongebob Squarepants, so to make him distinctively different, I rounded his head. You can see the progression in the concept sketch.
The boogeyman is not a penis!