Bernie Madoff: an Issue of Ethics
Bernie Madoff: An Issue of Ethics
There are many ethical issues in the world’s news today, some bigger than others, and many that get swept under the rug. One particular ethical issue is at the core of a huge story that has dominated the news for months on end and has lead to more trying times on Wall Street. The story is about Bernie Madoff and the massive effect he and his ponzi scheme had on hundreds of people who trusted him. This paper will discuss the ethical issue underlying the conflict, the damage that resulted from it, and the leadership that acted to counter suit his disaster. Bernie Madoff’s ponzi scheme is sure to go down in history as one of the largest business scandals ever and should make every person stop and make sure there ethics are in check.
Bernie Madoff exploited ethical theories much like a hawk swooping down to kill its prey. Bernie’s twisting of moral philosophy, virtue ethics, universalism and business ethics controlled both common and upper classes within predominately Jewish investors, prominent social groups, banks, successful foundations and charities. He wielded his genius in investments and securities tantalizing those who could not spot his cabal.
Bernie’s acute cognizance of small investors and the ruling classe’s desire to believe in moral philosophic principles, rules, and values let to the contamination of right and wrong with financial deals earning him 50-65 billion dollars. Bernie literally earned the title of greatest Ponzi schemer in the history of the world.
The Bernie Madoff Investment Securities LLC outwardly demonstrated unmatched moral character, and virtuous ethical values, while secretly providing a moral minimum to unsuspecting victims. When clients wanted to cash in their investments, Bernie would simply pay them off from the money he swindled; forcing him to replenish his accounts with new investors.
Bernie was perfectly aware that the values society needs to function could be used to provide Bernie a
There are many ethical issues in the world’s news today, some bigger than others, and many that get swept under the rug. One particular ethical issue is at the core of a huge story that has dominated the news for months on end and has lead to more trying times on Wall Street. The story is about Bernie Madoff and the massive effect he and his ponzi scheme had on hundreds of people who trusted him. This paper will discuss the ethical issue underlying the conflict, the damage that resulted from it, and the leadership that acted to counter suit his disaster. Bernie Madoff’s ponzi scheme is sure to go down in history as one of the largest business scandals ever and should make every person stop and make sure there ethics are in check.
Bernie Madoff exploited ethical theories much like a hawk swooping down to kill its prey. Bernie’s twisting of moral philosophy, virtue ethics, universalism and business ethics controlled both common and upper classes within predominately Jewish investors, prominent social groups, banks, successful foundations and charities. He wielded his genius in investments and securities tantalizing those who could not spot his cabal.
Bernie’s acute cognizance of small investors and the ruling classe’s desire to believe in moral philosophic principles, rules, and values let to the contamination of right and wrong with financial deals earning him 50-65 billion dollars. Bernie literally earned the title of greatest Ponzi schemer in the history of the world.
The Bernie Madoff Investment Securities LLC outwardly demonstrated unmatched moral character, and virtuous ethical values, while secretly providing a moral minimum to unsuspecting victims. When clients wanted to cash in their investments, Bernie would simply pay them off from the money he swindled; forcing him to replenish his accounts with new investors.
Bernie was perfectly aware that the values society needs to function could be used to provide Bernie a
References: Altman, A. (2009). A Brief History Of: Ponzi Schemes. Time, 173(2), 18-18. Retrieved July 23, 2009, from Academic Search Daily News. (2008). Leon Bernard Madoff biography – fraud reach 50,000 billion dollars. Retrieved July 31, 2009, from http://www.dailynews.rs/2008/12/leon-bernard-madoff-biography-fraud-reach-50000-billion-dollars/ McDermid, B. (2009). Bernie Madoff. New Internationalist, 32. Retrieved August 1, 2009, from http://www.newint.org/columns/worldbeaters/2009/07/01/bernie-madoff/ Trevino, Linka K., & Nelson, Katherine K. (2004). Managing business ethics: Straight talk about how to do it right. [University of Phoenix Custom Edition e-Text]. New York: Wiley. Retrieved July 31, 2009, from University of Phoenix, PHL323 – Ethics in Management