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Bernard Madoff and ethical behavior
Bernard Madoff and ethical behavior
Bernard Madoff ethical issues
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Life, has it’s many challenges and benefits, but with this comes CHOICE. Everyday we face choices; good-bad, happy-sad, anger-joy, and RIGHT-WRONG. Sometimes it’s not that black and white and sometimes it’s nothing but. Such as it was with the Bernie Madoff case. He may have had a plan that might have given his clients what he said, and thought that by the time that they needed and wanted their monies the plan would come together, but as he earned the TRUST of many and it became EASY, then it became easier and easier. The more he got away with the more it became a habit. Mama always said, “Whatever you do in the dark of night will someday come into the light.” And then there is the old saying “Live like someone is watching”
We have ALL
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The Madoff’s legacy was one of greed which may have started with a need, therefore he justified the means to the end. When the need was satisfied with little or no effort or resistance it became easy to overlook the end, and when the pleasure came it became an addiction that could not be quenched.What he did was unethical. Bernie deceived his investors in order to accumulate personal wealth. He didn’t consider the people he was taking money from. The lust for approval and personal status was so overwhelming that it didn’t matter how many people he had to utilize in order to obtain and maintain the position he desired. Madoff was heartless, and the heartlessness was fueled by the need for the high of for continued deception. His decision to swindle money from his investors was not a rational decision. Thus he is reaping what he …show more content…
My only driving motivation would have to be the survival of my family (food and shelter). Now after I would have secured those things (all be it unethical) the rest would be greed(the addiction to the wealth would have kicked in). Have you ever needed $5.00 and Mom would probably say no and so you feel you’ll get it and would put it back before she missed it, but it didn’t work out that way or perhaps it did and so the next time you thought well lets get $10.00 this time, but when you got your check you couldn’t cover it and now you are sweating. Well that is the ponzi scheme on a micro scale. The end is the same the gut stabbing embarrassment or the thrill of the game. When adrenaline of getting away with it becomes a rush then you are addicted to the deception and putting ALL that you love at risk becomes secondary. “It’s a tangled web we weave when first we practice to deceive”, another great line my mother use to
65 billion dollars of fraud, such was the case for Bernie Madoff. Bernard Lawrence Madoff by definition from the Columbia Electronic Encyclopedia, 6th Edition is an American stockbroker, investment manager, and swindler. He is widely known for hosting the largest Ponzi scandal in US history. He not only ruined others life’s but he also ruined his own and his families. He took money from investors to pay off other investors to make it seem like they were making a profit. All he had to do was report
The lie have the biggest impact on life. It can be used to build a dream, give some hopes and destroy a life. The dynamic characteristics of lie was the biggest weapon on the case of Bernie Madoff. The big lies use all the characteristics of the lie that enables it to destroy the lives of thousands. The Ponzi scheme is constructed on a way that includes the lie at every steps. It provides the customers hopes that they should get huge return from the investment, the customers make a dream on their
I’m doing my Case presentation on the Madoff Scandal because I find it very interesting and have heard about it before and wanted to know more details about the story. Like who were the major players and how much money did he really steal from people? Bernard Lawrence Madoff was born April 29, 1938 in New York City. His Parents became involved in financing jobs when he was at a young age and were both suspected of starting a business as a front for his father, Ralph Madoffs’, backhanded dealings
Case Presentation: Bernard Lawrence Madoff “Robbing Peter to pay Paul”, Bernard Madoff king of financial fraud will be serving 150 years in prison for running his Ponzi scheme. Now why such a big price to pay for running a Ponzi scheme? Bernard Madoff also referred to as “Bernie Madoff”, was charged with committing eleven charges, including robbery of thirteen thousand five hundred and eighty of his clients. The Bernie Madoff case made waves because it brought attention to how un-educated and unprepared
For example, in this Bernie Madoff case, operating on the deontological view would have caused him to not take the money from the investors in the first place. This approach is based on a set of moral values and individual rights. A rule deontologist would react to this by not taking
Management 3301 Dr. Ahmed Sallam “Corruption and Fraud” By Karim Abdel Galil, ID: 900.101.576, Section 04 & Hatem Othman ID: 900.100.798, Section 03 Corruption and Fraud The following is a case that has been recently called into court in 2008. Bernard Lawrence "Bernie" Madoff is an American imprisoned of fraud and a former stockbroker, investment advisor and financier. He was the former non-executive Ponzi sheme chairman of the NASDAQ stock market along with and the admitted operator of
surrounding Bernie Madoff, and the events surrounding Enron. Bernie Madoff, “a former American stock broker, investment advisor, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in the history of the world”. (Bernard Madoff, 2011, para. 1) Bernie was able to convince investors to give him large sums of money with the promise that they would received between eight percent to twelve percent return a year. Bernie ran a pyramid
knowledge, has marked the upward surge of mankind” (Mali, 2013, para. 8). This quote accurately identifies the motivation behind the actions of Bernie Madoff and Enron. Both Madoff and Enron were greedy in conducting business. Both violated corporate ethical issues as they acted fraudulently to steal money from clients and shareholders. Bernie Madoff was a once famous stockbroker, investment advisor, and financier prior to committing fraud and running the largest financial scheme in American history
In December 2008, one of the largest Ponzi scheme surfaced when Mark and Andrew Madoff reported the works of their father, Bernard Madoff to the federal authorities. A Ponzi scheme is an investing scam that promises high rates of return with little risk to investors. The operator generates returns for older investors by gaining new investors. Bernard was arrested on December 11, 2008 and charged with securities fraud. He pled guilty to 11 counts and was sentenced to 150 years in federal prison-the
Introduction The Bernie Madoff Ponzi Scheme is a well-known case and is known as one of the biggest Ponzi scheme’s. In summary the scheme occurred for many reasons that I will some up into 3 points; A lack in competency by regulatory agencies, a lack of regulation, and finally a breach in ethics by Bernie Madoff himself. To explain further, the regulatory agencies like the lawyers and SEC are supposed to prevent schemes such as this one from happening but because they lacked the skills to correctly
The Story of Bernie Madoff and the Securities and Exchange Commission Ponzi schemes are a continuing problem in the investment world and can only be stopped if the Securities and Exchange Commission does better safe guarding investors’ money. This paper will address Bernie Madoff’s Ponzi scheme and how he was able to steal billions of dollars from investors. The reasons why the SEC responded so slowly to Bernie Madoff’s Ponzi scheme, and what can be done in the future to make sure another
they tend to take advantage of them by running these fraudelent schemes. Bernie Maddof and Robert Anderson are culprit of these acts. The SEC has their investigative team but they are known not to follow up on theor findings. Back in the early when the team was first made aware of Bernie Maddod’s case, the Boston office of the SEC refused to take it any further. The SEC accepted that not escalating the Bernie Maddof case was a big blunder as described by their former Chairman Arthur Levitt.
tried for a crime, while the poor are unfairly tried and even receive the harshest of punishments. Though there have been many cases of many celebrities and million-dollar bigwigs being found guilty and lawfully punished, there have been many other cases where they do not receive proper justice and have been acquitted of the most heinous of crimes. One of the most famous cases of the mid-nineties (and possibly one of the most controversial) of the wealthy being above the law is the O.J. Simpson trial
Bernie Madoff ran one of the largest Ponzi Schemes in United States and although it was investigated many times by the Securities and Exchange Commission (SEC), he was not caught until his confession in 2008. The timeline of the evidence submitted and the investigations that were actually done was staggering, and have left more questions than answers found. Bernie Madoff was born to Ralph and Sylvia Madoff in 1938. He married Ruth Alpern in 1959. Together the couple had two sons: Mark (1964-2010)
Bernie Madoff, villain or simply a business man who made unethical business decisions. This is a question that many people have asked since he was caught and sentenced for perpetuating a global Ponzi scheme. What we do know is that Madoff’s unethical actions led to the cash losses of at least $20 billion for his clients. This caused the financial devastation of pension funds, hospitals, and universities across the globe. His actions had a devastating affect not just on the social elite but nonprofit