Going off of this Kant himself believed that everyone is a fundamentally rational being. Madoff was able to pull in big time clients like Stephen Spielberg and Kevin Bacon.
When he was repeatedly questioned by investigators, he consistently lied to evade criminal charges or suspicion. The victims will never recover their entire investment, but the experience can hopefully be prevented in the future.
After several years in the securities and exchange industry, Bernie Madoff broke the law and deceived clients and investors in order to amass millions of dollars. Madoff is now a household name and people are more aware of the widespread impact that white-collar crimes can create.
This principle can be applied to this particular case by simply asking the question of was what Madoff did rational? Bernie Madoff could not carry out the scheme on his own because it required many different people with their own relevant expertise. In the end, Madoff received a sentence that will ensures the rest of his life will be spent in a prison cell.
The actions of a single man have negatively affected tens of thousands of people from all over the world. Going back to just himself he was able to accomplish a lot for the company even if it was illegal.
Madoff Investment Securities grew famous for its reliable annual returns of 10 percent or more and, by the s, his firm handled up to 5 percent of the trading on the New York Stock Exchange. The formula of humanity says that a rational person should never be treated as a means but as an end.
It was unethical for him and others to prey on and betray the trust of investors. First I would relay my concerns to my manager or supervisor. As one of the largest financial frauds in modern history, there were many injured parties involved.
Bernie Madoff, his brother Peter and several employees were involved in this scheme. Had the research data been reported accurately in the first place, investors would have the ability to make a logical choice when choosing the company to manage their investments.
For the love of profit, Bernie Madoff and his accomplices created and participated in what can be considered the greatest ponzi scheme in history. They could have decided not to participate or to tell the truth after the lying began.
He went on to say that any action that is not rational cannot in any way be a good act no matter what that act may be. So clearly Madoff was not maximizing profit for his stockholders in fact he was deliberately taking their money and actually losing them a lot more than they thought.
The money they received bought their silence. This is because even when he was running the Ponzi scheme and everything was going great he must have known eventually someone would catch on and find out everything he was doing. One of the most important aspects the SEC listed was a failure to follow up on inquires related to suspected fraud Hilzenrath Bernie Madoff operated his company, Madoff Investments in an unethical way and this led to severe consequences to stakeholders and society at large which incurred losses amounting to billions of dollars.
Disclosure: The Bernie Madoff Case Transparency and Disclosure: The Bernie Madoff Case On the face of it, without referring to Alan Greenspan, I can simply say I think the markets needed more regulation and the banks needed more regulation.
Oct 25, · After several years in the securities and exchange industry, Bernie Madoff broke the law and deceived clients and investors in order to amass millions of dollars. It was unethical for him and others to prey on and betray the trust of investors. Bernie Madoff s unethical behavior affected all of the above.
(himself and his family, society at large, and his investors). Bernie Madoff Rebecca Freedline Strayer University Business law Bernie Madoff Bernard L.
Madoff (Bernie) is still making news headlines. He is currently incarcerated for numerous illegal and unethical behaviors.
Business Research Ethics Perhaps the most widely recognized example of unethical business research, Bernie Madoff managed to build a multi-billion dollar investment firm based on skewed research and false financial data.Download