Business ethics and Madoff affair
The Madoff affair has broken all what can have a relation with ethics. Studying the case of Bernard Madoff has shown that he is a very smart person, because he was able to make all kind of people invest, rich and poor, smart and stupid, individuals and companies…etc. Bernard Madoff has used many ways to convince people to invest. Ways that obliged him to break ethic rules. These ways are:
* Injecting money in order to fund research projects against several diseases. * Growing the Business through Illegal Trading on the Side. * From 1990 to 1993, using his status as a president of NASDAQ in order to show an image of a good businessman to investors. * He has used his reputation in order to create a speculative investment funds that he was managing discreetly in a company that he created at the same time as his. * He made every client feel like he is the only client he has. * He used to hide all bad information that can affect badly his reputation especially when authorities started controlling all his actions. * Making people dream of large benefits, especially that his clients were greedy. * Donation by millions he was giving annually to Jewish health care, services, and programs for frail, elderly, or disabled younger adults. * He used to use his reputation as a secure and conservative financial management
Some of these ways may be seen as good, and if you hear that somebody for example have injected money in associations or invested his money for funding research projects against diseases, you will say he is really a gentleman and he deserves investing money with because he will help me earn much money and at the same time help others. But unfortunately it’s not the case it was a way he used to attract people and to show them that he is the one they have to trust in. So nobody thought someday to search from where has he got all that. Because he was able to make them trust him. From another...
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