The Case of Bernard Madoff
Business Ethics
Final Report The Fraud of the Century: The Case of Bernard Madoff
Group No. 5: International Students
麥立妲 98370389
魏維德 98370390
巴玉連 98370452 December 2011
Introduction
We chose Bernard Madoff’s case because we thought that we could relate his case to many unethical behaviors. The analysis can be made on decision making and lack of ethical training which we think is an important topic to focus on this course.
On Dec. 11, 2008, Bernard Lawrence Madoff confessed that his vaunted investment business was all "one big lie," a Ponzi scheme colossal in volume and scope that cost investors $65 billion. Overnight, Madoff became the new poster child for Wall Street gall, greed and corruption.
Business ethics are the guidelines a company uses when interacting with entities inside and outside the company. It is a conscious effort to treat people and companies with respect and establish a positive working environment. The effects of ethical practices in business can benefit a company financially and they can also help a company gain the elements it needs to grow.
Table of Contents
The Madoff Affair…………………………………………………………………………………………………… 4
Early Life and Career………………………………………………………………………………………………… 4
Corporate Governance………………………………………………………………………………………..……… 5
Social Responsibility………………………………………….…………………………………………………….… 6
Philanthropic level…………………………………………………………………………………………... 6
Ethical level………………………………………………………………………………….……………..... 6
Legal level…………………………………………………………………………………………………… 6
Economic level……………………………………………………………………………………………… 6
Ponzi scheme……………………………………………………………………………………………………..…… 7
Arrest and charges………………………………………………………………………………………….………… 7
Victims………………………………………………………………………………………………….………….…… 8
Ethical Analysis………………………………………………………………………………………….…………… 9
Importance of ethics doing business………………………………………………………….………… 9
Unethical practices…………………………………………………………………………………..……… 10
Final Report The Fraud of the Century: The Case of Bernard Madoff
Group No. 5: International Students
麥立妲 98370389
魏維德 98370390
巴玉連 98370452 December 2011
Introduction
We chose Bernard Madoff’s case because we thought that we could relate his case to many unethical behaviors. The analysis can be made on decision making and lack of ethical training which we think is an important topic to focus on this course.
On Dec. 11, 2008, Bernard Lawrence Madoff confessed that his vaunted investment business was all "one big lie," a Ponzi scheme colossal in volume and scope that cost investors $65 billion. Overnight, Madoff became the new poster child for Wall Street gall, greed and corruption.
Business ethics are the guidelines a company uses when interacting with entities inside and outside the company. It is a conscious effort to treat people and companies with respect and establish a positive working environment. The effects of ethical practices in business can benefit a company financially and they can also help a company gain the elements it needs to grow.
Table of Contents
The Madoff Affair…………………………………………………………………………………………………… 4
Early Life and Career………………………………………………………………………………………………… 4
Corporate Governance………………………………………………………………………………………..……… 5
Social Responsibility………………………………………….…………………………………………………….… 6
Philanthropic level…………………………………………………………………………………………... 6
Ethical level………………………………………………………………………………….……………..... 6
Legal level…………………………………………………………………………………………………… 6
Economic level……………………………………………………………………………………………… 6
Ponzi scheme……………………………………………………………………………………………………..…… 7
Arrest and charges………………………………………………………………………………………….………… 7
Victims………………………………………………………………………………………………….………….…… 8
Ethical Analysis………………………………………………………………………………………….…………… 9
Importance of ethics doing business………………………………………………………….………… 9
Unethical practices…………………………………………………………………………………..……… 10