Bernie Madoff

1600 Words7 Pages
“If It Quacks Like a Duck”
Assignment 2 – Bernard Lawrence “Bernie” Madoff

Business Law I

March 4, 2011

Bernard Madoff
Unethical behavior…sounds bad doesn’t it? But what employee can truly say that he is completely innocent of any unethical behavior in the workplace? Some of the most common unethical business behaviors are fudging work hours, making phone calls on business lines and photo copying of personal paperwork. Simple acts such as these are highly unlikely to have an employee face criminal charges but when the acts of embezzling money or falsifying business records are committed a company is more apt to prosecute. People have different views regarding what is ethical and what is unethical. Some feel that it’s
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Mr. Madoff’s dealings also affected his business employees, people who woke up thinking they had a job came to work only to realize that the no longer had a job but the y didn’t even have the money they had put into their retirement funds, literally everything they had was gone. Also affected were his investors; people who had invested their earnings and savings believing that Madoff and his company were legitimate. Another tragedy of Mr. Madoff’s action was the impact on his business partners and the business world. The stock market will never be the same and never again will a wise investment be made without the investor doing research to check the validity of said investment, thus considering the risks. The general public no longer puts blind trust in investment companies; thanks to Bernie Madoff the obvious is no longer taken for granted in the world of big business.
Describe three business safeguards (risk management) that may have prevented the harm caused by Mr. Madoff. Looking back it’s easy to see the mistakes made by the investors of Bernard Madoff, how he got the rich and famous to foolishly invest their money with very little or no due diligence. He made the return of 10 to 12 percent annually look so good that investors begged to be included. Who wanted want to be a part of the impenetrable financial products or the better than average returns offered by Mr. Madoff. Sadly, if investors had

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