Essay about Bernie Madoff: an Issue of Ethics

1508 Words Jan 28th, 2010 7 Pages
Bernie Madoff: An Issue of Ethics
There are many ethical issues in the world’s news today, some bigger than others, and many that get swept under the rug. One particular ethical issue is at the core of a huge story that has dominated the news for months on end and has lead to more trying times on Wall Street. The story is about Bernie Madoff and the massive effect he and his ponzi scheme had on hundreds of people who trusted him. This paper will discuss the ethical issue underlying the conflict, the damage that resulted from it, and the leadership that acted to counter suit his disaster. Bernie Madoff’s ponzi scheme is sure to go down in history as one of the largest business scandals ever and should make every person stop and make sure
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Bernie’s business ethics and moral behavior always projected high business standards and principles, and even his need to scheme his family appeared innocent. Bernie’s two sons discovered his devious plans and turned him into the authorities. Ultimately his extreme egotism fed his behavior and would ultimately lead to his demise. Organizational leadership is a critical function of any business and generally plays a significant role in the success or failure of any given company. In the Bernie Madoff case, facts compiled throughout the Ponzi scheme investigation revealed that for over 20 years Bernie Madoff’s company was responsible for laundering money, committing mail fraud, and filing false SEC reports. These were the criminal activities that ultimately amounted to over 50 billion dollars in fraud committed against clients and charity organizations. The company had two primary areas of focus. One are was performing the functions of a stockbroker (broker) and market maker in U.S. shares and was where most of the company’s staff worked. This fund management area of the organization was the primary function of legitimacy for the firm and opened the door for trusting investors to continue business investments with Bernie Madoff. The second section of the company, the investment advisory department, was the primary area of the 2008 FBI

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