Bernard Lawrence - Bernard Lawrence Bernie Madoff Bernard...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Bernard Lawrence “Bernie Madoff” Bernard Lawrence “Bernie Madoff” Khadija Wooten Marlene Armstrong Business Law February 27, 2011 1 Bernard Lawrence “Bernie Madoff
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Bernard Lawrence “Bernie Madoff” Introduction Ethics is the heart of American business and finance despite the fact that we face the toughest economic times since the Great Depression, a fractured economy, a long-lasting and far-reaching recession and the rise of billion dollar financial scandals. Our ethical landscape has been unraveling over the past decade Americans have witnessed unethical behavior throughout the most trusted organization in the financial sector Wall Street these significant and far-reaching scandals have hit our economy for billions of dollars due to financial investment scams resulting in other ethical misconduct related to this scheme like whistle blowing, fraud and manipulation and conflict of interest. Body After a review of the behavior and actions of former Wall Street investor Bernie Madoff, the use of ethics in the same sentence as his name might seem an oxymoron. In the wake of numerous scandals and ethical misconduct among top CEOs and other financial institutions, the significant impact of the Madoff scandal greatly compromised the value and integrity of the American business and financial landscape. Madoff was able to get away with this fraud for two reasons. Year after year Madoff seemed to make money for investors, so people trusted him. Wall Street Journal, While Madoff was experiencing market success he could pay off old investors with profits. When he failed in the market, he had to use money from more and more new investors to repay older ones.This made his actions unethical and illegal. Madoff also lied toregulators by maintaining he was not running an "investment-advisorybusiness" (Scannell, 2 9, p. By 2 5 the SEC had discovered that Madoff's investment-advisorybusiness had 16 clients and managed more than $8 billion (Scannell, 2 9,p. C1). Ultimately, when Madoff was forced with $7billion in redemption, the lid blew off the roiling disaster he had managedto conceal from the SEC and other agencies for years (Lenzner, 2 8, p. (2 8). (2 9, Jan 5). Moments. Markopolis realized the unheard of results signaledfraud, explaining "It took me five minutes to know that it was a fraud. From conflict of interest to what is known as "front running," SECexaminations failed to find
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/25/2011 for the course BUS 302 taught by Professor Kolt during the Spring '10 term at Arizona Western College.

Page1 / 4

Bernard Lawrence - Bernard Lawrence Bernie Madoff Bernard...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online