Bernie Madoff: Unethical Behavior
Bernie was an interesting choice in part because it seemed when reading more and more about him, he just never really cared or had any regard for his actions. The many lives he would forever change and how we would ultimately view the understanding of unethical behavior in the business world and what NOT to do. Bernie born on April 29, in Queens New York where he later began his firm company with $5000 saved from his lifeguarding job a side gig in installing sprinkler systems and some help from his in-laws. In promising big returns to little risks and through word of mouth is how he was getting all his clientele. Bernie would be known not for his success but for the biggest Ponzi scheme the U.S would see at the time.
Bernie Madoff clearly violated ethical principles by misleading companies, banks and individuals. “Some employees are said to have given Mr. Madoff a large portion of their life savings all of which now appears to be gone. Like so many others who invested with him, his employees weren’t lured to his funds simply by a promise of outsize returns. Rather, they say, they sought the security of investing with a man they knew and trusted. The Bernie they thought they knew.” (Creswell &Thomas Jr.). He violated their trust, broke the law and lied to his investors in gaining millions for himself and others working alongside his scheme into living a lavish lifestyle.
For Madoff the end game came around 2009 where he was sentenced to 150 years in prison. “Prosecutors said $170 billion moved through the principal Madoff account over decades, and that before his arrest the firm's statements showed a total of $65 billion in accounts.” (Biography.com). Society (his investors) are still feeling the effects of Madoffs evil scheme. “A Madoff Victim Fund was created in 2012 to help compensate those Madoff defrauded, but the Department of Justice has yet to pay out any of the roughly $4 billion in the fund.” (The Bernie Madoff Story). The unethical behavior that he chose to take is what landed him to where he is today and everything, he worked for was gone. After reading and seeing what unethical behavior can lead to, if I was working for Mr. Madoff I would think carefully try and take it up with my manager or acting supervisor. It would be my responsibility to make sure I leave it up to those who are at a higher position than I am and if nothing is done to remove myself.
Works Cited
- JULIE CRESWELL and LANDON THOMAS Jr. “The Talented Mr. Madoff.” The New York Times, The New York Times, 24 Jan. 2009, www.nytimes.com/2009/01/25/business/25bernie.html.
- “Bernie Madoff.” Biography.com, A&E Networks Television, 30 Jan. 2019, www.biography.com/people/bernard-madoff-466366.
- Kenton, Will. “The Bernie Madoff Story.” Investopedia, Investopedia, 13 Dec. 2018, www.investopedia.com/terms/b/bernard-madoff.asp.
