Business Ethics Case Study: Bernie Madoff Financial Fraud

1. From ethical and legal perspectives, what do you feel business has learned from the Bernie Madoff financial fraud?

In my opinion, I do not only think that businesses can learn from the mistakes that Madoff has caused, they can also use this case as a way to avoid the same type of conflict. With that being said, that can use the mistake that Madoff caused and the many lives that he also has affected to strengthen their code of ethics, build a stronger corporate culture and make sure that their organization is aligned with the rules and regulations that the government has put in place or take more preventive measures. Madoff’s unethical behavior has cause concern in the business industry as well as impacted it. In addition, it has brought many issues to the forefront as far …show more content…
Also, it is the relationships that leaders build in business and their personal lives. Corporate culture is the beliefs, behaviors and value system that express how managers and employees are to conduct themselves. For example, a good corporate culture’s characteristics include visions, values, practices, people, narrative and place, according to the article “Six components of a Great Corporate Culture.” The article provided some good information about how to have a corporate culture that has a great vision /mission statement, values the purpose of the firm, practices the values learned and creates an environment that surrounds the values of the firm. People, the culture that brings the firm to life, they are knowledgeable, understand the vision and values of the firm. Through practice they know what is ethically and morally right, they share the values that the firm stands on ethical and legal. Narrative, they are interactive, they have 2-way communication and share thoughts, ideas and concerns. Place, the environment is open, they have the ability to interact with others from all