Social Attitude of the Investment Industry after Bernie Madoff
Bernie Madoff could be described as an ethical egotist, one who is heavily involved in an organization that does nothing but take advantage of others for personal gain (Bethel, 2015). As for his co-offenders, their personal values were more from an economic value orientation because they deemed his behavior as ethical and acceptable based upon their own financial gain (Bethel, 2015). Even today, Madoff continues to try to justify his action and writes about the loss of his two sons saying, “The fact that I was trying to protect our family by sheltering them from any knowledge or involvement in my wrong doing still fails to allow me to forgive myself” (Eustachewich, 2015, para. 6). In another interview, he stated his investors had themselves to blame because they were smart, savvy investors (Saulny, 2015). Sadly, Madoff’s lack of value, ethics, and poor judgement has led to him spending a 150 year sentence in federal prison for the $17 billion investment fraud (Eustachewich, 2015). …show more content…
Indeed, the mass carnage is not over yet. First quarter 2015, unknowing investors are still trying to recover their assets (International, 2015). Notably, Irving Picard, trustee responsible for recovering victims’ money, has recovered approximately 60% of the $17.5 billion lost in the scheme (Time, 2015). The majority of these funds have been recovered by “clawing back” efforts, which means distributions investors received as a result of the scheme were ordered returned minus the initial investment (Maglich,
Bernie Madoff could be described as an ethical egotist, one who is heavily involved in an organization that does nothing but take advantage of others for personal gain (Bethel, 2015). As for his co-offenders, their personal values were more from an economic value orientation because they deemed his behavior as ethical and acceptable based upon their own financial gain (Bethel, 2015). Even today, Madoff continues to try to justify his action and writes about the loss of his two sons saying, “The fact that I was trying to protect our family by sheltering them from any knowledge or involvement in my wrong doing still fails to allow me to forgive myself” (Eustachewich, 2015, para. 6). In another interview, he stated his investors had themselves to blame because they were smart, savvy investors (Saulny, 2015). Sadly, Madoff’s lack of value, ethics, and poor judgement has led to him spending a 150 year sentence in federal prison for the $17 billion investment fraud (Eustachewich, 2015). …show more content…
Indeed, the mass carnage is not over yet. First quarter 2015, unknowing investors are still trying to recover their assets (International, 2015). Notably, Irving Picard, trustee responsible for recovering victims’ money, has recovered approximately 60% of the $17.5 billion lost in the scheme (Time, 2015). The majority of these funds have been recovered by “clawing back” efforts, which means distributions investors received as a result of the scheme were ordered returned minus the initial investment (Maglich,