Moving along with the documentary, they begin to talk about the operation on the 19th floor which as known as the lipstick building. This was very interesting because no one would suspect anything from a lipstick company. That was very genius of Madoff to do. Inside the building there were 20 to 30-year-old working making millions of dollars a year. Madoff “company” was run by Madoff family members like his two sons and brother.…
Madoff’s family has been held responsible for the losses of investors. Ruth Madoff is in hiding and has been removed from the life she had. While Ruth’s life was extravagant, it would be significant to note that Ruth was not charged with any wrongdoing. Ruth’s critical flaw was she was also duped by one of the most wicked con artist ever (Altaffer, 2011).…
The book shows how legal system is sometime fair since Stern’s opponents were financially superior and outnumbered him yet he won the case. It shows how a lawyer, Stern, does a great job. The book came after a disaster in New Orleans due to maintenance negligence prior to…
“When Angelo Mozilo succeeded in having Countrywide Financial join Fortune’s list of Most Admired Companies in 2005, and Barron’s named him one of the 30 best CEOs in the world, the then- largest mortgage lender in the country was already on a fast track for derailment – a crash that helped cause the 2008 economic meltdown.” (Gael O’Brien) In 2002 the Georgia State Legislature set what should have been an example to the rest of the United States by passing the most aggressive predatory lending laws ever seen. The law made abusive fees on mortgages almost impossible and allowed prosecutors to bring up criminal charges against and lender who knowingly broke this law. Countrywide Financial saw this law as a threat; they made public statements about their…
Hi Quinton, I like your point of view of the bankruptcy part. The court should never disqualify a person who filed a bankruptcy. Someone who filed bankruptcy doesn’t mean they are not trustable and reliable in the decedent’s view. The court should not judge someone’s relationship to the decedent based on a filed bankruptcy. If that’s the decedent’s wish, the court should have appointed if there is no other reason to disqualified.…
Elements of deviant and abnormal behavior associated with white-collar crime Deviant behavior is defined as any human activity that violates social norms. Social norms are the basic framework that help to keep our society organized and functioning. People that don’t or can’t abide by those norms are present in every aspect of humanity. Normally people will identify these outsiders and keep their distance. Mostly these individuals end up on the fringes of our civilized world, though there are certainly exceptions to this rule.…
Theft, lying, stealing, being a criminal, and destroying lives of people are a few ethical issues that come to the surface in this white collar crime. Bernie Madoff is the epitome of unethical business practices and how the fallout is not worth the crime. Madoff has admitted that he knew he would eventually get caught and in a recent interview from jail has suggested that he could have had a successful career. The ethical issues and what made a human being do this is insurmountable.…
Lord Moulton claimed ethics is “obedience to the unenforceable” (CS). In other words, ethics are moral principles, rather than written and defined laws, that dictates an individual 's decisions and behavior. In the corporate environment, ethics aids in the ensurance that business will conduct in a trustworthy and respectable manner so clients are treated fairly. However, with the desire and the possible underlying goal to maximizing profits, corporations often are faced with ethical dilemmas, such as Bernard L. Madoff Investment Securities, LLC, which was run by Bernard “Bernie” Madoff.…
As everyone knows, Financial crisis having a tremendous impact on Brooklyn College, like other Cuny colleges. The main issue is that taxpayers are losing faith in higher education, with thought that it doesn’t benefit the public good and the money spent on higher education, it should be spent on the things that legislators believe to be a public good. This includes, but not limited to NY infrastructure, health care, K-12 education, etc. As a result of low state funding, CUNY colleges as well as other public organizations are affected by this financial problem on a nationwide scale. This financial issue creates higher tuition costs, no contracts for faculty and non-executive administrators, difficulty hiring new faculty because of lesser attractive…
The Big Short: Inside the Doomsday Machine is a book written by Michael Lewis, which was published back in 2010. The story is based on a few smart individuals around the country saw something that nobody else did. They detected a behavior with the financing of the housing market that would eventually hit critical mass. A few of the people ran into each other by mistake, where others were former neighbors. In the end, two sets of groups worked together to make a bet on the flip side of the market, a term called shorting but had never been offered on home loans.…
Bernie Madoff was a successful business man until his business came crashing down. Madoff had a securities company by the name of Cohmad securities. This company was in the same building of Madoff 's firm and was designed to introduce new investors to Madoff 's investing firm. GAAP principles are put in place for companies to abide by so financial records are kept as accurate as possible. Not to mention, accurate financial statements provide information to future investors and shareholders to know the company financial standing.…
The Madoff Scandal At one point in time owning the last name of Madoff was a very powerful and respected title, on a cold winter’s day that all changed. When my Father Bernie Madoff came and confessed to my brother and me about a multibillion scandal he has been running since the early 1990’s it changed everything.…
Herman Melville’s “Bartleby the Scrivener: A Story of Wall Street” is a story of class differences; the narrator, a representative of the educated class, is unable to understand Bartleby, a representative of the working class. Melville demonstrates the economic differences between these two classes through the contrast between the narrator’s life of ease and Bartleby’s life of incessant hard work in the beginning of the story. Moreover, power differences between the classes are displayed through the contrast between the narrator’s expectant mindset and Bartleby’s mere expression of his preferences. These class differences prevent the narrator from understanding Bartleby throughout the story; only Ginger Nut, another member of the working class,…
Ethical issues that affect our society The three movies were very ethically wrong and there were a lot of interesting information that I didn’t know. The Ethical Dilemma that I noticed in the movie Enron: The Smartest Guys in the Room, occurred with 46 minutes left in the movie. It was at this point that Enron, had many new energy deregulation laws in California, they found a way to spike energy prices for the state of California in order to increase profits for the company. The traders at Enron would export energy from their power plants in California to other states.…
We all want certain things, and sometimes greedy people want more than others. Like just about everyone, I have been a greedy person, and have had greed. My greed is ordinary though it is my motivator to go to college, get a better job, and truly succeed in life. I believe greed is good and bad because it can bring out the worst in people, but others it truly drives them to just be successful, happy people. I hope to describe how greed is something that just about everyone has and what effect it has on others.…