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).…
I agree with your post. As well as you I believe that most of the financial crisis have a lot to do with unethical behavior. Starting from the politians that allow the big financial intuitions to play with the money of the consumer. One of the biggest problem during the 2008 crisis was that the banks were giving loan to basically anyone that had an income, but with a high interest rate causing these people to make impossible for them to keep up with the monthly payments.…
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.…
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…
One major issue to do with the banking system and deregulation of the financial regulators was Lehman Brothers’ misrepresentation of financial statements caused by the freedom in shadow banking system. The examiners of the Lehman Brother’s bankruptcy stated that the company had been engaged in “accounting gimmicks” at the end of the years, decorating financial statements to make it seem healthy and strong when in fact the company’s financial situation was unstable (Valukas, 2010). In 2007 when the property market started to collapse with the skyrocketing number of defaults, Lehman began to suffer huge losses and billions of dollars of bad debts were forced to be written down in the books, which led to a downfall of its financial position. At…
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.…
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…
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,…
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.…
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.…
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.…
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.…
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.…
Enron Case Introduction After watching the video “Enron: The Smartest Guys in the Room”, (Youtube), several issues came into light. It is known that Enron has been the seventh largest company to declare the bankruptcy in the year 2001. The reasons of their bankruptcy were becoming clear as many investors lost millions of dollars, due to which the lawmakers sought to enact some legislation so that these activities could be prevented. Obviously the smartest people from Enron had entered various questionable transaction with the customers and different entities.…
In December 2008, Bernard "Bernie" L. Madoff owner of Bernard L. Madoff Investment Securities LLC wasarrested for committing a $50 billion investment fraud, which later was found to be $65 billion (Bernard L. Madoff. February 9, 2009).Bernard Madoff 's business was an investing firm that pulled off a massive fraud. His firm took money from several people, rich or poor, it did not matter. His victims were Jewish philanthropists from the Upper East Side of New York, almost half the members of the Palm Beach Country Club, retired accountants living in Florida, film stars and several charitable organizations(Ahamed, L. 2011, May 14). In court 33 years old, Michael Swartz of New Jersey said, "I hope his sentence is long enough so his jail cell…