Stratton Oakmont, Inc. was a Long Island, New York based "over-the-counter” brokerage company founded by Jordan Belfort. Stratton Oakmont is one of the well known and most controversial stock scandal of all times. Jordan Belfort also known as “wolf of wall street” was a stockbroker who ended up doing a big stock manipulation. He looted his clients by underwriting an initial public offer(IPO) for a company that doesn’t exist then they used pump and dump scheme to sell its self-owned stocks by giving false and positive statements so that they can sell the low-priced stocks at higher prices. Once an opened, company artificially manipulated the price of the share, since they had virtually all the shares. The share price would then move up multiple
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They just not only played with the hard earned money of their clients but also with their trust and beliefs of their clients which turned out to be a scenario which was totally against moral values of commencing a business. Usually business is for the benefit proprietor but he should commence business in such a way that he should focusing on maximising his profits but not in a way that is unacceptable to society and other parties linked with that business. Belfort’s act of speculation not only harmed his imvestors but also digged the trust issues among other investors in this …show more content…
I am not saying that this theory completely justify their action and is completely right but to some extent we can say that egoism justify their action. According to egoism the act is morally right if it is serving persons self-interest. No doubt by selling the stocks in the wrong way mr. Belfort earned really good amount and became millionaire and this served his self interest . But as we say choosing the wrong to get successful never last for ever same happened with Jordan and his business. Egoism theory justifies their action till they were getting profits and earning well and their actions were serving their self interest but the moment their offence got caught and they started losing and their actions were no longer serving their interest after this no theory can justify there act of exploiting people.
THEORY/THEORIES TO CRITICIZE THEIR ACTION
Fraud they have done with the people can never be forgotten. Even after so many years victims are still dealing with that fraud. What Jordon Belfort and his company Stratton Oakmont did was ethically wrong. According to me the thories that I would like apply to criticize their actions are:
• Utilitarianism
• Kant’s
They just not only played with the hard earned money of their clients but also with their trust and beliefs of their clients which turned out to be a scenario which was totally against moral values of commencing a business. Usually business is for the benefit proprietor but he should commence business in such a way that he should focusing on maximising his profits but not in a way that is unacceptable to society and other parties linked with that business. Belfort’s act of speculation not only harmed his imvestors but also digged the trust issues among other investors in this …show more content…
I am not saying that this theory completely justify their action and is completely right but to some extent we can say that egoism justify their action. According to egoism the act is morally right if it is serving persons self-interest. No doubt by selling the stocks in the wrong way mr. Belfort earned really good amount and became millionaire and this served his self interest . But as we say choosing the wrong to get successful never last for ever same happened with Jordan and his business. Egoism theory justifies their action till they were getting profits and earning well and their actions were serving their self interest but the moment their offence got caught and they started losing and their actions were no longer serving their interest after this no theory can justify there act of exploiting people.
THEORY/THEORIES TO CRITICIZE THEIR ACTION
Fraud they have done with the people can never be forgotten. Even after so many years victims are still dealing with that fraud. What Jordon Belfort and his company Stratton Oakmont did was ethically wrong. According to me the thories that I would like apply to criticize their actions are:
• Utilitarianism
• Kant’s