July 29, 2013
Bernard Madoff’s ponzi scheme
In this paper I am going to show hoe Bernie Madoff’s scheme people out of thousand and even million’s dollars of money. I will address the unethical behavior the injury that her people by taking their money and trust from them. What Bernie did hurt people not a company by making up fake investment company? How this could have been avoided is that people do research on the companies over even the person that is asking for large sums of money. These are the things that I will be addressing in this paper.
Who is Bernie Madoff
Bernie Madoff was born on April 29, 1938, in Queens, New York, Bernard was born to polish immigrants, work for many years as a plumber. Bernie ...view middle of the document...
The company was growing and he was hiring more family members. The person that was hurt by this scheme was his family, friend, and the people that he told he lost 50 million dollars in the stock exchange. His own son turner he in after his father was giving out 12 million bonuses. When asked where the money did come from “Madoff then admitted that a branch of his firm was actually an elaborate Ponzi scheme”. His son turned him in the next day to the federal authorizes.
People have the loss of confidence in poor ethical and morals practices in business is a general loss in their confidence and trust in business. Companies rely on maintaining the trust of the stockholders to maintain the profits of the company. So when someone fakes or steal money from other people to pay others backs is not good business.
The company should have a set of core value that don’t outsized the maximizing the profit. When doing my research I found that leaders that has some type of values have a person in an ethical leadership is one way of keeping problems under control before they become out of hand.
So when losing trust in customers the loyalty of the company goes down. If people think you are not trust worthy then no one will be able to profit from the company. How this can by avoid is one crate a code of conduct, lead by example, reinforce consequences, show employees appreciation, and welcome an ethics speaker, create checks and balances, hire for vales. So every part of the puzzle is need to keep that the scheme from helping people or even taking their money.
http://smallbusiness.chron.com way to prevent unethical behavior in the workplace by Miranda Brookins, Demand Media