Business Values - Madoff Essay

BUSINESS ETHICS AND SOCIAL RESPONSIBILITY (B)

GROUNDWORK (13 November 2012)

Student: Nguyen Thi Thuy A great (Anne)

We. DISCUSSION CONCERNS (page 3)

Question 1:

Madoff case involves a few ethical concerns and questions. Firstly, Madoff did not notify the investors clearly regarding the business (what is it and also details about the contract of investment). When he was previous chairman of the NASDAQ, everyone was more likely to trust him, which will resulted in fewer concern of the contracts, the investments, or maybe the business by itself. Secondly, inspite of having received complaints about Madoff's investment, SEC did not look into or stick to the case to halt the scams as soon as possible. Additionally, the government did not have ideal laws for all those kinds of expenditure and would not have enough concern about the firms and investments in the country, in particular when it became larger day by day. Problem here is that where was your government when the problem started to be worse and worse? So why didn't they do anything to prevent or at least prevent it? Issue 2:

A large number of people have been harmed by the Madoff scams. Investors shed a big amount of money, which damaged their your life and their friends and family. Employees in Madoff's and investors' corporations suddenly dropped their careers, their retirement funds and the health care benefits. Charity agencies lost their endowments together to return the cash invested simply by Madoff. In addition, other businesses who want to attract investments had been harmed as a result of big effect of the scandal (people afraid to invest in any business). However, the trustworthiness of SEC and NASDAQ was also damaged because of Madoff. This scam led to varying of the economic in this country, which influenced the life of countless people performing there. Issue 3:

Scandal such as this may be the result of both unethical persons and organizational responsibilities. As mentioned above, in terms of unethical individuals, Madoff was unfaithful to the buyer by appealing...

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