Unraveling the Ethical Downfall of Bernie Madoffs Ponzi Scheme

Abstract

[Name] In chapters (2-1), business ethics is a term that focuses on what constitutes right and wrong behavior in a business environment/world. The term further requires entrepreneurs to apply moral and ethical principles in all situations that arise in a workplace to enhance an ethical working environment at all times. However, paying close attention to Bernie Madoff's working experiences and environment, one can argue that he neither exercised ethical business approaches nor applied ethical principles while running out his Ponzi scheme. Winning customers trust proves a potential marketing strategy that keeps many businesses going regardless of the competitive forces within the business world. Madoff had significantly won his investors trust, which made them flood in his business with hopes of gaining huge profits the global entrepreneurial figure had won. Unfortunately, even with Madoff's arrest, many doubted his fraudster title clinging to the trust he had built between himself and his clients (Madoff Affair, 3:00-20). Madoff engaged in accounting at his father's business in the early 60s and later became a market maker. Little did people doubt his business tactics through all his business received higher returns regardless of the market dynamics that defined economic shifts in an excellent manner (Madoff Affairs, 3:42- 4:02). Madoff enjoyed profit maximization with little concern about the future of his business, and what started as a minor fraud ended up being among the major frauds entrepreneurs have ever experienced in history (Madoff Affair 5: 00-11). As an entrepreneur, his business never bought anything but use new investors money to pay the current ones. Avellino and Bienes kept their pockets full by fake promises to investors on high-interest rates upon investing with Madoff, making cash flood Madoff's account like water (Madoff Affairs 7:09-11). Markopolos compiled evidence beyond reasonable doubts with facts and figures...