The Madoff Affair: Lessons on the Importance of Corporate Social Responsibility

Abstract

Response to Cameron [Name] Based on your text, it is clear that practicing and expressing Corporate Social Responsibility proves essential while running a business. It is the responsibility of the business leader to ensure that whatever their business engages in, ethical decisions are considered to enhance its concern for the business future and the community in general. Your text defines Madoff enterprise as a business that was run under prohibition of CSR demands which led to its failure and huge financial blow to all its stakeholders (Madoff 38:00-45). It is unfortunate that though Madoff minor frauds would have been regulated before becoming the most severe fraud that any enterprise ever engaged in history, the government failed as remained blinded by the huge revenues it enjoyed from the fraudster. Just to add on your well reasoned arguments, it is imperative to note that practicing CSR while running a business not only build the reputation of a business but also enhance societal acceptance of such business in the current and in the future.