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BERNARD MADOFF 1

Bernard Madoff

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BERNARD MADOFF 2

Bernard Madoff

Madoff can be described as being extremely greedy and deceptive; his actions illustrate a blatant disregard for other individuals as well as a complete lack of respect and ethical standards in regards to his profession. For decades, Madoff was driven by the desire to be successful; he displayed numerous obsessive-compulsive behaviors such as the need to have everything in his office perfectly aligned and completely clean at all times. He possessed a keen understanding of the needs and desires of both small and large investors and he used this understanding to swindle, deceive and lure unsuspecting individuals into his “web”. Madoff was considered by some to be a genius; while his business appeared to be trustworthy and upstanding on the outside, Madoff was using the trust and confidence of his investors as a façade for his deceptive and unscrupulous thievery on the inside.

Bounded ethicality is defined as; “... people develop protective cognitions that lead them to engage in behaviors that they would condemn upon further reflection or awareness” (Bazerman, 2007). Madoff’s family was completely involved and engrossed in his business ventures from the beginning. He employed his brothers, his sons, close family friends and even his wife. These individuals may have known and seen what Madoff was doing, however; they most likely felt a sense of connectedness or bounded ethicality which kept them from realizing or “choosing” to see, his deceitful ways. Favoritism also played a major part in Madoff’s scheme; he was kind and generous to those who worked for him, and a good number of them stayed in his organization for decades, also overlooking his unethical business practices.

BERNARD MADOFF 3

References

Bandler, J. (2009, April 30). How Bernie Madoff pulled off his massive swindle - Apr. 24, 2009. Business, financial, personal finance news - CNNMoney.com. Retrieved October 23, 2010, from http://money.cnn.com/2009/04/24/news/newsmakers/madoff.fortune/index.htm

Bazerman, M. (2007, December 6). Harvard Business School Club of Puget Sound. Harvard Business School Club of Puget Sound. Retrieved October 23, 2010, from http://www.hbsps.com/article.html?aid=167