WOW, where do we begin? White collar criminals are defined as those who are highly educated, in a position of power, trustworthy, respectable, and responsible within the business who abuse trust for personal gain (Bethel, 2015). Who is Bernie Madoff? Bernard Lawrence Madoff was an American hedge fund investment manager and former chairman of the National Association of Securities Dealers Automated Quotations (NASDAQ) on the stock market (Encyclopedia, 2015). Madoff had a political science degree and began trading penny stocks out of college, pre-NASDAQ days (Encyclopedia, 2015). Additionally, he had close relationships with wealthy and influential people, which made him appear more trustworthy (Ferrell, Fraedrich, & Ferrell, 2011). Fundamentally, …show more content…
So, which of the business decision philosophies did Madoff defy? Teleology believes acts that are morally right are acceptable as long as they produce some desired result (Ferrell et al., 2011). Thus, Madoff may have known what he was doing was wrong, but he was okay with it because his investors was getting a return. Egoism protects a person’s self interest (Ferrell et al., 2011). Whereas, Madoff was only interested in the financial gain his scheme provided for him and his family’s needs. Utilitarianism allows for acts as long as they are for the greater good. Obviously, Madoff was not concerned about the greater good by falsely promising high returns, lying about investments, and misleading investors. Deontology focuses on preserving individual rights instead of consequences (Ferrell et al., 2011). I will have to say Madoff accepted his punishment and did not attempt to place blame on others in his business. However, he did believe his investors should have known there was something awry with such high returns. A relativist relates ethics based upon the situation (Bethel, 2015). Therefore, on one hand Madoff felt the end justified the mean, but on the other hand he was concealing information that would have led to his inappropriate activity. Virtue ethics deems appropriate behavior as that of what a person of good moral character would exude (Bethel, 2015). Hum? I believe Madoff missed the mark on this one. Last, “justice is fair treatment and due reward in accordance with ethical or legal standards, including the disposition to deal with perceived injustices of others” (Ferrell et al., 2011, p. 163). Again, Madoff did not follow the law or ethical protocols in