Case Study Bernie Madoff Case
Jordan Ross Belfort was born July 9, 1962 in Queens, New York. His parents Max and Leah Belfort were both accountants. As an infant, Jordan could never be still and would never sleep. His parents recall walking in his room to check on him and seeing him just watch his fingers move. Leah questioned if he was dumb when seeing him like this but never had him tested.
What is the meaning of Ego? In today’s world, it means “a person’s sense of self-esteem or self-importance”, it is to be self-centered and care for nothing else except for one's self or, in other terms, being an individualist. Today, people have been told to care for others instead of themselves, but that is not completely true. For example, Prometheus in Anthem by Ayn Rand- is not what one would consider to be a total egotistical person. Searching through different types of definitions and reasons about the definition of ego, the assumption is that egoism is not immoral or virtuous but the balance in between.
Ego. Egoist. Egoism. We hear these words, but do we really know what they mean? Are they good or bad?
The word ego is defined as “A person’s self-esteem or self-importance”. Everybody in the world has a different level of ego. Some have very high self worth, while others have very low self worth. This means an ego sets us all apart and makes us different. An egoist is defined as “A doctrine that individual self-interest is the valid end of all actions.”
One example was the Credit Mobilier scandal where major stockholders of the Union Pacific Railroad formed the Credit Mobilier company and sold their shares to influential congressmen. These executives essentially hired themselves and stole taxpayer money, a very lucrative scandal. Scandals like the Credit Mobilier were widespread and executives from many other railroad companies often stole from their own companies. Many executives would manipulate the rail companies' stocks to profit greatly. Executives would often bribe influential politicians, and work together to profit themselves.
A psychological egoist delineates a person can desire happiness for other so long it means there happiness is benefited. Furthermore, actions that are “purely altruistic
A white collar crime is committed to make profits, they are not the acts of madmen or irrational people. They are rational acts that often require planning and careful
In the civil securities fraud context, the Supreme Court has held that intent indicates that the plaintiff act willfully with a realization that she was acting wrongfully, Ernst & Ernst v. Hochfelder, 425 U.S> 185, 193, 47 L.Ed. 2d 668, 96 S. Ct. 1375 (1976). Or in the criminal securities indictment did the plaintiff have a mental state embracing intent to deceive, manipulate, or defraud, United States v. Dixon, 536 F.2d 1388, 1395 (2d Cir. 1976). The issue is not which definition of intent to apply, but whether, taking into account the heightened standard of proof in criminal cases, is there sufficient evidence of Stewart’s intent to deceive investors.
Ethical Egoism is a simplistic approach to morality which reduces notions of justice and ethics to mere self-indulgent desires. This philological approach asserts that an action which satiates an individual 's desires or inclinations is right, while an action that goes against an individual 's wishes is categorically immoral. In sum, Ethical Egoism puts the individual 's wants, interests, and aspiration at the forefront of morality. The movie Rain Man is riddled with instances and scenarios of the protagonist Charlie Babbitt (Tom Cruise) employing Ethical Egoism. In fact, the entire premise of the movie and the development of the plot rely on Charlie continually using Ethical Egoism to make decisions.
Q3. How much value, if any, does Buffett derive from the credit agreement? There are two parts of the credit agreement, the 8-year term loan and the penny warrants. The $400 million term loan accompanying with a $45 million revolving credit facility will give Buffett a chance to earn at an interest rate of 10.5%.
Ethical egoism is a moral theory focused on improving a person’s well-being. There are many arguments for ethical egoism such as the Self-Reliance Argument and the Best Argument for Ethical Egoism, both presented by Shafer-Landau in The Fundamentals of Ethics. However, in this paper I will discuss how objections presented by Shafer-Landau and Dr. Thomas Carson are fatal to ethical egoism, while keeping in mind arguments for this moral theory. I will discuss objections such as ethical egoism permitting or sometimes requiring murder, theft, or rape, in order to promote oneself’s well-being, egoists subconscious belief of their lives being more important than others, and an argument presented in class that if egoists must do what is best for their
According to James Rachels, “Ethical egoism is a normative view about how men ought to act.” The views of ethical egoism is that no matter how men do react, they are doing it out of their own interests. The ethical egoist is the person who believes that the wellbeing of the people they care about means a lot, but the wellbeing of others means little, it all depends on their moral decision. By that I mean that an ethical egoist acts in their own self interests, but if they care about people, those people fall under their self interests, making the egoist’s acts go towards them. The point of an ethical egoist is to live doing what they want to do.
I agree when Rachels says that the best argument in establishing Ethical Egoism as a viable theory of morality is Thomas Hobbes principle that we should do unto others because if we do, others will more likely to do unto us (Pojman and Vaughn, 2014, pg. 527). People should avoid harming others because we should care about the interests of other people for the very same reason we care about our own interests; for their needs and desires are comparable to our own (Pojman and Vaughn, 2014, pg. 532). Therefore, I believe that Rachel makes the better case regarding ethical
In the movie, The Big Short, the characters represent a growing culture of self-centered egoists that must rely on the contract value theory to guide both their professional and personal lives. This movie demonstrates how each individual applies The social contract theory through their egoist behaviors, and ultimately how these self serving behaviors cost millions of people their livelihoods. Michael’s actions were clearly representative of egoism when he sends the investors a notice stating that he had been given executive power to act on their behalf with investments. He feels that it is in their best interest to follow his lead regardless the outcome by refusing to let investors pull out of the risky investments and freezing their
Psychological egoism asserts that people always act selfishly and self-centered. Ethical egoism asserts that people should always act in his or her own self interest. Psychological egoism defines how we are as human beings. It is the prime idea that selfless acts do not exist. It is the belief that all people are selfish.
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