Money, Power and Ethics and the Madoff Fraud Persuasive Essay by Nicky

A discussion of the social and economic justice issues highlighted by the Bernard Madoff scandal.
# 146037 | 1,295 words | 5 sources | APA | 2010 | US


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Description:

The paper argues that the Madoff failure was a failure of the current social, political and economic justice. The paper reveals that the Securities and Exchange Commission (SEC) was seduced by Madoff's money, power and status and therefore was unwilling to believe any of the allegations against him. However, the paper asserts that it is not only the SEC or the government that is at fault, but it is the combination of both political, economic, and social paradigms that operate in the current social consciousness. The paper shows how people are too much in love with money and power to allow an honest investigation of the very rich, and therefore contends that until the public consciousness regarding money and power changes, it will be impossible to impose honesty on those regulating the system.

From the Paper:

"According to Stephen Lendman (2008), the first whistleblower to attempt to warn the SEC of the possibility of fraud in Madoff's case was Harry Markopolos in 2005. Markopolos was a derivatives expert and became suspicious when following Madoff's strategy. Among several of the red flags was Madoff's secrecy regarding his company and his returns. Some of the red flags he rose included the fact that Madoff Securities did not operate like other hedge funds, and charged undisclosed commissions on trades. Madoff also did not let investors mention his firm in their performance summaries. Furthermore, Madoff's consistently high returns raised suspicion. Markopolos held that these returns could only be the result of illegally front-running order flows by means of advance information that others have no access to."

Sample of Sources Used:

  • Dey, Iain & Rushe, Dominic. (2008, Dec. 14). World's richest hit by Bernard Madoff. Times Online. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5337735.ece
  • Knowledge@Wharton. (2009, Jan 7). Radio Interview: The Bernard Madoff Case - Trust Takes Another Blow. http://knowledge.wharton.upenn.edu/article.cfm?articleid=2131
  • Lendman, Stephen. (2008, Dec. 26). Early Suspicions About Bernard Madoff. Global Research. http://www.globalresearch.ca/index.php?context=va&aid=11493
  • Petras, James. (2008, Dec. 20). Bernard Madoff: Wall Street Swindler Strikes Powerful Blows for Social Justice. Dissident Voice. http://www.dissidentvoice.org/2008/12/bernard-madoff-wall-street-swindler-strikes-powerful-blows-for-social-justice/
  • Zambito, Thomas & Smith, Greg B. (2008, Dec. 13). Feds say Bernard Madoff's $50 billion Ponzi scheme was worst ever. Daily News - NY Crime. http://www.nydailynews.com/news/ny_crime/2008/12/13/2008-12-13_feds_say_bernard_madoffs_50_billion_ponz.html

Cite this Persuasive Essay:

APA Format

Money, Power and Ethics and the Madoff Fraud (2010, December 14) Retrieved October 16, 2021, from https://www.academon.com/persuasive-essay/money-power-and-ethics-and-the-madoff-fraud-146037/

MLA Format

"Money, Power and Ethics and the Madoff Fraud" 14 December 2010. Web. 16 October. 2021. <https://www.academon.com/persuasive-essay/money-power-and-ethics-and-the-madoff-fraud-146037/>

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