Bernie Madoff Accomplices

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Recommended: Nature and concept of corporate social responsibility

Social responsibility is the ethical framework which suggest that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. According to investopedia.com, social responsibility is developing a business with a positive relationship to the society they operate in. (Investopedia, 2003) “ For companies, the overall aim is to achieve a positive impact on society as a whole while maximizing the creation of shared value for the owners of the business, its employees, shareholders and stakeholders.” (Tennant, 2015) For Bernard Madoff and his accomplices unfortunately this was not the case. They did not run a business that upheld social responsibility or valued ethics. They ran a business for their …show more content…

For the love of profit, Bernie Madoff and his accomplices created and participated in what can be considered the greatest Ponzi scheme in history. It’s believe that the reason that the scheme went on as long as it did was because the participants were financially rewarded for their silence. Preferred employees were paid well and it bought their silence and loyalty. There was a low tolerance and appreciation for honesty and professional business ethics with Madoff and his accomplices. “Trust and a good reputation are some of your company’s most valuable assets. In fact, without these, you wouldn’t even have a business. You can nurture these important assets by being socially responsible.” (Taylor, 2010 ) The company was running on several layers of lies that if exposed would cause the entire operation to crumble, as it did once the market began to fall and Madoff was unable to keep up with the payoffs he was promising …show more content…

His business went against basic ethics and the law. He promised investors high returns knowing that he could not produce it. When questioned after years of his scheme, he fervently denied any wrongdoing up until he was arrested. He and the other scheme participants could have volunteered the truth at any point but chose not to. Those involved in the scheme made a choice to disregard the law and social responsibility out of

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