{"id":14836,"date":"2020-11-24T09:10:20","date_gmt":"2020-11-24T09:10:20","guid":{"rendered":"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/bernie-madoff-how-one-big-lie-can-destroy-thousands-of-lives\/"},"modified":"2020-11-24T09:10:20","modified_gmt":"2020-11-24T09:10:20","slug":"bernie-madoff-how-one-big-lie-can-destroy-thousands-of-lives","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/bernie-madoff-how-one-big-lie-can-destroy-thousands-of-lives\/","title":{"rendered":"\u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>\u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d<br \/>\nOrder Description<br \/>\nRead Case Study 1, \u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d on pages 258-264. Summarize the overall viewpoint of the author, and discuss the major issues presented in the case. Review the \u201cQuestions for Thought.\u201d Answer the four \u201cQuestions for Thought\u201d using the business ethics principles from the textbook.<br \/>\nYour summary of the author\u2019s viewpoint and your discussion of the major issues presented in the case must be in paragraph form. However, your responses to the four \u201cQuestions for Thought\u201d can be answered either in paragraph form or as a numbered list. Ensure to include your summary of the author\u2019s viewpoint, your discussion of the ethical issues facing Bernie Madoff, and your responses to the questions.<br \/>\nDeliverable length is a minimum of 500 words, double spaced, 12pt New Times Roman font. Title page, abstract, and running head are not required; however, if you paraphrase or quote words or ideas from your course textbook or other resources, you must cite your sources following the APA style citation guidelines.<br \/>\nInformation about accessing the Blackboard Grading Rubric for this assignment is provided below. This paper is case study<br \/>\nC A S E 1\/Bernard Madoff: How One 819 he (an Destroy Thousands of Lives)<br \/>\nI n the 19205, Charles Ponzi introduced the \u201cPonzi\u201d scheme to the American public. The scheme\u2019s<br \/>\nsimplicity is one of its best traits: By promising above-average returns for their investment.<br \/>\nindividuals appear willing to stand in line to give you their money. The only problem is that the<br \/>\nPonzi scheme makes no \u201creal\u201d investments other than paying back previous investors. The cycle<br \/>\nof paying one investor (and pocketing a lot for himself) by collecting from another investor should<br \/>\nonly work for a short period of time before the \u201cpyramid\u201d of investors collapses under the weight<br \/>\nof money owed.<br \/>\nAlmost 100 years after Charles Ponzi showed the World how the scheme worked. people are still<br \/>\nconvinced that the administrator of the investments can guarantee above market returns. The under-<br \/>\nlyingreason why Ponzi schemes will continue to be tried in the future is greed. As long as some<br \/>\npeople believe they can get more money from an investment than the average investor, they will<br \/>\ncontinue to line up to give their money away in return for this empty promise.<br \/>\nBernard Madoff went to prison for pulling off the largest Ponzi scheme in history, a fraudulent invest-<br \/>\nment scheme that lasted an estimated 20 years}I The eventual downfall of Madoff\u2019s Ponzi scheme was<br \/>\nnot caused by regulators. investors, or even his employees but. rather. was the result of a global financial<br \/>\nrecession. When the financial crisis hit. Madoff had many billions of dollars of outstanding debt. Typical<br \/>\nof a Ponzi scheme. when Madoff\u2019s investors made a \u201crun on the bank\u201d to take out the money that they<br \/>\ninvested with his firm. he did not have enough money to pay the above-average returns that he had<br \/>\npromised. He did not even have enough to cover his clients\u2019 initial investment money.<br \/>\nFurthermore, there is no evidence that Madoff even made any trades to invest the money that his<br \/>\nclients gave him. For example, Madoff had listed transactions in Fidelity Investments\u2019 Spartan Fund.<br \/>\nyet Fidelity had no record of any account or transactions by Madoff\u2019s company.2<br \/>\nOn the morning of December 11., 2008. the pyramid collapsed on Madoff when he was arrested<br \/>\nin his apartment for criminal securities fraud. As a well~respected investor and part of New York\u2019s<br \/>\nsocial elite. Madoff pulled off the largest Ponzi scheme in the history of commerce. Estimates are<br \/>\nthat Madoff stole more than $50 billion from investors over three decades. It is also estimated that<br \/>\nMadoff, the former chairman of the NASDAQ Stock Exchange. had defrauded thousands of people<br \/>\nincluding individuals. corporations. endowments. universities, foundations, and other investment<br \/>\nfunds. Before he was arrested. he told his sons Andrew and Mark. who worked for him. that his<br \/>\nfinancial operations were \u201call just one big lie . . . basically a giant Ponzi scheme.\u201d The day before<br \/>\nhis arrest. his wife Ruth withdrew $10 million from a brokerage firm that was partly owned by<br \/>\nBernard. This followed a withdrawal made November 25. 2008, for $5.5 million.4<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>\u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d Order Description Read Case Study 1, \u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d on pages 258-264. Summarize the overall viewpoint of the author, and discuss the major issues presented in the case. Review the \u201cQuestions for Thought.\u201d Answer the four&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-14836","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d - onlineclassesguru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/24\/bernie-madoff-how-one-big-lie-can-destroy-thousands-of-lives\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d - onlineclassesguru\" \/>\n<meta property=\"og:description\" content=\"\u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d Order Description Read Case Study 1, \u201cBernie Madoff: How \u201cOne Big Lie\u201d Can Destroy Thousands of Lives,\u201d on pages 258-264. 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