The case of Madoff was a very complicated case. From an ethical perspective, this is a white-collar crime- Bernard Madoff sacrifice the public interest to pursuit his own financial goals. From the beginning, there were several ethical issues. First of all, Madoff manipulated the stream of cash flow to make it look like his company is more valuable than it actually was. Second, his company’s financial reports were never made public during the time of the scheme. For some reason, no one ever question on that. And how his company passed the tax audition imposed question on the SEC internal system. There were maybe bribery involves for the one who audit his company.
It doesn’t matter how intelligent Bernard Madoff is or was, but it is clear that he cannot possibly pull this scheme all by himself. The fact is who know and complicit Madoff on this scheme is questionable. It is still not understandable how did people in his company’s internal system such as accountant, and auditors not know about the suspicion on the financial report, or they knew that and kept silent.. It would make more sense if these people not become suspicious if the scheme end in couple months. However, this scheme had been carried out for 30 years.
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