Bernie Madoff was a rich man and did what he did to be richer. Imagine you...

Bernie Madoff was a rich man and did what he did to be richer. Imagine you are a poor man (or woman). Would you do what Madoff did to get out of poverty if you think that it is the only way out?

Expert Solution

When the laws of the State are followed and acts are undertaken within the purview of such laws, such acts are termed to be legal in nature. In most of the cases, legal acts attempt to complement the ethical acts as well. Ethical on the other side, are those acts that are undertaken within the framework of moral values as posed by the ethics. However, not all acts that are unethical may also be said to be illegal.

Poverty sometimes could be very harsh. When your stomach is empty, it reflects your action and your attitude. You tend to see the whole world as hostile to you. You lose the wisdom to think and act. Given such conditions, it could be a general human tendency to do a certain act that is regarded as unethical or inappropriate. However, not all of us sail in the same boat. Probably, I would have still afforded to skip a night without a meal but to do something unethical or illegal that could bring shame to my family. I may be poor in terms of money but certainly rich with regards to emotions that I hold for my near and dear ones. For me, my family’s well-being cannot be at the cost of the money that is not rightfully mine. I have a belief such materialistic pleasures, including the major one: the money, does not last for long, if not earned in a righteous way.

Had I been in case of Madoff, I would have preferred certainly to keep my feet grounded to the moral principles and values. However, as far as my poverty is concerned, I would have tried to pick up any job that is legal in nature and grants me some consideration, which is at least enough to feed my family. For me, my family’s happiness and well-being lies in my honesty and security. I cannot imagine myself being in constant tension of losing what is not ideally mine or being put behind the bars for the crime I commit in the name of helplessness and poverty, because that shall make my family unhappy, besides me as well.

keosha answered 5 months ago

Bernie Madoff is a former stockbrocker and chair of NASDAQ. He operated the largest Ponzi scheme...

Bernie Madoff is a former stockbrocker and chair of NASDAQ. He operated the largest Ponzi scheme in American history and is currently serving a life sentence for his fraud. Address ONE of the following in your post and provide a title in the subject line of your post that suggests which prompt you are addressing. (For instance, "CSR", or "Kant"). A popular view of Corporate Social Responsibility emphasizes that businesses have a duty to those affected by its decisions (“stakeholders”)...

When Bernie Madoff confessed, he stated that he acted alone. However, there were six key employees...

When Bernie Madoff confessed, he stated that he acted alone. However, there were six key employees at Madoff Securities who helped facilitate the fraud. Discuss the role each co-conspirator played in the fraud.

The ethical philosophy used by Bernie Madoff when he committed his fraud; Deontology Utilitarianism Intuitionism Egoism...

The ethical philosophy used by Bernie Madoff when he committed his fraud; Deontology Utilitarianism Intuitionism Egoism Enlightened Egoism Relativism OR Virtue Ethics?

Do you Agree or Disagree to the discussion of the Bernie Madoff Accounting Scandal? Explain your...

Do you Agree or Disagree to the discussion of the Bernie Madoff Accounting Scandal? Explain your thoughts and add any new findings” Accounting Scandal: Bernie Madoff a wall street investment firm founded by Madoff and his accountant David Friehling and Frank Dipascalli. The company tricked investors out of $64.8 billion through the most extensive Ponzi scheme ever buy promising them above market, and steady returns that never existed. The most damage of the Madoff scheme seems to focus on the...

Do you think the new tax reform can make the rich richer? Just pick one new...

Do you think the new tax reform can make the rich richer? Just pick one new tax rules and discuss it further.

5) Imagine the following scene. You are the psychotherapist. A man begins to talk to you...

5) Imagine the following scene. You are the psychotherapist. A man begins to talk to you and says, "I am unable to attain an erection. Can you help me?" This is all the information you have at this point. What should you ask this man next?

Describe the basics of Endler’s guppy study (what did he discover and how did he test...

Describe the basics of Endler’s guppy study (what did he discover and how did he test it?), AND explain how selection in the guppy study differed from that which the finches on Daphne Major experienced following the drought.

What is Schumpeters theory and what did he study?

I. What did Deng mean when he called for a “legal democracy?” Did he favor multiple...

I. What did Deng mean when he called for a “legal democracy?” Did he favor multiple political parties with elections? He wanted China to establish a legal framework to conduct and encourage business and trustworthiness for foreign investment. (Describe what legal transformation that China was adopting? (See pages 100-103.)

Carnot Engine questions: What was the full name of the man who imagine the first Carnot...

Carnot Engine questions: What was the full name of the man who imagine the first Carnot Engine? What thermodynamic theory did he use to calculate its efficiency? Describe a Carnot engine, in terms of thermodynamic processes. What does Carnot's Theorem say about the efficiency of a Carnot engine operating between two absolute temperatures? What does Carnot's Theorem say about the efficiency of a reversible engine which is not a Carnot engine operating between two absolute temperatures? What does Carnot's Theorem...

Question