Essay --

Assignment 1 moral philosophyBernie L. Madoff Investment Securities LLP was part of what is considered to be one(a) of the largest financial frauds in U.S history. The smother Street investment firm was use as an elaborate Ponzi plot that extorted upwards of $65 billion from unsuspecting investors. The Ponzi plan is a deceitful investment operation that pays earnings to older investors apply the money generated from newer investors. The Ponzi scheme was perpetrated by founder Bernie Madoff and was carried out for a number of years until 2008 when he was finally convicted.Bernie L Madoff Investment Securities LLP was founded in 1960 by Chairman Bernie Madoff and was one of the top market-maker businesses primarily serving as the middleman between buyers and sellers of shares. Bernie Madoff prototypal started his firm as a penny stock trader using the $5,000 he saved up from his job as a life buoy and sprinkler installer. As time went on he was able to build up his firm with t he help of his father-in-law, Saul Alpern who referred him to a large circle of friends and families which upgrade helped expand his business (Biography.com). The firm eventually became so successful that by the 1980s, the firm handled up to 5% of the trading volume on the young York Stock Exchange. The firm also helped develop the National Association for Securities Dealers automated Quotations (NASDAQ), a computer technology information platform which the firm used to broadcast stock quotes. In the 1990s Bernie Madoff was eventually named chairman of NASDAQ (DeGrace, 2011). a lineup Bernie Madoff was his brother Peter Madoff who was the firms chief compliance incumbent and senior managing director. Bernie also hired his two sons Mark and Andrew Madoff at his firm.... .... concord to the nytimes.com, it is required under the SOX that brokerage firms such as Madoff Securities are required to be audited by firms registered with the Public Company Accounting Board. However, th e S.E.C issued a chemical formula to waive that requirement for privately held brokerage firms. This again allowed Friehling & Horowitz who werent registered with the board to continue on doing the audits for Madoff Securities. (Norris, 2009)Its obvious that Bernie Madoff was highly respected among his peers for his cognition and experience in stock trading and he used that supplement to manipulate hundreds of investors. His returns despite seeming suspicious left his investors wanting more. in that locations no doubt greed was the driving force screwing Madoffs unethical behaviour but it could also be utter greed was also the reason Madoff was able to get away with it for so long.