In our lectures, we have spent the last couple of weeks discussing the contemporary issues in financial ethics. The first lecture focused on ethics in regard to professional ethics. I think it is important to understand the definition ethics to truly understand its subjective nature. Ethics can be simply defined as a set of moral principle which govern a person’s behaviour. Ethics is a topic debated often in the corporate world especially due to scandals which can have devastating effects on a company. A topic which is also discussed frequently, is the implementation of artificial intelligence in corporations, the reason why this can often be a controversial topic is due to the many questioning whether or not it is ethical to implement such technology. I think this largely stems from the fact that technology such as artificial intelligence often replaces the jobs of humans and is often found to be much more efficient for a business. But is it morally correct to replace t
What kind of man is named ‘the greatest conman of all time’? The documentary The Madoff Hustle: This world attempts to answer the question above, as they explore who Bernie Madoff was by interviewing his victims as well as his peers. The documentary begins with the story of Bill Foxton a glorified war veteran who happened to lose his life savings because of the Bernie Madoff con, which ultimately led to his death as he committed suicide. This story drew me in as it showed that many from all walks of life were drawn to Bernie Madoff and his con, even an author who published a book on gullibility was conned out of thousands (I know it is harsh, but that is quite funny and ridiculous). So, what exactly was his con? Well Bernie’s ‘elaborate’ scheme was none other than a Ponzi scheme, a well-known simple con which tricked his victims/investors out of $65billion. The Ponzi scheme consists of obtaining money from investors by promising them high returns with little/ or no risk