Dr. Kevin James, the Dean of the College of Business at North Carolina A&T State

Question

Dr. Kevin James, the Dean of the College of Business at North Carolina A&T State University is considering inviting Bernie Madoff to speak to accounting students. Madoff earns $5,000 a visit to explain to students what a Ponzi scheme is and how it impacts investors. Part of what Madoff earns goes to make restitution for his crimes. You are a member of the Dean’s Executive Advisory Board. The President of the Executive Advisory Board, Dr. Lisa Owens-Jackson and other members of the board are not familiar with Madoff so are unable to advise the Dean. Dr. Owens-Jackson would like for you to prepare a memo for the advisory board members that explains who Bernie Madoff is and why the Dean would be considering inviting Madoff to speak to accounting students. Dr. Owens-Jackson would also like for you to address how the committee should advise the Dean? Should Dean James invite Madoff to speak? Why or why not? Dr. Owens-Jackson is aware that there are ethical theories that could be implied to the business world. She would like for you to use these theories to suggest possible ways the committee could advise Dean James. For example, one ethical theory is utilitarianism which means that when making ethical decisions, you should chose the action that will lead to the greatest happiness for the overall group of people. Another ethical theory is egoism which means that one should chose the action which most advocates one’s own self-interest. Dr. Owens-Jackson would like for you to incorporate at least three ethical theories in your reasoning. Instructions: The memo should be no more than two pages in length, but at least 500 words. The memo should be formatted using APA style and include the appropriate headings. The due date is October 6th at 11:59 pm. Please submit the assignment via Blackboard. Please use at least 3 references for this memo. The reference page should be page 3 of the memo.

Explanation / Answer

Why the Dean would be considering inviting Madoff to speak to accounting students.

Bernie Madoff is one of the most famous personalities in America, most famously known for his Ponzi scheme. He was known to have committed the biggest scheme that had put the investors in to heavy losses. For this, he has been sentenced a sentence of 150 years , known as the biggest fraud that has been committed in the history of Wall Street. If anyone, who can teach the accounting students of what a Ponzi scheme is and how it can affect the investors, then he is the best person to do so. The Ponzi scheme was launched to make people believe that they would get rich quickly. He was a non executive chairman of the stock market of NASDAQ, and had committed a fraud of $64.8 billion and this amount was only for 4800 people.

Should Dean James invite Madoff to speak? Why or why not

Dean James wants the students to learn, and learning is not only limited to the good and positive aspects of accounting, rather they should also learn what a mastermind can create and how such aspects can completely move the investors. Hence, I would agree with the dean to ask Madoff to speak. Though, certain students, with a highly negative aptitude, may get encouraged to do so, but with his present condition, there would also be a message passed on amongst these students that it is not that every person can get through from what they do. Rather, actions have their own complications and these complications might be unbearable. So, overall , not only related to the academic point of view, the lesson given to the students would also be moral.

There are many ethical theories that allow a person to act for their benefits:

- utilitarianism: this theory states that people should carry out actions that allow a person to be acting such that it would help the person be happy and achieve higher goals. It is very important that actions should be carried out considering its consequences and not merely the fact that these actions are not accountable to anyone.

- egoism: the theory of egoism says that the actions that a person is carrying out has to be with respect to his own interests and should benefit himself , if not the entire society.

- virtue ethics: this philosophical theory attempts in showing that moral character and virtues of a person are required for taking a decision and not the rules or duties.

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