Virtue Ethical Theory

This approach follows that virtues, or moral character is the basis of all ethical interactions in
contrast to the other theories that regard rules, duties or consequences of actions to be more
important.

In order to understand this theory and the analysis of the Bernie Madoff Ponzi scandal in light
of this theory, we can subdivide it into three major components.

1. Individual Character Ethics

The intrinsic and instrumental value of human ethical interactions are determined by the
identification and development of moral character traits. These traits include wisdom,
prudence, courage, self-discipline, gratitude, sincerity etc.

2. Work Character Ethics

The value and quality of work life is determined by the development of noble characteristics
at work such as, honesty, trustworthiness, loyalty, honour, creativity, dependability, shared
work pride, etc. They help create a synergistic environment which is conducive for all
concerned stakeholders.

3. Professional Character Ethics

These are the characteristics that a person needs to have in order to be associated with
organizations and communities, in order to build an ethical relationship. It includes
trustworthiness, loyalty, self-regulation, truthfulness, impartial judgment, altruism, etc.
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Bernie Madoff was born on 29th April, 1938, in, New York, in a Jewish family. His father was
a plumber and stockbroker. He is the second amongst three children. Bernie graduated from
the Far Rockaway High School in 1956. Post that, he went to the University of Alabama for
one year. He then transferred and graduated from Hofstra University with a Bachelor of Arts
in political science. Moreover, he attended Brooklyn Law School, for a short while, but ended
up opening his own company Bernard L. Madoff Investment Securities LLC. He started the
firm in 1960 as a penny stock trader with $5,000 which he earned from working as a
sprinkler installer and a lifeguard.