Epistemically Virtuous Risk Management: Financial Due Diligence and Uncovering the Madoff Fraud

The chapter analyses how Bernard Madoff’s Ponzi scheme was uncovered by Harry Markopolos, an employee of Rampart Investment Management, LLC, and the contribution of so-called epistemic virtues to Markopolos’ success. After Rampart had informed the firm ab

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Christoph Luetge Johanna Jauernig Editors

Business Ethics and Risk Management

Business Ethics and Risk Management

Ethical Economy. Studies in Economic Ethics and Philosophy Series Editors

Alexander Brink, University of Bayreuth, Bayreuth, Germany Jacob Dahl Rendtorff, Roskilde University, Roskilde, Denmark Editorial Board

John Boatright, Loyola University Chicago, Chicago, Illinois, USA George Brenkert, Georgetown University, Washington D.C., USA James M. Buchanan , George Mason University, Fairfax, Virginia, USA Allan K.K. Chan, Hong Kong Baptist University, Hong Kong Christopher Cowton, University of Huddersfield Business School, Huddersfield, United Kingdom Richard T. DeGeorge, University of Kansas, Lawrence, Kansas, USA Thomas Donaldson, Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, USA Jon Elster, Columbia University, New York, New York, USA Amitai Etzioni, George Washington University, Washington D.C., USA Michaela Haase, Free University Berlin, Berlin, Germany Carlos Hoevel, Catholic University of Argentina, Buenos Aires, Argentina Ingo Pies, University of Halle-Wittenberg, Halle, Germany Yuichi Shionoya, Hitotsubashi University, Kunitachi, Tokyo, Japan Philippe Van Parijs, University of Louvain, Louvain-la-Neuve, Belgium Deon Rossouw, University of Pretoria, Pretoria, South Africa Josef Wieland, HTWG - University of Applied Sciences, Konstanz, Germany

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Christoph Luetge • Johanna Jauernig Editors

Business Ethics and Risk Management

123

Editors Christoph Luetge Peter Löscher Chair of Business Ethics Technische Universität München Munich, Germany

Johanna Jauernig Peter Löscher Chair of Business Ethics Technische Universität München Munich, Germany

ISSN 2211-2707 ISSN 2211-2723 (electronic) ISBN 978-94-007-7440-7 ISBN 978-94-007-7441-4 (eBook) DOI 10.1007/978-94-007-7441-4 Springer Dordrecht Heidelberg New York London Library of Congress Control Number: 2013955740 © Springer Science+Business Media Dordrecht 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearan