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El documento presenta un petitorio de 5 puntos dirigido a Live Spaces para reformar su código de conducta y procesos de evaluación de denuncias. Pide que la desnudez no sea automáticamente considerada una violación si el contexto no es pornográfico, que las denuncias sean evaluadas por personal capacitado, que haya mejores canales de comunicación, que se informe sobre las imágenes censuradas y se permita un descargo, y que se limite la acción de denunciantes compulsivos. Se invita a firmar el manif
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The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
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Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
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Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
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Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
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Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
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The various stages, after the initial invitation has been made to the public ...
Manorama Online Oct 3, 2008 - Inside the financial tsunami: what brought it on?
1. Inside the financial tsunami: what brought it on?
Indo Asian News Service
Last Updated: October 03, 2008 05:11:06
New Delhi, Oct 3 (IANS) The financial tsunami now inundating global economies and markets
was brought on by imprudent easing of US lending norms and extreme over-leveraging by giant
US investment banks, analysts say.
The dotcom bubble burst in 2000 and the collapse of the World Trade Centre, a mighty symbol
of US economic and financial prowess in 2001, made Alan Greenspan, the then chief of the US
banking regulator, the Federal Reserve, believe that a US recession was a certainty and it had to
be staved off.
His solution: Increase liquidity in the system. The mechanism: Ease lending norms, especially
for the real estate sector.
The result was aggressive lending by banks to home loan borrowers, defying time-tested,
conservative and prudent norms of ensuring that the loan amount did not exceed the value of the
asset being purchased.
Thus was born the concept of home equity, when if you asked for a $1 million loan to buy a
house, US banks lent $1.2 million in the belief that real estate prices will only go up and never
come down.
In contrast, in India or in all other countries in the world, banks lend only about 80-85 percent of
the value of the asset, and the borrower has to pay the balance.
Greenspan’s thinking was that lenders would use the extra funds to spend on other items of
consumption and recession would be beaten.
Not only that, in their bid to capture market share, banks lent even to people with doubtful
creditworthiness.
In the US there are three classes of borrowers - prime rate borrowers who have the highest
creditworthiness, followed by what are called Alt A Mortgage borrowers and finally subprime
borrowers who have the least creditworthiness.
As banks can charge a higher interest rate from borrowers with less than best creditworthiness,
aggressive marketing saw a more than prudent share of loans going to the least creditworthy
borrowers.
2. “Whether we like it or not, the laws of gravity work in financial markets as well and what goes
up ultimately comes down,” Jagannadham Thunuguntla, head of the capital markets arm of
India’s fourth largest share brokerage firm, the Delhi-based SMC Group, told IANS.
Despite a bull run in the US real estate market due to the big rush in home purchases during
2002-06, the party had to end some time and prices began to come down.
Real estate prices have fallen 16 percent till July 2008 since the corresponding month last year
and had fallen by a similar amount the previous year.
Suddenly, from early this year, banks found their so-called home equity had completely vanished
and their loans were not protected by the value of the assets bought with the loans.
Alongside, there was another development.
In normal manufacturing and other businesses, the debt to equity ratio is usually in the range of
1.33-2 to 1.
This means, out of the total capital invested by a business, if $1 is the promoter’s equity,
borrowed funds invested in the business is $1.33 to $2.
But in the banking industry, the debt-equity ratio is always much higher because the deposits of
banks are considered as debts of the bank.
Commercial banks, however, despite their high loan-deposit ratio (conceptually similar to debt-
equity ratio) are highly regulated as they take deposits from the public and have to follow strict
lending, provisioning and capital norms.
Investment banks, such as Goldman Sachs, for example, are, however, very lightly regulated and
do not have to follow these prudential lending and capital norms.
Just before Goldman Sachs got into trouble two weeks ago, it had debts of about $1.08 trillion
against its own equity capital of only $40 billion. This means it had a debt to equity ratio of
24.7:1.
To simplify the explanation, let us say its debt-equity ratio was 24:1. That means of every $25 it
was investing or lending, $1 was its own money and balance $24 was borrowed money.
In this situation, even if it incurs a loss of four percent on its loans or investments, the bank runs
up a loss of $1, which is four percent of $25 originally invested.
This in turn means the entire equity capital of the bank is wiped out and it has to file for
bankruptcy because losses have to be borne by the owner of equity capital. Borrowed funds have
to be returned to borrowers.
3. It is very usual for any bank to make a mistake in lending or investment decisions to the extent of
four percent.
In the real estate boom of 2002-06, banks had lent an imprudent share to Alt A mortgages and
subprime borrowers. Running up a four percent or more non-performing assets was just waiting
to happen.
When it happened, Goldman Sachs as also all the other investment banks which had equally high
debt to equity leveraging found their capital eroding too fast for their comfort.
Lehman went down first, followed by the others and Goldman and Merrill Lynch are surviving
by infusing more capital through sale of some of their assets.
For example, after the crisis broke, US investor and one of world’s richest men Warren Buffet
and others stepped in and pumped in about $7.5 billion equity into Goldman Sachs and brought
down its leveraging to 20.8:1.
In good times, however, even a four percent return on their capital, that means a return of $1 on
the $25 invested would translate into a 100 percent return on these banks’ own equity capital of
$1, Thunuguntla explained.
The problem with the European banks was they too had big exposures in the US market during
the real estate bull phase and they too did not follow prudent loan to deposit ratios.
A prudent loan-deposit norm for commercial banks is around 80 percent. That means they lend
80 percent of their deposits and keep the balance 20 percent to service depositors.
Northern Rock, the first British or European bank to be hit by the subprime crisis and
nationalised in 2007 had a loan-deposit ratio of 215 percent.
Most of the other banks hit also have excessive loan-deposit ratios of around 160 percent so that
when faced with troubled assets they are no more able to service depositors.
“Indian banks are safe and sound mainly because of our extremely prudent banking regulations,”
Thunuguntla said.