This worked just fine, until too many investors started looking for the return of the original investment. He used some of the money he collected from new investors to pay the older investors the anticipated monthly returns. Basically Madoff took investor’s money and instead of investing it in the markets as agreed, he put the money into a bank account. Without sufficient new investors Ponzi couldn’t double the money of his latest investors, and the whole scheme unraveled.īernie Madoff is serving a 150-year sentence for having operated what is described as the largest Ponzi scheme in history. Eventually, somebody did the math and word started to get out that the investment was risky, so the number of new investors started to fall. Many people wanted to get in on the scheme seeing that Ponzi was able to make the new investors a profit and double the money of the original investors. He promised the investors he would double their money, which they did initially. He couldn’t redeem his coupons quickly enough due to red tape so he approached other investors, initially friends, and had them give him cash so that he could buy more coupons in Italy. But it’s what he did next that became known as a Ponzi Scheme. This was in itself an “illegal” transaction, buying an asset in one market at a low price, then immediately selling it in another market at a higher price. As the value in the US was greater than that in Italy, he could make a handsome profit. Ponzi devised a scheme to buy what were known as “international reply coupons” through friends in Italy, which he had sent to him in the US so that he could redeem them on this side of the Atlantic. 26 _ scheme : PONZIĬharles Ponzi was born in Luigi, Italy in 1882 and arrived in the US in 1903, flat broke having gambled away all his money on the voyage to Boston. It is 277 miles long, up to 18 miles wide and over a mile deep. The canyon continues to be carved out of layers of rock by the Colorado River. Almost exactly 50 years later, Arizona became the 48th state of the Union, on Valentine’s Day in 1912. Those 1.4 billion acres represent more than half of the rainforest that’s left on the planet.Īrizona was admitted as a Confederate Territory in February 1862, in a declaration signed by Confederate President Jefferson Davis. The Amazon rainforest is the world’s largest, covering 1.4 billion acres in nine different countries of South America. 22 Natural wonder that’s roughly 1,100 times bigger than the Grand Canyon? : AMAZON RAINFOREST (giving “ARIZONA”, the Grand Canyon State) Jasmine rice is a variety of fragrant, long-grain rice that is named for its color, as it is said to be as white as the jasmine flower. The pie’s filling includes feta cheese, onions and egg, along with the spinach. The term “spanakopita” translates from Greek as “spinach pie”. Spanakopita is a savory pastry from Greece. Perhaps most famously, Salvador Dali had one that he carried around everywhere with him. An ocelot doesn’t look too different from a domestic cat, and some have been kept as pets. ![]() The ocelot is a wild cat found mainly in South and Central America, although there have been sightings as far north as Arkansas. Leslie is rather tall, and was the first player to dunk the ball in a WNBA game. Lisa Leslie is a former professional basketball player who played in the WNBA with the Los Angeles Sparks. 18 Basketball Hall of Famer Leslie : LISA Some refer to Taiwanese singer Teresa Teng as Asia’s first musical superstar, and dubbed her the “Eternal Queen of Asian Pop”. 5 Teng known as the “Eternal Queen of Asian Pop” : TERESA The landlocked African country called Chad takes its name from the second largest wetland on the continent, which is known as Lake Chad. Today’s Wiki-est Amazonian Googlies Across
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |