Premium Essay

The Lie of the Century

In:

Submitted By reowuwu
Words 2565
Pages 11
| The Lie of The Century | Analysis of Bernard Madoff's Ponzi Scheme | |

'

Introduction As long as the investment financial market existed, only one man was able to etched his name to the investment history as the greatest fraudster, and his name is Bernard Madoff. A brilliant fraudster that able to swindled over $50 billion from thousands of people using a type of investment fraud called "Ponzi Scheme." Using this type of investment frauds and his charming personality, Madoff stolen money from politicians, such as Senator Frank Lautenberg, famous celebrities, such as Kelvin Bacon, hedge fund directors, such as R. Thierry Magon de la Villehuchet, universities, such as Yeshiva University, banking institutions, such as Union Bancaire Privee, and charitable organizations, such as Elie Wiesel Foundation for Humanity. (Deborah & Strober, 2009) In that one day in the 11th of December in 2008, thousands people wake up to know the money that they entrusted to Madoff is nothing more than just a "lie." In other words, numbers that exist without any meaning.
Madoff's Biography Born in Queens, New York, Madoff established himself from a humble blue collar workers, who earned his money from lifeguarding and installing sprinkle systems, to a genius international million dollar investor, who stolen billions of dollars from his clients. His investment firm, Bernard L. Madoff Investment Security (BMIS), based in New York, but its clients are as far as from European, South America, and even Asian financial market; a feast which few investment firms able to accomplish. (Albrecht, Albrecht, Albrecht, & Zimbelman, 2012) BMIS was one of the first investment firm that using computer programs to develop stock quotes. The programs eventually being tested and later become National Association of Securities Dealers Automated Quotation (NASDAQ), which also earned

Similar Documents

Premium Essay

My Paper

...Matt Voges July, 09, 2009 How to Lie with Statistics Book Report Lie 1- The first lie deals with those so called IQ tests we all love to take. It really deals with any kind of sampling test that doesn’t take into account its statistical error. Geis first states that IQ tests in general are unreliable. They do not account for talent outside the books and personal and mental balance. He further states that these tests are most often inaccurate because they do not represent the probable error and the standard error. The amount numerically that the sample can be wrong. EX 1- Kids lower IQ scores linked to prenatal pollution. Washington Post. The third paragraph of this article states that children were given IQ tests when they entered school at age 5. Those exposed to more pollution scored on average 4 or 5 points than those exposed to less solution. First, Geis has already conveyed to us the unreliability of the word on average. We have no idea how many children this sample contains and on what point scale the IQ is administered. 4 or 5 points may not make that much of a difference. Furthermore the validity of an IQ test at age 5 is definitely less than reliable. EX 2- Is IQ linked with longevity? Washington Post. The third paragraph of this article states that research done in Sweden showed that people with higher IQ tended to live longer than those with lower ones. Without even reading the book this statistic seems outrageous. Fortunately the article itself...

Words: 833 - Pages: 4

Free Essay

The History

...TThe historical background for the early 20th century literature A: 1. Universities that try to take a student's individual background into account are liable to be accused of political correctness. (”are” istedet for ”is” da der er tale om en kongruensfejl, for der er jo tale om flere universiteter) Engelsk Grammatik - §166 2. I've had to give up training after a knee injury. (”Training” istedet for ”to train”, "to give up" skal altid følges af en -ing-form) Engelsk Grammatik §140 3. The incredible thing was that he had no idea of the impression he made on her. ("incredible" kan ikke bruges som et substantiv alene, og der bruges derfor støtteordet ”thing”.) Engelsk Grammatik §35 4. Let's hope Geri does better than Britney, whose marriage ended in a divorce (Det er "whose" i stedet for ”which” da which er om en ikke-person) Engelsk Grammatik §78 5. 14 months after Mel tried the knot with Jimmy, the relationship was in tatters (Der skal ikke være omvendt ordstilling, så ”was” kommer foran ” relationship”) Engelsk Grammatik §196 6. History shows that violent protests lead to repression. (Der skal ikke være “the” før “history”, da det ikke er en historie, men historien om.) B: 1. I have never laid eyes on them before.
 2. She had lain awake, filled with worry about what would happen in the morning.
 3. He laid on the floor and looked into the garden.
 4. She was still laughing softly as she laid the phone down.
 5. The seeds had lain in the ground...

Words: 324 - Pages: 2

Premium Essay

Gender Stereotypes In The Crucible

...At the root of the witch hunt hysteria is the prejudices dominant in the 17th century, that women were good, honest, and loving. Males and females are not treated equally, with women being treated as lower class. Because of the witch hunt, court sessions are held many times, and Mary Warren constantly leaves the house to attend court because she is ‘important’ to the case. At the same time, Proctor bans her from leaving the house because she needs to do her job, helping Goody Proctor around the house. “Be you foolish, Mary Warren? Be you deaf? I forbid you leave the house, did I not? Why shall I pay you? I am looking for you more often than my cows!” (Miller 1098). Cows are not treated well because they are just animals, and by comparing Mary Warren to a cow, Proctor is implying that she is the same status as an animal, at...

Words: 1760 - Pages: 8

Premium Essay

When, If Ever, Is It Legitimate for Politicians to Lie

...toward the intentions of politicians. This essay will highlight the fact that the role of a professional politician, where instant decisive and important decisions need to be made, and the context sometimes require democratically elected politicians, engaged in a social contract with the electorate, to lie to safeguard the greater good of national and global citizens. Due to the volume of theory and discourse related to this topic, it would not be practical to analyse all aspects to this question. However, this essay will examine the following: first, it will look at the unique nature of the role of a politician, followed by an overview of the social contract theory and the contributions made to it by Thomas Hobbes, John Locke, Jean-Jacques Rousseau and John Rawls. Then, the work of Niccolo Machiavelli and the notion of Reason of State will be examined, followed, in turn, by Utilitarianism, commenting on the contributions of Jeremy Bentham and John Stuart Mill. This will be done before going onto balance the essay by introducing a counterargument offered by Idealism. Finally, to contextualise the thesis, there will be a contemporary example given of a world leader having to lie for the greater good of global citizens for possible prevention of future harm. Politicians work in a difficult profession and what they do is for the common good of society as a whole. Bellamy (2010) asserts that evidence to suggest that democratic politicians possess fewer morals than the general public...

Words: 2124 - Pages: 9

Free Essay

Parents Should Be Allowed to Lie to Their Children

...situations with children, each case differs. Christians have been celebrating the birth of their lord and savior, Jesus Christ, for centuries and centuries. Jesus’ birth is a ginormous holiday that is celebrated every year on January 25th. The only problem adults ran into was they couldn't find a way to keep children interested. That's when they concocted a fictional character who delivers presents to all the well behaved boys & girls. The character in which I am referencing is most commonly known as Santa Claus. Society uses Santa to influence children to be more involved in the holiday spirit. Growing up my mother repeatedly told me “If you don't go to church, then you're not being a good girl. And if you're not being a good girl, then Santa won't bring you presents!” After about ten years of acting on my best behavior during the Christmas season, I discovered that Santa pretend. My parents put endless time and money into Santa Claus. However, they did achieve the goal of me attending mass on a weekly basis. In cases such as this, I find that lying to children is a must. In the modern day United States of America, children of all religions now celebrate Christmas. The concept of Santa is now just a common tradition amongst the world. If you didn't honor the annual tradition of Santa, your family would be an oddity against society. Therefore you must lie to your children in order for them to enjoy the experience. On a more serious side of this question, I will move into a more personal...

Words: 960 - Pages: 4

Premium Essay

Happyhappyhappy

...DIPLOMA IN REAL ESTATE BUSINESS SCHOOL OF DESIGN & ENVIRONMENT 22 WEEKS INTERNSHIP PROGRAMME 7 MARCH – 5 AUGUST 2016 INTERIM REPORT ATTACHMENT TO CENTURY SQUARE (ASIAMALLS MANAGEMENT PTE LTD) BY Fong Lie Ling Date: Stamp: Thomas Tan Date: NURUL KAMILAH (S10149063E) TABLE OF CONTENTS ACKNOWLEDGEMENTS ABSTRACT CHAPTER 1: INTRODUCTION 2 1.1 Overview of AsiaMalls Management Pte Ltd 2 1.2 About Century Square by AsiaMalls 3 1.3.1 Products and Services 1.3.2 Organisation and Structure CHAPTER 2: OPERATIONS DEPARTMENT 5 2.1 Operations Organisation & Structure 5 2.2 My Job Description and Internship Schedule 6 2.3 Operations 10 2.4.1 Monitoring 10 2.4.2 Maintenance 11 2.4.3 Admin CHAPTER 3 : CONCLUSION 12 3.1 Learning Outcomes and Reflections 3.2 Recommendations REFERENCES APPENDICES ACKNOWLEDGEMENT ABSTRACT As part of my Real Estate Business diploma, I have completed 10 out of 22 weeks internship at Century Square by AsiaMalls Management Pte Ltd. In this report, I am going to share my experiences and learning outcomes in the shopping mall under Operations department for the past 10 weeks. During this period, my role as an intern is to learn how retail sector function under operations management dealing with monitoring of the day-to-day operations, the maintenance and administrative works. I work alongside with Marketing Communications Department...

Words: 424 - Pages: 2

Premium Essay

Lies

...where such collaboration has been authorised by the lecturer concerned. ● I hold a copy of this assignment which I can produce if the original is lost or damaged. Signature: _________________________________ Date: ___________________ ● NB: A lecturer or tutor has, and may exercise, the right not to mark this assignment if the above declaration has not been signed. ● If the above declaration is found to be false, appropriate action will be taken. . Little White Lies – Honesty or Dishonesty? Or just an easy way to avoid the painful truth? Lukas Cavalcante Baier Zhejiang University of Science and Technology Abstract Everyone lies. But why do we lie? An often trivial, diplomatic or well-intended untruth, a minor or unimportant lie uttered in the interest to remain polite? Though it is frequently judged, lie-telling is a common and frequent activity in social relations, with ostensible social risks and benefits. Yet, insincerity can become a problem behavior with frequent or inappropriate use over time. The goal of this essay...

Words: 1694 - Pages: 7

Free Essay

Poems

... Table of Contents I. Caedmon by: Venerable Bede I.I Story Map II. Lord Randal III. Bony Barbara Allan Caedmon [pic] Image copy of Cædmon's Hymn in the "Moore" manuscript (737), Cambridge, Kk.5.16, f. 128v, written in Northumbrian. This is the earliest known version of this work. Cædmon ( /ˈkædmən/ or /ˈkædmɒn/) is the earliest English poet whose name is known. An Anglo-Saxon herdsman attached to the double monastery of Streonæshalch (Whitby Abbey) during the abbacy ((657–80) of St. Hilda (614–680), he was originally ignorant of "the art of song" but learned to compose one night in the course of a dream, according to the 8th-century monk Bede. He later became a zealous monk and an accomplished and inspirational religious poet. Cædmon is one of twelve Anglo-Saxon poets identified in medieval sources, and one of only three for whom both roughly contemporary biographical information and examples of literary output have survived. His story is related in the Historia ecclesiastica gentis Anglorum ("Ecclesiastical History of the English People") by Bede who wrote, "there was in the Monastery of this Abbess a certain brother particularly remarkable for the Grace of God, who was wont to make religious verses, so that whatever was interpreted to him out of scripture, he soon after put the same into poetical expressions of much sweetness and humility in English, which was...

Words: 3749 - Pages: 15

Premium Essay

Assignment 2: Harlem Renaissance Poets

...Assignment 2: Harlem Renaissance Poets Demetria Davenport HUM 112 Dr. Jeff Kersh Countee Cullen (1903-1996) “Heritage” (1925) What is Africa to me: Copper sun or scarlet sea, Jungle star or jungle track, Strong bronzed men, or regal black Women from whose loins I sprang When the birds of Eden sang? One three centuries removed From the scenes his fathers loved, Spicy grove, cinnamon tree, What is Africa to me? So I lie, who all day long Want no sound except the song Sung by wild barbaric birds Goading massive jungle herds, Juggernauts of flesh that pass Trampling tall defiant grass Where young forest lovers lie, Plighting troth beneath the sky, So I lie, who always hear, Though I cram against my ear Both my thumbs, and keep them there, Great drums throbbing through the air, So I lie, whose fount of pride, Dear distress and joy allied, Is my somber flesh and skin, With the dark blood dammed within Like great pulsing tides of wine That, I fear, must burst the fine Channels of the chafing net Where they surge and form and fret. Africa? A book one thumbs Listlessly, till slumber comes, Unremembered are the bats Circling through the night, her cats Crouching in the river reeds, Stalking gentle flesh that feeds, By the river brink; no more Does the bugle throated roar Cry that monarch claws have leapt From the scabbards where they slept, Silver snakes that once a year Doff the lovely coats you wear, Seek no covert in your fear Lest...

Words: 1846 - Pages: 8

Premium Essay

Fan By Lisa See: An Analysis

...Historical books often criticize a society’s zeitgeist to display the harmful impacts they may have on one’s identity. This is true of Paradise of the Blind (Paradise) by Duong Thu Huong and Snow Flower and the Secret Fan (Fan) by Lisa See, which explore the demeaning impact of their respective societies’ standards upon love in female relationships and gender subjugation. See examines the impact upon women in a 19th century Chinese perspective, whereas Huong delves into a 20th century Vietnamese. The historical settings coerce women to experience interpersonal relationships without consent, due to the emphasis placed on Confucian ideals. Moreover, these ideals harm the protagonists as they suffer through common gender disparity. Hence, both...

Words: 1149 - Pages: 5

Premium Essay

Argumentative Essay: When Is Lying OK?

...protect and bulwark someone’s feelings and emotions. But in today’s society, most people would rather live sadly amidst truth than live happily amongst lies. The truth is that lying is unacceptable and intolerable because it hurts the liar and others around them. There are many reasons and facts that prove lying is bad. For example, being truthful is everyone’s individual duty. Another reason you shouldn’t lie is that telling the truth is much...

Words: 446 - Pages: 2

Free Essay

Zoroastrianism

...still are the cornerstone of the religion. During time, the religion depleted in size because of Mohammed, who introduced and brought the faith of Islam into the world. Also, Zoroastrianism played a major part in everyday life. Because of its beliefs, Zoroastrianism could once again arise as a dominate religion. This is not just because of its beliefs, but also that its roots as a religion are strong and present in many families today. The religion of Zoroastrianism is based mainly on two aspects of life. The people who tell the truth are on the side of Asha, and are know as the people of righteousness. The others, who are know as the people of the lie, or the Druj, followed the dreary way of evil. Zoroastrianism is a polytheistic religion which shows people ways of life but lets the person make a choice of truth or lie. But, it is also believed in Zoroastrianism that a judgment day will occur when good will defeat evil. In this great battle, Ahura Mazda, the Lord wisdom would fight Angra Mainya, the Fiendish spirit for control over the world. During this war between good and evil, Ahura Mazda and his assistants would defeat the evil Angra Mainya. Furthermore, all evil would be eliminated on earth in an ordeal in which fire and molten metal would burn away all evil and only leave behind good. It is believed that Zoroastrianism first appeared as a religion during the reign of Darius I in Persia. Zoroaster, as he was know by the Greeks, proposed this religion to ...

Words: 904 - Pages: 4

Premium Essay

To An Athlete Dying Young Analysis

...There are several themes within the language of poetry; from love to divorce, to death and life, to war and worship. The themes of a variety of poems depend on the time and date the poem is written and published as well as what the poet likes and if there are any significant political or societal events happening. Sometimes, themes are easy to analyze and other poems are written in a way that the poet hides the message by using different languages. Death was important to poetry from the medieval times to the 20th century. Poets write about death resulting from being in love, young, and in war. The poems that strongly portray the themes of death over different centuries and cultures that will be analyzed throughout this paper are “Lord Randal”,...

Words: 2205 - Pages: 9

Premium Essay

The Benefits Of Microexpression

...Detecting Deception Detecting deception is a critical skill that offers numerous economic, psychological, and even emotional benefits. On a given day, studies have shown that a person may be lied to anywhere from 10 to 200 times. In this paper, you will learn how to avoid being deceived by become a punctilious human polygraph. Ultimately, there are five main reasons as to why people lie; personal gain, to avoid punishment, to make good impressions on other people, to protect themselves, and for social relationships. Normally, humans are strongly against lying, but have done it in different ways that our society has allowed for centuries and centuries. Exposing lies are crucial when it can cost a life, a job, or even a broken family which is...

Words: 1296 - Pages: 6

Free Essay

Art Is a Lie That Brings Us Nearer to the Truth

...Word count - 796 “Art Is A Lie That Brings Us Nearer To The Truth” “Art is a lie that brings us nearer to the truth” - Pablo Picasso Pablo Picasso was a spanish artist who spent most of his years in France, the birth place of his master pieces. Picasso is best known for co-founding the cubist movement. During his youth Picasso drew in more of a realistic style but in the beginning of the 20th century he began to experiment with “different theories, techniques, and ideas.”(1) Applying his quote “Art is a lie that brings us nearer to the truth” to an art form such as visual arts we can see that this may have some truth to it in its self. When an artist creates a piece of work he and only he knows the meaning of this work. When he or she presents it to the public the spectators create their own meaning and truth in the work. Although, this assumption created from the mind of the spectator may not be the truth. Some one may see a painting and think nothing of it, but others will see a story, an emotion, and a meaning. The quote can be true for some but far from it for others. When evaluating this quote we must look at individual words used in the text to understand the true meaning of it. Pablo writes “Art is a lie” This may be because it is one individual's distorted portrayal of his or her emotion's, thoughts, ideas, ect. As stated above from person to person the meaning changes. He then says “nearer” This does not mean to be there, it is simply being close to or a short distance...

Words: 794 - Pages: 4