Bernard Madoff took his investors for $65 billion over the course of nearly two decades. His list of victims includes billionaires, celebrities, individual investors, banks, and charities. He didn’t care who or what. His scheme was revealed when he confessed in March 2009, when he pleading guilty to the charges against him, and was then sentenced to 150 years in prison. Madoff was successful for so long because he was respected, well-established and esteemed financial expert
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American Ponzi Schemes The unethical business practice of paying investment returns to separate investors, not from any actual profit earned from the organization but instead from their own money paid by subsequent investors, is called a Ponzi scheme. Ponzi schemes are unethical because the process is fueled by greed and deception to swindle money from investors in which many times its victims can never fully recover. The emotional, psychological, and financial ramifications from Ponzi schemes have resulted
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motivation to succeed in business can present a conflict with the fiduciary duty that a business person has to the client. There is question whether Madoff was motivated solely by greed, in which case he was engaged in a simple Ponzi scheme, or whether he used the Ponzi scheme to hide his failure to generate returns for his clients. Madoff’s lack of transparency violated the trust of his clients, even if he did not initially intend to defraud his clients. There is some ethical ambiguity in this case.
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by the SEC. They were being questioned about their returns and were accused of running a Ponzi Scheme. The SEC shut them down. Many red flags were raised about Madoff’s trading model. Madoff claimed he didn’t want to expose his secret trading techniques. Persistent with taking down Madoff, an SEC investigator Marco Polos wrote a 21-page paper to investigate Madoff’s business and a possible Ponzi scheme. SEC finally launched an investigation. Two-years later, he was cleared. But when the economy
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University of Engineering and Technology Lahore Department of Computer Science and Engineering Programming Fundamentals II Problem Set 5 1 Examples ;gets the nth member of a list. Assume n >= 1 (define takeNth (lambda (n lst) (if (empty? lst) "List too short" (if (= n 1) (car lst) (takeNth (- n 1) (cdr lst)) )))) ;length of a list (define listLength (lambda (lst) (if (empty? lst) 0 (+ 1 (listLength (cdr lst))) ))) ;remove the nth member of a list. Assume n >= 1 (define remNthHelper
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Prestige Worldwide Project Management Methodology APF is an iterative and adaptive (and I add agile) approach designed to deliver maximum business value to clients within the limits of their time and cost constraints where the always variable scope is adjusted at each iteration. The client decides what constitutes maximum business value and, at the end of each iteration, the client has an opportunity to change the direction of the project based on what was learned from all previous iterations
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together by tongue and groove joints, around a larger central plaque. It measures 34.2 cm (13in) high b 26.8 cm (11) wide overall, with the central plaque 19 cm(7in) high by 12.5 cm(5) wide b 2.5 cm deep. It shares many features of their decorative schemes. The emperor is accompanied in the main panel by a conquerd barbarian in trousers to the left, representing territory conquered, who holds his foot in thanks, and an angel or victory, crowning the emperor. Above, Christ with a fashionable curl-hair
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P Ancient Architecture Functions of Ancient Monuments Ancient monuments have been discovered to be a prominent feature of many different ancient civilizations throughout history. The most elaborate and well known ancient buildings are the pyramids and the ziggurats of Egypt, Mesopotamia, and Mesoamerica. The construction of these massive monuments began sometime during the fourth millennium BC and to this day many can still be seen. Although believed by most to serve a particular religious
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critically analyzing two ancient works of Egyptian architecture; the Egyptian pyramids and the great temple of Ammon, Karnak. Design The ancient Egyptian pyramids are pyramid-shaped structures that were built as tombs for Pharoahs. The ancient Egyptians believed that the Pharaohs were chosen by God to serve as mediators between humans and gods, hence they were treated with a lot of respect. After their death, they were buried in pyramid together with their possessions that would be useful to them in their
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Bernie Madoff & the Worst Pyramid Scheme in U.S. History It is said that we are the product of our upbringing, so it probably would not surprise you to learn that the biggest and worst financial fraud committed through a pyramid scheme in US History, was achieved by a man who was raised by parents that also commit financial frauds. Bernie Madoff was raised watching his parents Ralph and Sylvia Madoff run a business that was not successful in the financial trading world. That company was
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