Word: investment
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Dates: during 2000-2009
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...essence of my scheme was that I represented to clients and prospective clients who wished to open investment advisory and individual trading accounts with me that I would invest their money in shares of common stock, options and other securities of large well-known corporations, and upon request, would return to them their profits and principal. Those representations were false because for many years up and until I was arrested on December 11, 2008, I never invested those funds in the securities, as I had promised. Instead, those funds were deposited in a bank account at Chase Manhattan Bank. When...
LaRoe started getting calls immediately. People who had pledged to invest half a million dollars were dialing back to $200,000. Those who had been offering $200,000 were opting out altogether. Throughout the fall, the hits kept coming. Washington Mutual collapsed. Wachovia was sold off. Treasury Secretary Hank Paulson went before Congress begging for money, looking as if he'd seen a ghost. "It got to the point where I didn't want to pick up the paper or turn on the TV," says LaRoe. "The mantra I kept singing was 'This is perfect, guys. This is perfect...
Some observers argued that there was pent-up demand to buy stocks. The market has been going down so rapidly that investors have been dying to get back in. This point of view is only defensible if there is evidence that individuals and institutions with capital to invest will buy stocks every time that they see a rally. If, on the other hand, this is just a herd instinct working, then investors can consider themselves no more intelligent than lemmings...
People who wanted to invest money in the market saw what they were waiting for in a few pieces of news. The first was that Citigroup CEO, Vikram Pandit, made public remarks that his company had a profit in the first two months of 2009. But, even school children who hone their skills trading mock accounts online know that two months do not make a quarter, especially in banking. Some auditor may mention that Citi's toxic assets ran into more trouble in this quarter or that its consumer credit and LBO businesses needed to be adjusted for bad debt...
...This new policy is misguided and harmful for several reasons. First and foremost, the turn toward protectionism in the labor market mandates that the United States essentially throw away much of its already-sparse annual investment in human capital. Every year, American colleges and universities invest millions of dollars in the education of talented students from overseas. Considering the depth of the current crisis, it is foolish to turn away thousands of highly skilled, incredibly productive, and well-qualified candidates on the basis of their nationality...