Word: ponzi
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Dates: during 2000-2009
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MARK DREIER, a disgraced financier currently serving 20 years in prison for fraud, on why he hatched a $380 million Ponzi scheme that ran for four years beginning...
...seems surprising that the leaders of an institution as sophisticated as Hizballah would fall for a simple Ponzi scheme. But the organization relies on a network of businessmen and fundraisers such as Ezzeddine, not just in southern Lebanon but also in West Africa, South America and wherever expatriate Lebanese do business. Hizballah has been trying to become financially independent from its main patron, Iran (which has its own financial problems), and earlier this year, a Hizballah official told TIME the organization is close to becoming completely self-sustaining. What effect the Ezzeddine scandal has on those plans remains...
...have always known that heedless self-interest was bad morals," FDR said in 1937, in the midst of the Great Depression. "We know now that it is bad economics." We learned this all over again after the collapse of Lehman Brothers, the shame of subprime mortgages and the brazen Ponzi scheme of Bernie Madoff. But even amid the Great Recession of 2009, people have been trading in their SUVs for Priuses, buying record amounts of fair-trade coffee and investing in socially responsible funds at higher rates than ever before. What we are discovering now, in the most uncertain economy...
...career and others may suffer," says Schindler. Whether a federal court will hold the SEC accountable for the "human failings of one or more personnel" is the question, he says. If it does, though, he says the ruling would open the floodgates for people to make claims in every Ponzi scheme...
...There would be a backlash to Congress bailing out billionaires who lost a few hundred million as a result of the Madoff scandal," says Evans. "But there are people who are affected by the Ponzi scheme who I think we all agree are deserving of a helping hand...