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If you were an investor in Madoff's ponzi scheme, you lost money.
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Why was the Tax collector important in roman times?
The Roman Empire was a gigantic Ponzi scheme; that is, the Roman armies were sent to conquer and occupy additional territories from which they collected taxes and other resources which were sent back to Rome for the enrichment of the Roman citizens. When the Roman conquests stretched too far from Rome and the entire territory could no longer be defended, Rome began to crumble.
Were the Germans poor after Holocaust?
Standing on its own, the holocaust enriched the German Third Reich, because the Nazi government not only murdered 6 million Jews and another 5 million others in addition (political opponents, mentally ill or disabled, gypsies, slavs, and homosexuals), but also stole the property and wealth of the murdered people. The surviving German people gained the economic benefit of using the houses, automobiles, furniture, jewelry, clothing and other items stolen from the murder victims. The German economy suddenly had more housing and more consumer goods to spread around, having ruthlessly murdered the previous owners. The government confiscated the wealth (money) of the murder victims, even taking the gold fillings out of their teeth and melting down the wedding rings. Hitler's claim to having improved Germany's economy must be understood in terms of how Hitler achieved it: By stealing it from 11 million murder victims, as well as by looting neighboring countries. The Nazi economy was a "Ponzi scheme" or pyramid scheme. It could only be sustained by continually conquering more neighbors and stealing their wealth. However, other things took place as well. Hitler starting World War II was an enormous gamble. Especially the invasion of the Soviet Union was a huge gamble. Ultimately, those gambles failed. The War destroyed the German economy, along with the economy of most of Europe. The Holocaust ended in 1945 -- by which time it is well known that Germany had been thoroughly defeated by the Soviet Union and the United Sates, its cities, factories, railways, harbors and whathaveyou had been bombed to smithereens, it had lost large parts of territory both east and west, and had to contend with 12 million refugees. So, if the question was about the economy, in 1945 there was no German economy to speak of; in fact, the German spent the next few years basically living on charity. However, there is another side to the subject, and this is the fact the the Holocaust was perhaps the most stupid crime in History. The Nazis chased half a million German Jews out of Germany and murdered another 6 million Jews because they actually believed that the Jews wanted to destroy Germany. Yet this was pure paranoia on their part, as the German Jews were completely devoted to Germany and the absolute majority of the rest of the European Jews were actually quite fond of Germany, thinking it a cultured and civilized land (an impression reinforced among the Eastern European Jews due to the good behavior displayed by the German troops in Russin during the First World War). So in addition to material losses, the Germans also lost some of their best citizens, all their friends, and also their good name and reputation. It doesn't get more "poor" than that.
Who is Michael Bilton?
Michael Bilton is a full time writer. He is a former documentary film maker and investigative feature writer for the London Sunday Times Magazine. His books include Four Hours in My Lai (1992) ISBN 0-670-8429606 (hc) and 0 14 01.7709 (pbk); WICKED BEYOND BELIEF: The Hunt for the Yorkshire Ripper (2003) updated (2006) , ISBN-13 978-0-00-716963-4 and ISBN-10 0-00-716963-9 [see http://www.timesonline.co.uk/tol/news/article813891.ece] ; and Speaking Out: Untold Stories from the Falklands War(1987) ISBN 0 233 98404 6.Born in London in 1947, he grew up in Sutton, Surrey, and went to work on the Sutton and Cheam Herald as a trainee in 1964. He had a series of jobs in provincial journalism before joining the staff of the London Evening News in 1973. The following year he was awarded a scholarship to study at the University of York. He graduated in political science in 1977 and was a recipient of a Social Science Research Council post-graduate research studentship at Oxford University (Trinity College, 1978 and Nuffield College, 1979. He contributed to the Nuffield Election study of the 1979 General Election with a chapter about The Press.He joined the staff of the London Sunday Times in November, 1979 after working as a temporary reporter in the paper's newsroom while he was at Oxford. He became the Sunday Times' Northern Correspondent, reported from Washington DC during the Falklands War in 1982 and later became a member of the INSIGHT team.In 1983 he joined the documentary department of Yorkshire Television as an associate producer. He produced and co-produced films about many subjects. "Hearts of Oak"(1989) concerned the sinking of the battleship HMS Royal Oak at Scapa Flow by a German submarine (U-47) at the outbreak of the second World War. "A Heartbeat Away" (1989) was an intimate portriat of Vice President Dan Quayle, filmed with unique access during the week of his innauguration. "Far East Ender"(1985) told the story of Billy Felton, a sergeant in the Army posted to Britain's only missile range in the Outer Hebrides and how he became a crofter, and a member of the island's community. "Akong and the Big Shrine Room" 1986 followed the building of a Tibetan Buddhist temple at Eskdalemuir in the Scottish borders. Petrona's Honour (1995) made for the BBC Everyman series, was set in Liverpool, where Petrona Lashley was due to become the city's first black Lord Mayor. Until the local newspaper revealed she had had a conviction for prostitution 20 years before. And the Labour Party swiftly moved to disown her. "Bad Trip to Edgwood", (1993) revealed how US Army conscripts in the 1960s were secretly used as guinea pigs and tested with LSD and other chemical agents without their knowledge and in breach of the Nuremberg protocols. Four Hours in My Lai (1989) won an Internantional Emmy and a British Academy Award (BAFTA); "The Falklands War:The Untold Story" (1987) won several international awards including a Rockie at Banff in 1988 and received a special mention from the jury at the 1988 Prix Italia. MANHUNT: The Search for the Yorkshire Ripper (1999) was nominated for a BAFTA. His book about the police hunt for the Yorkshire Ripper serial killer was shortlisted for a Gold Dagger for Non Fiction by the Crime Writer's Association.Bilton has taught at the Danish School of Journalism in Arhus, Denmark; the Centre for Mid Career Training in Journalism in Copenhagen, and at Connecticut College in New London, Connecticut, where he spent a semester in 1999 teaching a course on documentary film making. He has been a visiting lecturer at Bournemouth University, London College of Communication, Surrey College of Art & Design and Lancaster University. In November, 2009, he was a guest lecturer and ran a workshop at annual conference of Nordic Association for Investigative Journalism in Copenhagen.He acted as a consultant during the pre-production period of Oliver Stone's proposed PINKVILLE film project about the My Lai massacre, in 2007.Primary source materials from his work are deposited at a number of archives -The Liddell Hart Centre for Military Archives at Kings College, University of London, holds material on:My LaiBad Trip to EdgwoodSandline InternationalThe Imperial War Museum in London holds all 90+ interviews filmed in 1986/87 for "The Falklands War: the Untold Story"The Jill Dando Institute for Crime Science, at University College, London, holds his Yorkshire Ripper archivesMichael Bilton has written regularly for the London Sunday Times Magazine since 1995. His subjects range from the Priest Abuse scandal in Boston to Napoleon, Sandline International, in Papua New Guinea in 1997. As a result of this major cover story Bilton was invited to give evidence about private military companies to British MPs on the Foreign Affairs Committee of the House of Commons.Michael Bilton is a member of the International Consortium of Investigative Journalists, based at the Centre for Public Integrity in Washington DC.In 2006/7 he was one of 10 ICIJ members who co-operated on a major study into the fallout of the United States' activities after 9/11 called "Collatoral Damage" seeThe Center for Public Integrity won the 2007 Investigative Reporters and Editors (IRE) award for online investigative journalism for Collateral Damage: Human Rights and U.S. Military Aid after 9/11.Michael Bilton wrote about the European end of the CIA rendition programme and how prisoners were being sent to third world countries and tortured.A second article by Bilton examined how the US Government had condoned torture practices outlawed by the American military in the Vietnam warHe wrote about how millions of images/videos of children being sexually abused are traded over internet in a London Sunday Times Magazine article: "Child Abuse: Catching the Criminals" on 25th October, 2009.On 9th January, 2011, Michael Bilton's major story "The Texan who fell to Earth" - resulting from a four month investigation into Allen Stanford's 20 year reign in Antigua - was published, again by the London Sunday Times Magazine, which is now only available online by subscription. Stanford had at that point been held on remand for 18 months in Houston, Texas, accused of a $7 billion Ponzi scheme. When eventually convicted in June, 2012, he became the second biggest fraudster in history and was given a sentence of 110 years in Federal prison. The 'fraud' exposed by the US Securities and Exchange Commission in February, 2009, centred on Stanford's offshore bank in Antigua - a small island in the Caribbean, where Stanford methodically ingratiated himself - becoming the biggest private owner of Government debt. It in turn granted huge favoures over development land, which Stanford hoped would make him fabulously rich.In earlier writings in the London Daily Express in 2004 and 2008 - Bilton had returned to the subject of the serial killer - Peter Sutcliffe - held in Broadmoor maximum security hospital. The Yorkshire Rippper - had been jailed in 1981 for 20 life terms for 13 murders and seven attempted murders after a five year long reign of terror in the North of England in the 1970s. Bilton predicted that Sutcliffe would attempt to win his freedom using the British court system but that his terrible crimes were so aggravated, judges would never free him from jail. On 10th January, 2011, the Lord Chief Justice in the Appeal Court in London, pronounced Sutcliffe would have to spend the rest of his life behind bars. "Truth Behind Ripper's Bid for Freedom" 17th May, 2008,A new edition of "Wicked Beyond Belief: The Hunt for the Yorkshire Ripper" was published by Harper Press in April, 2012. Since it was first published in 2003, the work has been re-printed many times and has gone through several updates. The 2012 edition has been completely updated with a re-designed cover and a new chapter exploring Peter Sutcliffe's attempt in 2010 and 2011 to win his freedom through the courts. It covers in detail the final Appeal Court judgement which ended Sutcliffe's attempts to win his freedom. The appeal revealed many hidden details about Sutcliffe's life behind bars, the sexual motivation behind his attacks, and medical opinions about his mental health.In 2011 Michael Bilton decided to concentrate full-time on book-writing and contributing to the work of the International Consortium of Investigative Journalists (ICIJ) in Washington DC, with the occasional foray into teaching.
How much did madoff steal?
65 billion
What was Bernard Madoff's money-making scheme?
Bernie Madoff is responsible for creating and running a large Ponzi investment scheme. In simple terms, a Ponzi scheme (named after a man of the name of Ponzi who was first credited with using this type of get-rich-quick methos of money) is where initially investors put in large sums of money. Madoff then gave large percents of that back, calling it the intrest made from the investment. The investors, believing that Madoff was investing their money wisely, invested more money. As new investors came in, their money went towards the fake-intrest-earnings for earlier investors, as so on. A majority of the money was taken (illegally) by Madoff and spent. It is suspected that millions and millions of dollars exist in private off-shore accounts and, due to their privacy, will never be known or recoverred.
How much money did bernie madoff profit from the ponzi scheme?
$65-billion
What is the definition of a ponzi scheme?
The definition of a ponzi scheme is that ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from profits earned by the individual or organization running the operation.
What do you call a form of fraud where previous investors' money is used to pay out later investors?
A Ponzi Scheme Or a Pyramid scheme.
Where did ponsy scheme originate?
Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors. This originated in 1920's US with Charles Ponzi.
How did Bernard Madoff defraud investors?
A Ponzi scheme is a fraudulent investmentoperation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation. The Ponzi scheme usually entices new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. Perpetuation of the high returns requires an ever-increasing flow of money from new investors to keep the scheme going.
Bernard madoff responsible for?
Bernie Madoff is responsible for creating and running a large Ponzi investment scheme.
Bernard l madoff is responsible for what?
Bernie Madoff is responsible for creating and running a large Ponzi investment scheme.
Isn't Bernard Madoff a vampire?
Bernie Madoff is responsible for creating and running a large Ponzi investment scheme.
What is a Ponzi scheme?
A 'Ponzi scheme' is a scheme in which investors are promised extraordinary returns, but meanwhile these returns are simply paid out from the inflow off new funds from new investors in the scheme. This is much like a pyramid scheme and results in an eventual collapse in which investors lose most -- or all -- of their money.
What do you call the practice of providing old investors above-average returns on their investment with funds raised from new investors?
Paying high 'returns' to investors out of their own money and the money of new investors is known as a Ponzi scheme. It is named after Charles Ponzi, who used it in 1920 to defraud many people in the United States. He did not invent it but his name became identified with all such operations because of the great amount of money he took in. Bernard Madoff, who confessed on December 10, 2008, is responsible for an estimated sixty five billion dollars in losses. That makes his Ponzi scheme the biggest investment fraud in history to be carried out by one man.
