Saturday, January 25, 2020

The Financial Effect of Bernie Madoffs Ponzi Scheme

The Financial Effect of Bernie Madoffs Ponzi Scheme Bernard L. Madoff, simply known as Bernie is an American allegedly the operator of what is known as the largest Ponzi scheme in history. Bernie before his capture, acted as the stock broker, investment advisor and non-executive chairman of the NASDAQ stock market (Cherry and Wong 11). It was not later than 2009 when Madoff pleaded guilty; he was guilty for turning his wealth management business into a massive Ponzi scheme. This scheme according to various sources defrauded thousands of investors billions of dollars (Cherry and Wong 16). In 1960, Bernard Madoff founded one of the biggest firms in Wall Street. He was the chairman of his company Madoff Investment Securities LLC, until his arrest was warranted on the December of 2008 (Forbes 21). Before his arrest, the Madoff Investment Securities emerged as one of the top market maker businesses on the Wall Street (Forbes 27). After his arrest, Madoff explained to his children as a confession that most of his asset management unit of his firm was none other but a big fraud. The aim of this paper is to find out how Bernard L. Madoff managed to pull up the largest Ponzi scheme in history as well as the financial effects that this scheme had on the investors in the stock market. The Bernard Madoff Ponzi scheme left a lot of people financially wounded and as many people may think that this scheme only affect the Wall Street, research will prove otherwise. The Wall Street was just one of the victims of Madoffs Ponzi scheme. Others include BSBC and Maxam Capital Management LLC. Just to name a few. A Ponzi scheme is an investment where by fraud is involved. Usually when this scheme involves operations that pays returns to separate investors, not from the actual profit earned by the organization in question, but by profit from their own money or money paid by subsequent investors (Times 15). Due to its abnormally high but short term returns on investment, this scheme enables to entice new investors. Failure chances for this system are high mainly due to the fact that earning is usually less that the payment of the investors. How it started and its Benefiters According to Madoff, the Ponzi scheme began in early 1990s (All Sports New York 1). However, to the beliefs of the investigators or what they managed to scoop out of their investigations this scheme began earlier than that. Some say that the scheme began somewhere in the 1970s while others have different views. During the time huge amounts of money went missing from the clients accounts. The missing amounts included fabricated gains that were said to reach an estimate of $65 billion dollars (credit card compare 13). However, in order to pull out such a Ponzi is not an easy task. For one to be able to convince people to venture into a particular investment requires money and genius mind. Nevertheless, the main factor that made sure that Madoff was successful in his Ponzi scheme was his respect by other investors. He was also a well-established and esteemed financial expert with a reputation that was strengthened due to the reason that he was one of the founders of the renowned NASDAQ stock exchange and had a one term tenure as its chairman (How stuff works 2). He managed to earn the trust of his investors by his genius mind, since he ran his scheme concurrently; his was a legitimate business. He ensured that whenever his investors requested a withdrawal, Madoff Investment Company got their money to them promptly (How staff works 1). In addition to that, Madoff did not tempt his investors with unbelievable returns which were a problem of other schemers. On the contrary, this scheme did not just benefit Madoff. Jeffrey Picower, appear to have benefited the most in the scheme as his estate settled the claims against it for a figure estimated to be around $7.2 billion (Cherry and Wong 19). Another company that benefited more in the scheme is J.P. Morgan Chase Co. their benefits were seen in terms of interest and fees charged which were to the tune of a billion dollars. Other investors too were included in the scheme and while some of them have decided to return the money that they gained from the scheme some have decided to deny their involvement in the Madoff Ponzi scheme. Examples of the investors that have refused the charges include New York Mets owners Fred Wilpon and Saul Katz as well as other associated individuals and firms. These investors collectively received a collective amount of approximately $300 million; however Wilpon and Katz have rejected their involvement (Forbes 4). Other investors are still unknown but with time it is assumed that most or all the parties involved in this so called one big lie investment will be found with time. His victims The Bernard Madoff Ponzi scheme was declared as the largest Ponzi scheme in history. The so called largest fraud however has left big financial effects on the investors in the market. Most of these investors were directly linked to it while others were not. Thus in this section I am going to point out some of the victims that were affected by Madoff Ponzi scheme. To begin with, HSBC appeared to be among the largest victims of Bernard Madoff Ponzi scheme. The company became a victim of the fraud with a potential exposure of about $1billion to the investment managers collapsed venture (huffingpost 1). In addition to that, HSBCs revelation resulted from loans it offered its institutional clients, mainly hedge funds that wanted to invest with Mr. Madoff (huffingpost 1). However, the $1billion is said to be just a part of the cash provide in loans by customers who invested an approximate of $500million of their own funds in Mr. Madoffs venture (huffingpost, 2011). To ease their lose, HSBC has been put first on the list whose money will be return, however this will only be to the success of the US authorities recovering any funds that went into Madoffs ventures. On the contrary, Fairfield Greenwich Group was viewed as the greatest loser in this con of the century. The company lost an estimated amount of $7.3 billion in their Fairfield Sentry Ltd (businessinsider, 2011). Fairfield Sentry has a record of more than 15 years with an annual return of 4 to 6 percentage points above benchmark interest rates, this is a report put forward by a marketing document prepared by Zurich-based NPB New Private Bank Ltd (businessinsider, 2011).In a ten year period that ended in 2000, the companys interest rates ranged from 6.4% to 9.8%. This was due to the split-strike conversion, where the investment manager is made to buy shares belonging to large companies in the US and then entering into options contracts to limit the risk (businessinsider 2). In the wake of the Madoff Ponzi scheme, Fairfield Sentry Ltd Fixed Asset Management opened an account worth $400 million with the Madoff investments. The news of their investment falling into fraud came to them as a shock since then they had been checking with lawyers. Other potential victims to the Madoff Ponzi scheme are the giant French bank BNP Paribas, the Tokyo Based Nomula Holding Inc. and Neue Privat Bank in Zurich (WSJ 2). These two companies which raised lots of funds from investors and farmed out to hedge funds also suffered significant losses even though their loss was not compared to what Tremont Capital Management and Fairfield Greenwich Group, both of New York, had on the Madoff con of the century. Another firm that suffered as victims of the fraud was Kingate Management Ltd who lost an approximate amount of $2.5 billion while investing with Madoff (businessinsider 1). Thus while this seem to be a big loss Santander, which is known as the Eurozones largest bank by market value lost an allegedly $3.1 billion to the Madoff con (businessinsider 2). Santander had most there assets (2 billion euros) belonging to the institutional investors and international clients of its private-banking businesses (businessinsider 1). The Madoff scam did not just affect corporations but also individuals who had invested heavily in the Ponzi scheme. According to Times a family in America was clearly wiped of their wealth overnight. On the 11 of December 2008, a wife received a call that they had been waiting for 5 years in the morning from the person handling their financial matters just to tell her that they were clearly wiped of their investment. To their knowledge, they did not know it but they had been involved in the grand scheme masterminded by Bernard Madoff (Times website 1). Their investment began after they had sold their home at the peak of the market; the wife had a divorce earlier so the settlement from the divorce too was included in the investment together with other petite amounts they had saved. This however, is not the shocking news since the two lovers never really heard of the name Madoff. According to Times, their investment was carried on by a network organizer associated with Madoff. What attracted them what his 40 years fantastic achievement. Also the fact the wifes entire family was in the business for decades was enough to make them believe that their investment in Madoffs scam was a way forward. However, that is not the only family that was affected by the Madoff scandal. Thyssen Family, although not much of a family but a corporation, was also at the mist of the saga. Businessinsider.com reported that the family had been fund of funds since 1989 (businessinsider, 2011). Their involvement in the Madoff Ponzi Scheme came as a guarantee that the investment was going to bring to them a huge return. Ira Roths Family too was affected by the saga. The family had their $1 million invested through Mr. Madoffs firm. Ira found this to be a legitimate investment after finding out that his mother in law had been living on the investments return (businessinsider 2). The list of Madoffs victims goes on and on and thus making his story a very curious case to study. Most of the victims did not have a ware about of what they were doing. Despite the fact that Madoff himself was the owner of one of the top market makers companies on Wall Street was perhaps enough to blind people and make them think that all that he was offering them was a legitimate deal. After effects Bernard Madoff Ponzi scheme is seen as the biggest financial scam in history. However, this scam has left not just victims but also big after effects. Many corporations and individuals were left wondering which way forward they should take. Some of the individuals were completely wiped off their investment savings as well as ventures while others even though did not end up having nothing, need to return what they ventured in the scam. The New York Mets owners Wilpon and Katz involvement in the Madoffs Ponzi is said to affect the Mets record in various ways. The Wilpons are said to have invested heavily with Madoff, however they did not just invest their money but the Mets money and money that did not belong to them (Forbes 4). The worst part is that the Wilpons invested money that belonged to the players as well as money they used to fund other projects and TV stations. Despite the fact that, the Wilpons managed to get a lot of returns before the Madoff saga blew off, the saga has caused them now to put Mets on sale. At the beginning their allegations were that they were going to sell 20-25% of the team and none of the SNY but in April 2010 Forbes valued the team together with the SNY at around $825 million (Forbes 2). Their debt is still increasing and now both their team and the SNY are valued at around $225 million. however much the Wilpons are trying to revive the Mets and prevent it from being sold, it is quite clear that their the teams after effects from the Madoff Ponzi Scheme has robbed them off the every other alternative but to sell both the SNY and the team. However, the Madoff Ponzi scheme after effects was not just felt by individuals or corporations. This Ponzi scheme also had an effect on the stock prices as it forced scores of other hedge funds to dispose holdings and increase downward pressure on the stock prices (Forbes 2). These effects were seen after the arrest of the 70 year old investor who was widely considered to have a magic touch as an investor. In addition to that, investors across New York who had clamored to be in Ascot because of their stability of double-digit returns proficiency and the findings of wealth multiplication have all been left with neither head nor tail of what was going on in the corporation (Forbes 3). However, while others were being affected financial wise, the exposure of the fraud on a substantial scale was a upsetting to individuals who put their trust on Madoff with their fortunes and also to non-profit organizations which include Yeshiva University. This university, counted much on Madoffs alleged clandestine trading system to assist operate its institutions (Forbes 2). Justification on the Ponzi Despite the fact that the Madoff Ponzi scheme left so many remnants, a question still remains can financial scam be justified? Many people who fall into financial scams are usually the wealthy type. However, seeming like that is not enough, it has been found that most of the big players of a financial scam are also the wealthy people. For instance the Mets proprietors spent a lot of cash in the scam and thus it was until the whole business failed that they all lost. Despite that this Ponzi left a lot of financial effects of people and corporations, it also left a lesson that will never be forgotten. Madoffs Ponzi just like any other financial scam was not costly to only those who were directly involved but it also had a significant and a far reaching effect among societies nations and even worldwide (creditcardcompare.com.au 2). The Ponzi scheme was bigger than any other financial scandals which have included social security and mortgage mess. The people who have been following the story as it was being air on television and also in court are now asking themselves how much they can trust a corporation they want to invest in. Bernard Madoff Scam cost around $50 billion, and while it appeared to be the worst scam in history, it had its effects which were not just felt by the rich. However, its effects spanned to all nations in the worldwide. The rich together with the poor were all pulled by its magnet. The effect of this Ponzi scheme however has ensured that people will be more careful when it comes to investment. For instance, the two couples that sold all their properties just to invest on Madoffs ventures had not acquired the right information that would have enabled them to actually know what kind of investment they were entering. In a statement published on Times web site the couple stated that they did not know Madoff and thus their financial investment was being carried on by one of his network organizer. This is what smart investors will call lack of legitimate knowledge. More than that, other corporations were caught into the saga since they wanted to increase their profits. Also the fact that Madoff owned a big corporation on Wall Street was enough to actually convince people that his dealings were not just profitable but also legitimate. This backfired for many of the investors. Thus it is very important to actually know the company in which you are investing on. Many financial scams have come up before the Madoff Ponzi scheme but yet people are still being coned by these scam bugs. During the scam the effects are not realized. Even the person orchestrating the scam does not even think of what may happen at the end. It is until the end or after all hell has broken loose that many people come to realize that they were being coned. Thus this is what happened with the Madoff Ponzi scheme. It was not until people received phone calls that they realized that their investment ventures were just lies. However, Forbes has it that, if Madoff had not faced the $7 billion in redemption, the Ponzi scheme had not have been discovered (Forbes 2). This brings us to another lesson learned from this Ponzi greed. Some believe that greed is virtuous, especially when referring to money. However how much greed is good also becomes a question that people need to ask themselves. Madoff clearly knew that what he was doing was not right and thus probably he could have continued with it if he had kept it to the down low. Nonetheless, it is still astonishing the rewards that Madoff managed to pull out of this false investment and thus smart people could have pulled out of it. This is because it is virtually impossible to actually accumulate hefty returns similar to what Madoff gained, and it should have served as a warning to the involved parties (Forbes 1).Instead of waiting until the end where you will be left shocked how such a financial fraud was possible it would have been better if people had actually got smart and start questioning the amount of wealth that was being generated by the Madoff invisible company. Madoff may have conned many individuals, he may have left an investment scare on the financial market as many people are now left wondering where they should invest but in the long run people have to open their eyes. Conclusion In a nutshell it is quite clear that a financial investment can bring huge fortunes to someone. However, financial investments can also leave someone not knowing what has actually happened. Bernie Madoff Ponzi scheme is the latest financial scandal to have taken place and as if that is not enough it has also been labeled as the largest financial scam in history. This financial scam has left many people and corporations until now feeling the effects of the Ponzi but the question still remains will this stop people from being financially conned?

Friday, January 17, 2020

‘A PhD in the field of Pharmaceutical Sciences’ †Statement of Purpose Essay

Statement of Purpose I am determined to pursue a PhD in the field of Pharmaceutical Sciences with an emphasis on formulation and development of new drug entities. During pharmaceutics lab sessions in my second year as an undergraduate, I was engaged in making different drug formulations (Pharmaceutics). It was here I began to wonder how these dosage forms were being formulated to achieve optimum therapeutic response which led me to the goal of pharmaceutical technology. During my B.pharm in Pune University, my appetite for pharmaceutics led me to pursue a master’s in pharmaceutics. I worked hard, studying various Novel drug delivery systems such as Micro-particulate systems, chrono-modulated drug delivery systems, various polymeric dosage forms, etc. Not to negate this hard work, I couldn’t be more proud of what I accomplished in my research on the â€Å"Development and evaluation of Floating microspheres of Pioglitazone hydrochloride† and developed new dosage form for the delivery of the anti-diabetic drug. As compared to conventional dosage form (tablet) of Pioglitazone hydrochloride, this new dosage form prolongs the delivery of drug and retains it for nearly 12 hours in the stomach region, where maximum release of the drug is possible. My mark on the field has just begun My interests grew as I viewed at close quarters current developments in pharmaceutics, in particular as it relates to formulation and development of drug molecules. It is marvellous to see how a molecule, inefficacious in conventional formulations, can do wonders when used in a Novel Drug Delivery System like ‘Microparticles’. I feel the need to delve more deeply into my Master’s research topic of Microparticles and do more research into areas of Micro/nanotechnology, to study in detail the development of Micro/nanoparticles as carriers to deliver aniticancer agents, genes, vaccines, etc. I have published 2 research papers, 1 other is accepted for publication and another one under revision, which gave me intense experience of the overall procedure for publication from designing experiments 25/8/2013 2:13 PM ‘a PhD in the field of Pharmaceutical Sciences’ – Statement of Purpose http://www.essayforum.com/graduate-essays-4/phd-field-pharmaceutic†¦ Inspiration and enthusiasm well up in me when I am at work; I have gained professional experience by working for about 1year as Trainee chemist (F&D) at Zest Pharma and about 6 months as Chemist (F&D) at Aristo Pharma in India. During this period I become completely familiar with Preformulation studies, Formulation development and standardization of different oral solid dosage forms. Of course now I want to move forward ahead toward a Ph.D. I chose National University of Singapore (NUS) because of the exceptional research projects in the field of Pharmaceutics. I am mostly intrigued by Dr. Chan’s project concerning study of different techniques of microencapsulation and also Dr. Liew’s projects on Granulation and pelletization techniques. I am confident of making an original contribution to the field of Pharmaceutics and also because the facilities at NUS seem to foster a healthy research environment as I could gather from the brochure of your department. Also NUS provides a very thorough and effective foundation for work in the Industrial/Organizational field. I intend to pursue a career in the area of research and development for private industry; therefore NUS’s high placement rate, along with all above qualities, is imperative to me and my career. It is my intention to make a significant contribution to my chosen field and I look forward to our relationship with great eagerness.   Nov 7, 2011, 06:43am #2 any one can please take a look at my SOP and comment on possible changes EF_Susan [Moderator] Nov 10, 2011, 12:25pm #3 My mark on the field has just begun. I feel the need to delve more deeply into my Master’s research topic of Microparticles and to do more research into areas of Micro/nanotechnology, to study in detail the development of Micro/nanoparticles as carriers to deliver aniticancer agents, genes, vaccines, etc. I have published 2 research papers, and one other is accepted for publication and another†¦ I have taught lectures & have taken practicals of Physical Pharmacy (Pharmaceutics-II) of second year under-graduate students. Of course n Now I want to move forward ahead toward a Ph.D. Looks like they’ll be very lucky to have you as a student!   Similar discussions: PhD in Pharmaceutical Sciences (Rejected for the last time when applied) Reasons for applying Master of Science (MSc) programme in the Pharmaceutical Sciences Dynamic research group of UF; University of Florida/ PhD(Pharmaceutical Sciences)-SOP   Thesis statement for my sop (field of lifesciences/clinical sciences) – Need ideas! Research on Jacalin plant; Study Objective for Fulbright – Pharmaceutical Sciences Statement of Purpose for a major in Fluid/Thermal Sciences (MS Mechanical) Statement of Purpose for Graduate School in Bioarchaeology field in the UK Statement of Purpose for Chemical engineering in smart polymer’s field (the field of Oncology) Statement of Purpose Masters in Physician Assistant â€Å"The burgeoning field of Computer Science† – my Statement of Purpose Random: Obeying to the demands of Mrs. Sanderson; Significant Experience/ UC This thread has been closed. 25/8/2013 2:13 PM ‘a PhD in the field of Pharmaceutical Sciences’ – Statement of Purpose 4 of 4 http://www.essayforum.com/graduate-essays-4/phd-field-pharmaceutic†¦ 25/8/2013 2:13 PM

Thursday, January 9, 2020

Genetic Evidence Reveals Clues to Roots of Bipolar Disorder

Genetic Evidence Reveals Clues to Roots of Bipolar Disorder Bipolar disorder is a disorder characterized by periods of mania alternating with periods of depression, usually interspersed with relatively long intervals of normal mood (bipolar 2010). Bipolar can be a very debilitating psychological disorder, characterized by erratic and extreme changes in ones personality. An individual with bipolar may experience weeks or months of depression with alternating periods of mania, at which point the person may become hyperactive, irritable, restless and experience a rush thoughts and ideas. These â€Å"racing thoughts† are a common complaint of people with bipolar because it interferes with their ability to concentrate, speak, listen, complete†¦show more content†¦The association between Wnt and bipolar disorder has recently been supported by biological evidence that increasing the levels of GSk-3ÃŽ ² reverses the effects of lithium in the body. This is a direct explanation of how lithium and other drugs are effective in the treatme nt of bipolar patients. Family studies that Zandi and his research team have begun to conduct are beginning to look promising. His team has identified the response of a single nucleotide polymorphism (SNP), which was laying in the gene PPARD of a specific chromosome. After finding the first SNP, researchers were able to match its response to another SNP which had previously been identified as a bipolar cohort. Evertually they were able to locate four more associated with bipolar disorder, all of which were located on a single haplotype block, a combination of SNP’s, on gene PPARD. SNP’s are differences between DNA sequences that allow for genetic variations among humans. SNP’s are extremely difficult to identify, however new technologies have led to more recent discoveries. In the near future, as we gain more knowledge about them, SNP’s will allow researchers to revolutionize their ability to detect diseases, and develop preventative and curative medicine . Through his teams research they haveShow MoreRelatedOrganisational Theory230255 Words   |  922 Pages . viii Contents Chapter 2 Modernist organization theory: back to the future? Introduction Modernist organization theory in context What is modernism? Modernism and architecture What is modernist organization theory? The historical roots of modernist organization theory Classical theory of organization Modernist organization theory: an overview The modernist ontology: the ordered world of the modernist organization The epistemological level: the scientific approach to organizationRead MoreDeveloping Management Skills404131 Words   |  1617 PagesEmpowering and Delegating Effective Empowerment and Delegation 440 Personal Empowerment Assessment 441 SKILL LEARNING 443 Empowering and Delegating 443 A Management Dilemma Involving Empowerment The Dirty Dozen 444 The Meaning of Empowerment 445 Historical Roots of Empowerment 446 Dimensions of Empowerment 447 Self-Efficacy 447 Self-Determination 448 Personal Consequence 449 Meaning 449 Trust 450 Review of Empowerment Dimensions 451 How to Develop Empowerment 451 Articulating a Clear Vision and Goals 452 FosteringRea d MoreManagement Course: Mba−10 General Management215330 Words   |  862 Pagesor acceptable level of performance for a task, and then develop a pay system that provides a reward for performance above the acceptable level. To encourage workers to perform at a high level of efï ¬ ciency, and to provide them with an incentive to reveal the most efï ¬ cient techniques for performing a task, Taylor advocated that workers beneï ¬ t from any gains in performance. They should be paid a bonus and receive some percentage of the performance gains achieved through the more efï ¬ cient work process

Wednesday, January 1, 2020

The Gospel Of The Christian Worldview - 1476 Words

Any person’s worldview acts as a determinant factor from which people are able to come up with the truth as well as understand the purpose of the life. Worldview is just like lenses with different glasses where everyone puts it on, nevertheless, what people tent to observe through them differs from one another. This is how people view the world. All the beliefs as well as the decisions made are interpreted depending on the glasses one puts on. This is to say that each person has a worldview. Christianity is one of the worldviews which states that an individual has to commit himself to Jesus Christ. This essay will discuss some of the Gospel essentials in the Christian worldview. God Understanding the nature of God by human being is much†¦show more content†¦Firstly, humans are created from the image of God. Secondly, human nature is much sinful due to the actions done by Adam and Eve. Through the Bible, we find that Adam and Eve wanted to be powerful. Instead of respecting God as well as getting wisdom from Him, they ate from the evil tree which was forbidden. God has an intention to humanity; the intention of knowing only the goodness of life and not the bad and that is why when he placed Adam and in the garden of Eden, He warned them not to take any fruit from the forbidden and if they do, they will die, however, because Adam and Eve seized God s order and command and evil started. Humanity comprises of the multiple purpose. People are given a unique priority according to God’s creation in the way that they are the only creatures which can communicate with Him. It means that the purpose of people is to enter into a relationship with God through prayers and worshiping Him. Human were delegated the duties of caring God s creation that included plants and animals. All people have a certain uniqueness that is God gifted. In other words, God is corrected to make any changes in terms of destiny to people because of the unconditional love He has to people. Luke 12:7 put it that the very hairs of human’s head are all numbered and that no one has to be afraid as you are more than birds like sparrows. Sin is taken to be the root of individuality’s issue. Sins such as committing murder, theft or evenShow MoreRelatedThe Gospel Of The Christian Worldview1471 Words   |  6 PagesGospel Essentials Of the many group worldviews around the world, the Christian Worldview has to be the most unique and radical. The combination of the Old Testament and New Testament with the teachings of Jesus lay the groundwork for how a Christian should see the world today. From attributing creation to God to loving your neighbor, there is a lot that Christians have to attempt. 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