The biggest Ponzi scam in history was carried out by American banker Bernard Lawrence "Bernie" Madoff, who defrauded thousands of investors out of tens of billions of dollars over the course of around 17 years.
Madoff recruited investors by promising to provide significant, consistent profits using a legal trading approach known as split-strike conversion. However, Madoff put client money into a single bank account, which he then used to pay returning customers.
When the market drastically declined in late 2008, he was unable to continue the deception. He paid redemptions by luring new investors and their funds.
In the scam Madoff just put their money of the investors in a Chase Manhattan Bank account, which was later combined to form JPMorgan Chase & Co. in 2000.
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The process of reasoning to a general conclusion through observation of specific cases is called Inductive Reasoning.
<h3>What is Inductive Reasoning?</h3>
Inductive reasoning is seen as a kind of a process or a method that is known to be used in the drawing of conclusions.
This can be done by going from a particular point to a general point and it is known to be one that is often contrasted with deductive reasoning.
Therefore, based on the above, The process of reasoning to a general conclusion through observation of specific cases is called Inductive Reasoning.
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Answer:
Sectionalism ended the era of good feelings. People were for ones own region and against other regions. Regions disagreed about slavery, need for tariffs , national bank, and internal improvements - federal, state, and privately funded projects such as canals and roads to develop the nation's transportation system.
Explanation:
The Era of Good Feelings marked a period in the political history of the United States that reflected a sense of national purpose and a desire for unity among Americans in the aftermath of the War of 1812.
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If there is a reasonable possibility that an account or disclosure could contain a misstatement that is material, the account or disclosure is identified as: relevant assertion.
The existence assertion assures that the information presented exists and is free from fraudulent activity. This assertion is a test to the fact that this is a complete assessment and has all the items included in the statement for a given accounting period.The existence of cash is always relevant, and the valuation of existence assertion is a relevant assertion for the cash.
According to it, Cash balances on the balance sheet exist at the reporting date. It means that assets and liabilities exist, and there has been no overstatement of valuation. Financial statement assertions are claims made by companies that attest that the information on their financial statements is true and accurate.
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Confucius (551–479 B.C.E.) was one of several intellectuals who started questioning the meaning of life, and the role of the gods and the spirits. During the Warring States Period, Confucius developed a system of ethics and politics that stressed five virtues: charity, justice, propriety, wisdom, and loyalty. His teachings were recorded by his followers in a book called <span>Analects, </span><span>and formed the </span>code of ethics<span> called </span>Confucianism<span> that has been the </span>cornerstone<span> of Chinese thought for many centuries.</span><span>
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