Answer: Selective optimization with compensation
Explanation: Based on the above scenario the principle at work is Selective optimization with compensation. This theory was developed by Paul and Margaret Baltes, that individuals try to maintain a balance in their lives by looking for the most effective way to compensate for physical and cognitive losses and to become better in activities they can already do well.
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.
To learn more about Bernie Madoff scam, refer
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Implied powers are not explicitly mentioned, that means that they are not definitely specified and can be a subject of a debate. Implied powers are implied by what is needed to perform other, specified, functions. The debate around them focuses on finding out which powers are those, since they're not directly specified ( and thus could be abused).
Different resources, different hardships.
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