2013년 12월 1일 일요일

오전 10:00

By Felecia Cichon

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About 'portfolio accounting system'|...commitment to fact and reason within both American journalism and the broader political system. Though lying is not foreign to U.S. politics and media, ...







About 'portfolio accounting system'|...commitment to fact and reason within both American journalism and the broader political system. Though lying is not foreign to U.S. politics and media, ...








Ｔｕｌｉｐｍａｎｉａ               -               ｔｈｉｓ               ｉｓ               ｔｈｅ               ｎａｍｅ               ｃｏｉｎｅｄ               ｆｏｒ               ｔｈｅ               ｆｉｒｓｔ               ｐｙｒａｍｉｄ               ｉｎｖｅｓｔｍｅｎｔ               ｓｃｈｅｍｅ               ｉｎ               ｈｉｓｔｏｒｙ.

Ｉｎ               1634,               ｔｕｌｉｐ               ｂｕｌｂｓ               ｗｅｒｅ               ｔｒａｄｅｄ               ｉｎ               ａ               ｓｐｅｃｉａｌ               ｅｘｃｈａｎｇｅ               ｉｎ               Ａｍｓｔｅｒｄａｍ.

Ｐｅｏｐｌｅ               ｕｓｅｄ               ｔｈｅｓｅ               ｂｕｌｂｓ               ａｓ               ｍｅａｎｓ               ｏｆ               ｅｘｃｈａｎｇｅ               ａｎｄ               ｖａｌｕｅ               ｓｔｏｒｅ.

Ｔｈｅｙ               ｔｒａｄｅｄ               ｔｈｅｍ               ａｎｄ               ｓｐｅｃｕｌａｔｅｄ               ｉｎ               ｔｈｅｍ.

Ｔｈｅ               ｒａｒｅ               ｂｌａｃｋ               ｔｕｌｉｐ               ｂｕｌｂｓ               ｗｅｒｅ               ａｓ               ｖａｌｕａｂｌｅ               ａｓ               ａ               ｂｉｇ               ｍａｎｓｉｏｎ               ｈｏｕｓｅ.

Ｔｈｅ               ｃｒａｚｅ               ｌａｓｔｅｄ               ｆｏｕｒ               ｙｅａｒｓ               ａｎｄ               ｉｔ               ｓｅｅｍｅｄ               ｔｈａｔ               ｉｔ               ｗｏｕｌｄ               ｌａｓｔ               ｆｏｒｅｖｅｒ.

Ｂｕｔ               ｔｈｉｓ               ｗａｓ               ｎｏｔ               ｔｏ               ｂｅ.
               Ｔｈｅ               ｂｕｂｂｌｅ               ｂｕｒｓｔ               ｉｎ               1637.

Ｉｎ               ａ               ｍａｔｔｅｒ               ｏｆ               ａ               ｆｅｗ               ｄａｙｓ,               ｔｈｅ               ｐｒｉｃｅ               ｏｆ               ｔｕｌｉｐ               ｂｕｌｂｓ               ｗａｓ               ｓｌａｓｈｅｄ               ｂｙ               96%!
               Ｔｈｉｓ               ｓｐｅｃｉｆｉｃ               ｐｙｒａｍｉｄ               ｉｎｖｅｓｔｍｅｎｔ               ｓｃｈｅｍｅ               ｗａｓ               ｓｏｍｅｗｈａｔ               ｄｉｆｆｅｒｅｎｔ               ｆｒｏｍ               ｔｈｅ               ｏｎｅｓ               ｗｈｉｃｈ               ｗｅｒｅ               ｔｏ               ｆｏｌｌｏｗ               ｉｔ               ｉｎ               ｈｕｍａｎ               ｆｉｎａｎｃｉａｌ               ｈｉｓｔｏｒｙ               ｅｌｓｅｗｈｅｒｅ               ｉｎ               ｔｈｅ               ｗｏｒｌｄ.

Ｉｔ               ｈａｄ               ｎｏ               "ｏｒｇａｎｉｚｉｎｇ               ｃｏｍｍｉｔｔｅｅ",               ｎｏ               ｉｄｅｎｔｉｆｉａｂｌｅ               ｇｒｏｕｐ               ｏｆ               ｍｏｖｅｒｓ               ａｎｄ               ｓｈａｋｅｒｓ,               ｗｈｉｃｈ               ｃｏｎｔｒｏｌｌｅｄ               ａｎｄ               ｄｉｒｅｃｔｅｄ               ｉｔ.

Ａｌｓｏ,               ｎｏ               ｅｘｐｌｉｃｉｔ               ｐｒｏｍｉｓｅｓ               ｗｅｒｅ               ｅｖｅｒ               ｍａｄｅ               ｃｏｎｃｅｒｎｉｎｇ               ｔｈｅ               ｐｒｏｆｉｔｓ               ｗｈｉｃｈ               ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｃｏｕｌｄ               ｅｘｐｅｃｔ               ｆｒｏｍ               ｐａｒｔｉｃｉｐａｔｉｎｇ               ｉｎ               ｔｈｅ               ｓｃｈｅｍｅ               -               ｏｒ               ｅｖｅｎ               ｔｈａｔ               ｐｒｏｆｉｔｓ               ｗｅｒｅ               ｆｏｒｔｈｃｏｍｉｎｇ               ｔｏ               ｔｈｅｍ.
               Ｓｉｎｃｅ               ｔｈｅｎ,               ｐｙｒａｍｉｄ               ｓｃｈｅｍｅｓ               ｈａｖｅ               ｅｖｏｌｖｅｄ               ｉｎｔｏ               ｉｎｔｒｉｃａｔｅ               ｐｓｙｃｈｏｌｏｇｉｃａｌ               ｐｌｏｙｓ.
               Ｍｏｄｅｒｎ               ｏｎｅｓ               ｈａｖｅ               ａ               ｆｅｗ               ｃｈａｒａｃｔｅｒｉｓｔｉｃｓ               ｉｎ               ｃｏｍｍｏｎ:
               Ｆｉｒｓｔ,               ｔｈｅｙ               ｉｎｖｏｌｖｅ               ｅｖｅｒ               ｇｒｏｗｉｎｇ               ｎｕｍｂｅｒｓ               ｏｆ               ｐｅｏｐｌｅ.

Ｔｈｅｙ               ｍｕｓｈｒｏｏｍ               ｅｘｐｏｎｅｎｔｉａｌｌｙ               ｉｎｔｏ               ｐｒｏｐｏｒｔｉｏｎｓ               ｔｈａｔ               ｕｓｕａｌｌｙ               ｔｈｒｅａｔｅｎ               ｔｈｅ               ｎａｔｉｏｎａｌ               ｅｃｏｎｏｍｙ               ａｎｄ               ｔｈｅ               ｖｅｒｙ               ｆａｂｒｉｃ               ｏｆ               ｓｏｃｉｅｔｙ.

Ａｌｌ               ｏｆ               ｔｈｅｍ               ｈａｖｅ               ｇｒａｖｅ               ｐｏｌｉｔｉｃａｌ               ａｎｄ               ｓｏｃｉａｌ               ｉｍｐｌｉｃａｔｉｏｎｓ.
               Ｈｕｎｄｒｅｄｓ               ｏｆ               ｔｈｏｕｓａｎｄｓ               ｏｆ               ｉｎｖｅｓｔｏｒｓ               (ｉｎ               ａ               ｐｏｐｕｌａｔｉｏｎ               ｏｆ               ｌｅｓｓ               ｔｈａｎ               3.5               ｍｉｌｌｉｏｎ               ｓｏｕｌｓ)               ｗｅｒｅ               ｄｅｅｐｌｙ               ｅｎｍｅｓｈｅｄ               ｉｎ               ｔｈｅ               1983               ｂａｎｋｉｎｇ               ｃｒｉｓｉｓ               ｉｎ               Ｉｓｒａｅｌ.
               Ｔｈｉｓ               ｗａｓ               ａ               ｃｌａｓｓｉｃ               ｐｙｒａｍｉｄ               ｓｃｈｅｍｅ:               ｔｈｅ               ｂａｎｋｓ               ｏｆｆｅｒｅｄ               ｔｈｅｉｒ               ｏｗｎ               ｓｈａｒｅｓ               ｆｏｒ               ｓａｌｅ,               ｐｒｏｍｉｓｉｎｇ               ｉｎｖｅｓｔｏｒｓ               ｔｈａｔ               ｔｈｅ               ｐｒｉｃｅ               ｏｆ               ｔｈｅ               ｓｈａｒｅｓ               ｗｉｌｌ               ｏｎｌｙ               ｇｏ               ｕｐ               (ｓｏｍｅｔｉｍｅｓ               ｂｙ               2%               ｄａｉｌｙ).

Ｔｈｅ               ｂａｎｋｓ               ｕｓｅｄ               ｄｅｐｏｓｉｔｏｒｓ'               ｍｏｎｅｙ,               ｔｈｅｉｒ               ｃａｐｉｔａｌ,               ｔｈｅｉｒ               ｐｒｏｆｉｔｓ               ａｎｄ               ｍｏｎｅｙ               ｔｈａｔ               ｔｈｅｙ               ｂｏｒｒｏｗｅｄ               ａｂｒｏａｄ               ｔｏ               ｋｅｅｐ               ｔｈｉｓ               ｉｍｐｏｓｓｉｂｌｅ               ａｎｄ               ｕｎｈｅａｌｔｈｙ               ｐｒｏｍｉｓｅ.

Ｅｖｅｒｙｏｎｅ               ｋｎｅｗ               ｗｈａｔ               ｗａｓ               ｇｏｉｎｇ               ｏｎ               ａｎｄ               ｅｖｅｒｙｏｎｅ               ｗａｓ               ｉｎｖｏｌｖｅｄ.
               Ｔｈｅ               Ｍｉｎｉｓｔｅｒｓ               ｏｆ               Ｆｉｎａｎｃｅ,               ｔｈｅ               Ｇｏｖｅｒｎｏｒｓ               ｏｆ               ｔｈｅ               Ｃｅｎｔｒａｌ               Ｂａｎｋ               ａｓｓｉｓｔｅｄ               ｔｈｅ               ｂａｎｋｓ               ｉｎ               ｔｈｅｓｅ               ｃｒｉｍｉｎａｌ               ｐｕｒｓｕｉｔｓ.

Ｔｈｉｓ               ｓｐｅｃｉｆｉｃ               ｐｙｒａｍｉｄ               ｓｃｈｅｍｅ               -               ａｒｇｕａｂｌｙ,               ｔｈｅ               ｌｏｎｇｅｓｔ               ｉｎ               ｈｉｓｔｏｒｙ               -               ｌａｓｔｅｄ               7               ｙｅａｒｓ.
               Ｏｎ               ｏｎｅ               ｄａｙ               ｉｎ               Ｏｃｔｏｂｅｒ               1983,               ＡＬＬ               ｔｈｅ               ｂａｎｋｓ               ｉｎ               Ｉｓｒａｅｌ               ｃｏｌｌａｐｓｅｄ.

Ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ               ｆａｃｅｄ               ｓｕｃｈ               ｃｉｖｉｌ               ｕｎｒｅｓｔ               ｔｈａｔ               ｉｔ               ｗａｓ               ｆｏｒｃｅｄ               ｔｏ               ｃｏｍｐｅｎｓａｔｅ               ｓｈａｒｅｈｏｌｄｅｒｓ               ｔｈｒｏｕｇｈ               ａｎ               ｅｌａｂｏｒａｔｅ               ｓｈａｒｅ               ｂｕｙｂａｃｋ               ｐｌａｎ               ｗｈｉｃｈ               ｌａｓｔｅｄ               9               ｙｅａｒｓ.

Ｔｈｅ               ｔｏｔａｌ               ｉｎｄｉｒｅｃｔ               ｄａｍａｇｅ               ｉｓ               ｈａｒｄ               ｔｏ               ｅｖａｌｕａｔｅ,               ｂｕｔ               ｔｈｅ               ｄｉｒｅｃｔ               ｄａｍａｇｅ               ａｍｏｕｎｔｅｄ               ｔｏ               6               ｂｉｌｌｉｏｎ               ＵＳＤ.
               Ｔｈｉｓ               ｓｐｅｃｉｆｉｃ               ｉｎｃｉｄｅｎｔ               ｈｉｇｈｌｉｇｈｔｓ               ａｎｏｔｈｅｒ               ｉｍｐｏｒｔａｎｔ               ａｔｔｒｉｂｕｔｅ               ｏｆ               ｐｙｒａｍｉｄ               ｓｃｈｅｍｅｓ:               ｉｎｖｅｓｔｏｒｓ               ａｒｅ               ｐｒｏｍｉｓｅｄ               ｉｍｐｏｓｓｉｂｌｙ               ｈｉｇｈ               ｙｉｅｌｄｓ,               ｅｉｔｈｅｒ               ｂｙ               ｗａｙ               ｏｆ               ｐｒｏｆｉｔｓ               ｏｒ               ｂｙ               ｗａｙ               ｏｆ               ｉｎｔｅｒｅｓｔ               ｐａｉｄ.

Ｓｕｃｈ               ｙｉｅｌｄｓ               ｃａｎｎｏｔ               ｂｅ               ｄｅｒｉｖｅｄ               ｆｒｏｍ               ｔｈｅ               ｐｒｏｐｅｒ               ｉｎｖｅｓｔｍｅｎｔ               ｏｆ               ｔｈｅ               ｆｕｎｄｓ               -               ｓｏ,               ｔｈｅ               ｏｒｇａｎｉｚｅｒｓ               ｒｅｓｏｒｔ               ｔｏ               ｄｉｒｔｙ               ｔｒｉｃｋｓ.
               Ｔｈｅｙ               ｕｓｅ               ｎｅｗ               ｍｏｎｅｙ,               ｉｎｖｅｓｔｅｄ               ｂｙ               ｎｅｗ               ｉｎｖｅｓｔｏｒｓ               -               ｔｏ               ｐａｙ               ｏｆｆ               ｔｈｅ               ｏｌｄ               ｉｎｖｅｓｔｏｒｓ.
               Ｔｈｅ               ｒｅｌｉｇｉｏｎ               ｏｆ               Ｉｓｌａｍ               ｆｏｒｂｉｄｓ               ｌｅｎｄｅｒｓ               ｔｏ               ｃｈａｒｇｅ               ｉｎｔｅｒｅｓｔ               ｏｎ               ｔｈｅ               ｃｒｅｄｉｔｓ               ｔｈａｔ               ｔｈｅｙ               ｐｒｏｖｉｄｅ.

Ｔｈｉｓ               ｐｒｏｈｉｂｉｔｉｏｎ               ｉｓ               ｐｒｏｂｌｅｍａｔｉｃ               ｉｎ               ｍｏｄｅｒｎ               ｄａｙ               ｌｉｆｅ               ａｎｄ               ｃｏｕｌｄ               ｂｒｉｎｇ               ｍｏｄｅｒｎ               ｆｉｎａｎｃｅ               ｔｏ               ａ               ｃｏｍｐｌｅｔｅ               ｈａｌｔ.
               Ｉｔ               ｗａｓ               ａｇａｉｎｓｔ               ｔｈｉｓ               ｂａｃｋｄｒｏｐ,               ｔｈａｔ               ａ               ｆｅｗ               ｅｎｔｒｅｐｒｅｎｅｕｒｓ               ａｎｄ               ｒｅｌｉｇｉｏｕｓ               ｆｉｇｕｒｅｓ               ｉｎ               Ｅｇｙｐｔ               ａｎｄ               ｉｎ               Ｐａｋｉｓｔａｎ               ｅｓｔａｂｌｉｓｈｅｄ               ｗｈａｔ               ｔｈｅｙ               ｃａｌｌｅｄ:               "Ｉｓｌａｍｉｃ               ｂａｎｋｓ".

Ｔｈｅｓｅ               ｂａｎｋｓ               ｒｅｆｒａｉｎｅｄ               ｆｒｏｍ               ｅｉｔｈｅｒ               ｐａｙｉｎｇ               ｉｎｔｅｒｅｓｔ               ｔｏ               ｄｅｐｏｓｉｔｏｒｓ               -               ｏｒ               ｆｒｏｍ               ｃｈａｒｇｉｎｇ               ｔｈｅｉｒ               ｃｌｉｅｎｔｓ               ｉｎｔｅｒｅｓｔ               ｏｎ               ｔｈｅ               ｌｏａｎｓ               ｔｈａｔ               ｔｈｅｙ               ｄｏｌｅｄ               ｏｕｔ.

Ｉｎｓｔｅａｄ,               ｔｈｅｙ               ｈａｖｅ               ｍａｄｅ               ｔｈｅｉｒ               ｄｅｐｏｓｉｔｏｒｓ               ｐａｒｔｎｅｒｓ               ｉｎ               ｆｉｃｔｉｔｉｏｕｓ               ｐｒｏｆｉｔｓ               -               ａｎｄ               ｈａｖｅ               ｃｈａｒｇｅｄ               ｔｈｅｉｒ               ｃｌｉｅｎｔｓ               ｆｏｒ               ｆｉｃｔｉｔｉｏｕｓ               ｌｏｓｓｅｓ.

Ａｌｌ               ｗｏｕｌｄ               ｈａｖｅ               ｂｅｅｎ               ｗｅｌｌ               ｈａｄ               ｔｈｅ               Ｉｓｌａｍｉｃ               ｂａｎｋｓ               ｓｔｕｃｋ               ｔｏ               ｈｅａｌｔｈｉｅｒ               ｂｕｓｉｎｅｓｓ               ｐｒａｃｔｉｃｅｓ.
               Ｂｕｔ               ｔｈｅｙ               ｏｆｆｅｒ               ｉｍｐｏｓｓｉｂｌｙ               ｈｉｇｈ               "ｐｒｏｆｉｔｓ"               ａｎｄ               ｅｎｄｅｄ               ｔｈｅ               ｗａｙ               ｅｖｅｒｙ               ｐｙｒａｍｉｄ               ｅｎｄｓ:               ｔｈｅｙ               ｃｏｌｌａｐｓｅｄ               ａｎｄ               ｄｒａｇｇｅｄ               ｅｃｏｎｏｍｉｅｓ               ａｎｄ               ｐｏｌｉｔｉｃａｌ               ｅｓｔａｂｌｉｓｈｍｅｎｔｓ               ｗｉｔｈ               ｔｈｅｍ.
               Ｔｈｅ               ｌａｔｅｓｔ               ｅｘａｍｐｌｅ               ｏｆ               ｔｈｅ               ｐｒｉｃｅ               ｐａｉｄ               ｂｙ               ｗｈｏｌｅ               ｎａｔｉｏｎｓ               ｄｕｅ               ｔｏ               ｆａｉｌｅｄ               ｐｙｒａｍｉｄ               ｓｃｈｅｍｅｓ               ｉｓ,               ｏｆ               ｃｏｕｒｓｅ,               Ａｌｂａｎｉａ               1997.

Ｏｎｅ               ｔｈｉｒｄ               ｏｆ               ｔｈｅ               ｐｏｐｕｌａｔｉｏｎ               ｗａｓ               ｈｅａｖｉｌｙ               ｉｎｖｏｌｖｅｄ               ｉｎ               ａ               ｓｅｒｉｅｓ               ｏｆ               ｈｅａｖｉｌｙ               ｌｅｖｅｒａｇｅｄ               ｉｎｖｅｓｔｍｅｎｔ               ｐｌａｎｓ               ｗｈｉｃｈ               ｃｏｌｌａｐｓｅｄ               ａｌｍｏｓｔ               ｓｉｍｕｌｔａｎｅｏｕｓｌｙ.

Ｉｎｅｐｔ               ｐｏｌｉｔｉｃａｌ               ａｎｄ               ｆｉｎａｎｃｉａｌ               ｃｒｉｓｉｓ               ｍａｎａｇｅｍｅｎｔ               ｌｅｄ               Ａｌｂａｎｉａ               ｔｏ               ｔｈｅ               ｖｅｒｇｅ               ｏｆ               ｄｉｓｉｎｔｅｇｒａｔｉｏｎ               ｉｎｔｏ               ｃｉｖｉｌ               ｗａｒ.
               Ｂｕｔ               ｗｈｙ               ｍｕｓｔ               ｐｙｒａｍｉｄ               ｓｃｈｅｍｅｓ               ｆａｉｌ?

Ｗｈｙ               ｃａｎ'ｔ               ｔｈｅｙ               ｃｏｎｔｉｎｕｅ               ｆｏｒｅｖｅｒ,               ｒｉｄｉｎｇ               ｏｎ               ｔｈｅ               ｂａｃｋ               ｏｆ               ｎｅｗ               ｍｏｎｅｙ               ａｎｄ               ｋｅｅｐｉｎｇ               ｅｖｅｒｙ               ｉｎｖｅｓｔｏｒ               ｈａｐｐｙ,               ｎｅｗ               ａｎｄ               ｏｌｄ?
               Ｔｈｅ               ｒｅａｓｏｎ               ｉｓ               ｔｈａｔ               ｔｈｅ               ｎｕｍｂｅｒ               ｏｆ               ｎｅｗ               ｉｎｖｅｓｔｏｒｓ               -               ａｎｄ,               ｔｈｅｒｅｆｏｒｅ,               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｎｅｗ               ｍｏｎｅｙ               ａｖａｉｌａｂｌｅ               ｔｏ               ｔｈｅ               ｐｙｒａｍｉｄ'ｓ               ｏｒｇａｎｉｚｅｒｓ               -               ｉｓ               ｌｉｍｉｔｅｄ.

Ｔｈｅｒｅ               ａｒｅ               ｊｕｓｔ               ｓｏ               ｍａｎｙ               ｒｉｓｋ               ｔａｋｅｒｓ.

Ｔｈｅ               ｄａｙ               ｏｆ               ｊｕｄｇｅｍｅｎｔ               ｉｓ               ｈｅｒａｌｄｅｄ               ｂｙ               ａｎ               ｏｍｉｎｏｕｓ               ｍｉｓｍａｔｃｈ               ｂｅｔｗｅｅｎ               ｏｖｅｒｂｌｏｗｎ               ｏｂｌｉｇａｔｉｏｎｓ               ａｎｄ               ｔｈｅ               ｔｒｉｃｋｌｉｎｇ               ｄｏｗｎ               ｏｆ               ｎｅｗ               ｍｏｎｅｙ.

Ｗｈｅｎ               ｔｈｅｒｅ               ｉｓ               ｎｏ               ｍｏｒｅ               ｍｏｎｅｙ               ａｖａｉｌａｂｌｅ               ｔｏ               ｐａｙ               ｏｆｆ               ｔｈｅ               ｏｌｄ               ｉｎｖｅｓｔｏｒｓ,               ｐａｎｉｃ               ｅｎｓｕｅｓ.

Ｅｖｅｒｙｏｎｅ               ｗａｎｔｓ               ｔｏ               ｄｒａｗ               ｍｏｎｅｙ               ａｔ               ｔｈｅ               ｓａｍｅ               ｔｉｍｅ.

Ｔｈｉｓ,               ｅｖｉｄｅｎｔｌｙ,               ｉｓ               ｎｅｖｅｒ               ｐｏｓｓｉｂｌｅ               -               ｓｏｍｅ               ｏｆ               ｔｈｅ               ｍｏｎｅｙ               ｉｓ               ｕｓｕａｌｌｙ               ｉｎｖｅｓｔｅｄ               ｉｎ               ｒｅａｌ               ｅｓｔａｔｅ               ｏｒ               ｗａｓ               ｐｒｏｖｉｄｅｄ               ａｓ               ａ               ｌｏａｎ.

Ｅｖｅｎ               ｔｈｅ               ｍｏｓｔ               ｓｔａｂｌｅ               ａｎｄ               ｈｅａｌｔｈｉｅｓｔ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｎｅｖｅｒ               ｐｕｔ               ａｓｉｄｅ               ｍｏｒｅ               ｔｈａｎ               10%               ｏｆ               ｔｈｅ               ｍｏｎｅｙ               ｄｅｐｏｓｉｔｅｄ               ｗｉｔｈ               ｔｈｅｍ.
               Ｔｈｕｓ,               ｐｙｒａｍｉｄｓ               ａｒｅ               ｄｏｏｍｅｄ               ｔｏ               ｃｏｌｌａｐｓｅ.
               Ｂｕｔ,               ｔｈｅｎ,               ｍｏｓｔ               ｏｆ               ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｉｎ               ｐｙｒａｍｉｄｓ               ｋｎｏｗ               ｔｈａｔ               ｐｙｒａｍｉｄｓ               ａｒｅ               ｓｃａｍｓ,               ｎｏｔ               ｓｃｈｅｍｅｓ.

Ｔｈｅｙ               ｓｔａｎｄ               ｗａｒｎｅｄ               ｂｙ               ｔｈｅ               ｃｏｌｌａｐｓｅ               ｏｆ               ｏｔｈｅｒ               ｐｙｒａｍｉｄ               ｓｃｈｅｍｅｓ,               ｓｏｍｅｔｉｍｅｓ               ｉｎ               ｔｈｅ               ｓａｍｅ               ｐｌａｃｅ               ａｎｄ               ａｔ               ｔｈｅ               ｓａｍｅ               ｔｉｍｅ.

Ｓｔｉｌｌ,               ｔｈｅｙ               ａｒｅ               ａｔｔｒａｃｔｅｄ               ａｇａｉｎ               ａｎｄ               ａｇａｉｎ               ａｓ               ｂｕｔｔｅｒｆｌｉｅｓ               ａｒｅ               ｔｏ               ｔｈｅ               ｆｉｒｅ               ａｎｄ               ｗｉｔｈ               ｔｈｅ               ｓａｍｅ               ｒｅｓｕｌｔｓ.
               Ｔｈｅ               ｒｅａｓｏｎ               ｉｓ               ａｓ               ｏｌｄ               ａｓ               ｈｕｍａｎ               ｐｓｙｃｈｏｌｏｇｙ:               ｇｒｅｅｄ,               ａｖａｒｉｃｅ.

Ｔｈｅ               ｏｒｇａｎｉｚｅｒｓ               ｐｒｏｍｉｓｅ               ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｔｗｏ               ｔｈｉｎｇｓ:
               Ｔｈａｔ               ｔｈｅｙ               ｃｏｕｌｄ               ｄｒａｗ               ｔｈｅｉｒ               ｍｏｎｅｙ               ａｎｙｔｉｍｅ               ｔｈａｔ               ｔｈｅｙ               ｗａｎｔ               ｔｏ,               ａｎｄ                              
               Ｔｈａｔ               ｉｎ               ｔｈｅ               ｍｅａｎｔｉｍｅ,               ｔｈｅｙ               ｗｉｌｌ               ｂｅ               ａｂｌｅ               ｔｏ               ｃｏｎｔｉｎｕｅ               ｔｏ               ｒｅｃｅｉｖｅ               ｈｉｇｈ               ｒｅｔｕｒｎｓ               ｏｎ               ｔｈｅｉｒ               ｍｏｎｅｙ.


Ｐｅｏｐｌｅ               ｋｎｏｗ               ｔｈａｔ               ｔｈｉｓ               ｉｓ               ｈｉｇｈｌｙ               ｉｍｐｒｏｂａｂｌｅ               ａｎｄ               ｔｈａｔ               ｔｈｅ               ｌｉｋｅｌｉｈｏｏｄ               ｔｈａｔ               ｔｈｅｙ               ｗｉｌｌ               ｌｏｓｅ               ａｌｌ               ｏｒ               ｐａｒｔ               ｏｆ               ｔｈｅｉｒ               ｍｏｎｅｙ               ｇｒｏｗｓ               ｗｉｔｈ               ｔｉｍｅ.

Ｂｕｔ               ｔｈｅｙ               ｃｏｎｖｉｎｃｅ               ｔｈｅｍｓｅｌｖｅｓ               ｔｈａｔ               ｔｈｅ               ｈｉｇｈ               ｐｒｏｆｉｔｓ               ｏｒ               ｉｎｔｅｒｅｓｔ               ｐａｙｍｅｎｔｓ               ｔｈａｔ               ｔｈｅｙ               ｗｉｌｌ               ｂｅ               ａｂｌｅ               ｔｏ               ｃｏｌｌｅｃｔ               ｂｅｆｏｒｅ               ｔｈｅ               ｐｙｒａｍｉｄ               ｃｏｌｌａｐｓｅｓ               -               ｗｉｌｌ               ｍｏｒｅ               ｔｈａｎ               ａｍｐｌｙ               ｃｏｍｐｅｎｓａｔｅ               ｔｈｅｍ               ｆｏｒ               ｔｈｅ               ｌｏｓｓ               ｏｆ               ｔｈｅｉｒ               ｍｏｎｅｙ.

Ｓｏｍｅ               ｏｆ               ｔｈｅｍ,               ｈｏｐｅ               ｔｏ               ｓｕｃｃｅｅｄ               ｉｎ               ｄｒａｗｉｎｇ               ｔｈｅ               ｍｏｎｅｙ               ｂｅｆｏｒｅ               ｔｈｅ               ｉｍｍｉｎｅｎｔ               ｃｏｌｌａｐｓｅ,               ｂａｓｅｄ               ｏｎ               "ｗａｒｎｉｎｇ               ｓｉｇｎｓ".

Ｉｎ               ｏｔｈｅｒ               ｗｏｒｄｓ,               ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｂｅｌｉｅｖｅ               ｔｈａｔ               ｔｈｅｙ               ｃａｎ               ｏｕｔｗｉｔ               ｔｈｅ               ｏｒｇａｎｉｚｅｒｓ               ｏｆ               ｔｈｅ               ｐｙｒａｍｉｄ.

Ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｃｏｌｌａｂｏｒａｔｅ               ｗｉｔｈ               ｔｈｅ               ｏｒｇａｎｉｚｅｒｓ               ｏｎ               ｔｈｅ               ｐｓｙｃｈｏｌｏｇｉｃａｌ               ｌｅｖｅｌ:               ｃｈｅａｔｅｄ               ａｎｄ               ｄｅｃｅｉｖｅｒ               ｅｎｇａｇｅ               ｉｎ               ａ               ｄｅｌｉｃａｔｅ               ｂａｌｌｅｔ               ｌｅａｄｉｎｇ               ｔｏ               ｔｈｅｉｒ               ｍｕｔｕａｌ               ｄｏｗｎｆａｌｌ.

Ｔｈｉｓ               ｉｓ               ｕｎｄｅｎｉａｂｌｙ               ｔｈｅ               ｍｏｓｔ               ｄａｎｇｅｒｏｕｓ               ｏｆ               ａｌｌ               ｔｙｐｅｓ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｓｃａｎｄａｌｓ.

Ｉｔ               ｉｎｓｉｄｉｏｕｓｌｙ               ｐｅｒｖａｄｅｓ               ｔｈｅ               ｖｅｒｙ               ｆａｂｒｉｃ               ｏｆ               ｈｕｍａｎ               ｉｎｔｅｒａｃｔｉｏｎｓ.

Ｉｔ               ｄｉｓｔｏｒｔｓ               ｅｃｏｎｏｍｉｃ               ｄｅｃｉｓｉｏｎｓ               ａｎｄ               ｉｔ               ｅｎｄｓ               ｉｎ               ｍｉｓｅｒｙ               ｏｎ               ａ               ｎａｔｉｏｎａｌ               ｓｃａｌｅ.

Ｉｔ               ｉｓ               ｔｈｅ               ｓｃｏｕｒｇｅ               ｏｆ               ｓｏｃｉｅｔｉｅｓ               ｉｎ               ｔｒａｎｓｉｔｉｏｎ.
               Ｔｈｅ               ｓｅｃｏｎｄ               ｔｙｐｅ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｓｃａｎｄａｌｓ               ｉｓ               ｎｏｒｍａｌｌｙ               ｃｏｎｎｅｃｔｅｄ               ｔｏ               ｔｈｅ               ｌａｕｎｄｅｒｉｎｇ               ｏｆ               ｍｏｎｅｙ               ｇｅｎｅｒａｔｅｄ               ｉｎ               ｔｈｅ               "ｂｌａｃｋ               ｅｃｏｎｏｍｙ",               ｎａｍｅｌｙ:               ｔｈｅ               ｉｎｃｏｍｅ               ｎｏｔ               ｒｅｐｏｒｔｅｄ               ｔｏ               ｔｈｅ               ｔａｘ               ａｕｔｈｏｒｉｔｉｅｓ.

Ｓｕｃｈ               ｃａｐｉｔａｌ               ｐａｓｓｅｓ               ｔｈｒｏｕｇｈ               ｂａｎｋｉｎｇ               ｃｈａｎｎｅｌｓ,               ｃｈａｎｇｅｓ               ｏｗｎｅｒｓｈｉｐ               ａ               ｆｅｗ               ｔｉｍｅｓ,               ｓｏ               ｔｈａｔ               ｉｔｓ               ｔｒａｃｋ               ｉｓ               ｃｏｖｅｒｅｄ               ａｎｄ               ｔｈｅ               ｉｄｅｎｔｉｔｉｅｓ               ｏｆ               ｔｈｅ               ｏｗｎｅｒｓ               ｏｆ               ｔｈｅ               ｍｏｎｅｙ               ａｒｅ               ｃｏｎｃｅａｌｅｄ.

Ｍｏｎｅｙ               ｇｅｎｅｒａｔｅｄ               ｂｙ               ｄｒｕｇ               ｄｅａｌｉｎｇｓ,               ｉｌｌｉｃｉｔ               ａｒｍ               ｔｒａｄｅ               ａｎｄ               ｔｈｅ               ｌｅｓｓ               ｅｘｏｔｉｃ               ｆｏｒｍ               ｏｆ               ｔａｘ               ｅｖａｓｉｏｎ               ｉｓ               ｔｈｕｓ               "ｌａｕｎｄｅｒｅｄ".
               Ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｗｈｉｃｈ               ｐａｒｔｉｃｉｐａｔｅ               ｉｎ               ｌａｕｎｄｅｒｉｎｇ               ｏｐｅｒａｔｉｏｎｓ,               ｍａｉｎｔａｉｎ               ｄｏｕｂｌｅ               ａｃｃｏｕｎｔｉｎｇ               ｂｏｏｋｓ.

Ｏｎｅ               ｂｏｏｋ               ｉｓ               ｆｏｒ               ｔｈｅ               ｐｕｒｐｏｓｅｓ               ｏｆ               ｔｈｅ               ｏｆｆｉｃｉａｌ               ａｕｔｈｏｒｉｔｉｅｓ.

Ｔｈｏｓｅ               ａｇｅｎｃｉｅｓ               ａｎｄ               ａｕｔｈｏｒｉｔｉｅｓ               ｔｈａｔ               ｄｅａｌ               ｗｉｔｈ               ｔａｘａｔｉｏｎ,               ｂａｎｋ               ｓｕｐｅｒｖｉｓｉｏｎ,               ｄｅｐｏｓｉｔ               ｉｎｓｕｒａｎｃｅ               ａｎｄ               ｆｉｎａｎｃｉａｌ               ｌｉｑｕｉｄｉｔｙ               ａｒｅ               ｇｉｖｅｎ               ａｃｃｅｓｓ               ｔｏ               ｔｈｉｓ               ｓｅｔ               ｏｆ               "ｅｎｇｉｎｅｅｒｅｄ"               ｂｏｏｋｓ.

Ｔｈｅ               ｔｒｕｅ               ｒｅｃｏｒｄ               ｉｓ               ｋｅｐｔ               ｈｉｄｄｅｎ               ｉｎ               ａｎｏｔｈｅｒ               ｓｅｔ               ｏｆ               ｂｏｏｋｓ.

Ｔｈｅｓｅ               ａｃｃｏｕｎｔｓ               ｒｅｆｌｅｃｔ               ｔｈｅ               ｒｅａｌ               ｓｉｔｕａｔｉｏｎ               ｏｆ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ:               ｗｈｏ               ｄｅｐｏｓｉｔｅｄ               ｈｏｗ               ｍｕｃｈ,               ｗｈｅｎ               ａｎｄ               ｕｎｄｅｒ               ｗｈｉｃｈ               ｃｏｎｄｉｔｉｏｎｓ               -               ａｎｄ               ｗｈｏ               ｂｏｒｒｏｗｅｄ               ｗｈａｔ,               ｗｈｅｎ               ａｎｄ               ｕｎｄｅｒ               ｗｈｉｃｈ               ｃｏｎｄｉｔｉｏｎｓ.
               Ｔｈｉｓ               ｄｏｕｂｌｅ               ｓｔａｎｄａｒｄ               ｂｌｕｒｓ               ｔｈｅ               ｔｒｕｅ               ｓｉｔｕａｔｉｏｎ               ｏｆ               ｔｈｅ               ｉｎｓｔｉｔｕｔｉｏｎ               ｔｏ               ｔｈｅ               ｐｏｉｎｔ               ｏｆ               ｎｏ               ｒｅｔｕｒｎ.

Ｅｖｅｎ               ｔｈｅ               ｏｗｎｅｒｓ               ｏｆ               ｔｈｅ               ｉｎｓｔｉｔｕｔｉｏｎ               ｂｅｇｉｎ               ｔｏ               ｌｏｓｅ               ｔｒａｃｋ               ｏｆ               ｉｔｓ               ａｃｔｉｖｉｔｉｅｓ               ａｎｄ               ｍｉｓａｐｐｒｅｈｅｎｄ               ｉｔｓ               ｒｅａｌ               ｓｔａｎｄｉｎｇ.
               Ｉｓ               ｉｔ               ｓｔａｂｌｅ?

Ｉｓ               ｉｔ               ｌｉｑｕｉｄ?

Ｉｓ               ｔｈｅ               ａｓｓｅｔ               ｐｏｒｔｆｏｌｉｏ               ｄｉｖｅｒｓｉｆｉｅｄ               ｅｎｏｕｇｈ?

Ｎｏ               ｏｎｅ               ｋｎｏｗｓ.

Ｔｈｅ               ｆｏｇ               ｅｎｓｈｒｏｕｄｓ               ｅｖｅｎ               ｔｈｏｓｅ               ｗｈｏ               ｃｒｅａｔｅｄ               ｉｔ               ｉｎ               ｔｈｅ               ｆｉｒｓｔ               ｐｌａｃｅ.

Ｎｏ               ｐｒｏｐｅｒ               ｆｉｎａｎｃｉａｌ               ｃｏｎｔｒｏｌ               ａｎｄ               ａｕｄｉｔ               ｉｓ               ｐｏｓｓｉｂｌｅ               ｕｎｄｅｒ               ｓｕｃｈ               ｃｉｒｃｕｍｓｔａｎｃｅｓ.
               Ｌｅｓｓ               ｓｃｒｕｐｕｌｏｕｓ               ｍｅｍｂｅｒｓ               ｏｆ               ｔｈｅ               ｍａｎａｇｅｍｅｎｔ               ａｎｄ               ｔｈｅ               ｓｔａｆｆ               ｏｆ               ｓｕｃｈ               ｆｉｎａｎｃｉａｌ               ｂｏｄｉｅｓ               ｕｓｕａｌｌｙ               ｔａｋｅ               ａｄｖａｎｔａｇｅ               ｏｆ               ｔｈｅ               ｓｉｔｕａｔｉｏｎ.

Ｅｍｂｅｚｚｌｅｍｅｎｔｓ               ａｒｅ               ｖｅｒｙ               ｗｉｄｅｓｐｒｅａｄ,               ａｂｕｓｅ               ｏｆ               ａｕｔｈｏｒｉｔｙ,               ｍｉｓｕｓｅ               ｏｒ               ｍｉｓｐｌａｃｅｍｅｎｔ               ｏｆ               ｆｕｎｄｓ.

Ｗｈｅｒｅ               ｎｏ               ｌｉｇｈｔ               ｓｈｉｎｅｓ,               ａ               ｌｏｔ               ｏｆ               ｃｒｅｅｐｙ               ｃｒｅａｔｕｒｅｓ               ｔｅｎｄ               ｔｏ               ｄｅｖｅｌｏｐ.
               Ｔｈｅ               ｍｏｓｔ               ｆａｍｏｕｓ               -               ａｎｄ               ｂｉｇｇｅｓｔ               -               ｆｉｎａｎｃｉａｌ               ｓｃａｎｄａｌ               ｏｆ               ｔｈｉｓ               ｔｙｐｅ               ｉｎ               ｈｕｍａｎ               ｈｉｓｔｏｒｙ               ｗａｓ               ｔｈｅ               ｃｏｌｌａｐｓｅ               ｏｆ               ｔｈｅ               Ｂａｎｋ               ｆｏｒ               Ｃｒｅｄｉｔ               ａｎｄ               Ｃｏｍｍｅｒｃｅ               Ｉｎｔｅｒｎａｔｉｏｎａｌ               ＬＴＤ.

(ＢＣＣＩ)               ｉｎ               Ｌｏｎｄｏｎ               ｉｎ               1991.

Ｆｏｒ               ａｌｍｏｓｔ               ａ               ｄｅｃａｄｅ,               ｔｈｅ               ｍａｎａｇｅｍｅｎｔ               ａｎｄ               ｅｍｐｌｏｙｅｅｓ               ｏｆ               ｔｈｉｓ               ｓｈａｄｙ               ｂａｎｋ               ｅｎｇａｇｅｄ               ｉｎ               ｓｔｅａｌｉｎｇ               ａｎｄ               ｍｉｓａｐｐｒｏｐｒｉａｔｉｎｇ               10               ｂｉｌｌｉｏｎ               (!!!)               ＵＳＤ.

Ｔｈｅ               ｓｕｐｅｒｖｉｓｉｏｎ               ｄｅｐａｒｔｍｅｎｔ               ｏｆ               ｔｈｅ               Ｂａｎｋ               ｏｆ               Ｅｎｇｌａｎｄ,               ｕｎｄｅｒ               ｗｈｏｓｅ               ｓｃｒｕｔｉｎｉｚｉｎｇ               ｅｙｅｓ               ｔｈｉｓ               ｂａｎｋ               ｗａｓ               ｓｕｐｐｏｓｅｄ               ｔｏ               ｈａｖｅ               ｂｅｅｎ               -               ｗａｓ               ｐｒｏｖｅｎ               ｔｏ               ｂｅ               ｉｍｐｏｔｅｎｔ               ａｎｄ               ｉｎｃｏｍｐｅｔｅｎｔ.

Ｔｈｅ               ｏｗｎｅｒｓ               ｏｆ               ｔｈｅ               ｂａｎｋ               -               ｓｏｍｅ               Ａｒａｂ               Ｓｈｅｉｋｈｓ               -               ｈａｄ               ｔｏ               ｉｎｖｅｓｔ               ｂｉｌｌｉｏｎｓ               ｏｆ               ｄｏｌｌａｒｓ               ｉｎ               ｃｏｍｐｅｎｓａｔｉｎｇ               ｉｔｓ               ｄｅｐｏｓｉｔｏｒｓ.
               Ｔｈｅ               ｃｏｍｂｉｎａｔｉｏｎ               ｏｆ               ｂｌａｃｋ               ｍｏｎｅｙ,               ｓｈｏｄｄｙ               ｆｉｎａｎｃｉａｌ               ｃｏｎｔｒｏｌｓ,               ｓｈａｄｙ               ｂａｎｋ               ａｃｃｏｕｎｔｓ               ａｎｄ               ｓｈｒｅｄｄｅｄ               ｄｏｃｕｍｅｎｔｓ               ｐｒｏｖｅｓ               ｔｏ               ｂｅ               ｑｕｉｔｅ               ｅｌｕｓｉｖｅ.

Ｉｔ               ｉｓ               ｉｍｐｏｓｓｉｂｌｅ               ｔｏ               ｅｖａｌｕａｔｅ               ｔｈｅ               ｔｏｔａｌ               ｄａｍａｇｅ               ｉｎ               ｓｕｃｈ               ｃａｓｅｓ.
               Ｔｈｅ               ｔｈｉｒｄ               ｔｙｐｅ               ｉｓ               ｔｈｅ               ｍｏｓｔ               ｅｌｕｓｉｖｅ,               ｔｈｅ               ｈａｒｄｅｓｔ               ｔｏ               ｄｉｓｃｏｖｅｒ.

Ｉｔ               ｉｓ               ｖｅｒｙ               ｃｏｍｍｏｎ               ａｎｄ               ｓｃａｎｄａｌ               ｍａｙ               ｅｒｕｐｔ               -               ｏｒ               ｎｅｖｅｒ               ｏｃｃｕｒ,               ｄｅｐｅｎｄｉｎｇ               ｏｎ               ｃｈａｎｃｅ,               ｃａｓｈ               ｆｌｏｗｓ               ａｎｄ               ｔｈｅ               ｉｎｔｅｌｌｅｃｔｓ               ｏｆ               ｔｈｏｓｅ               ｉｎｖｏｌｖｅｄ.
               Ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ａｒｅ               ｓｕｂｊｅｃｔ               ｔｏ               ｐｏｌｉｔｉｃａｌ               ｐｒｅｓｓｕｒｅｓ,               ｆｏｒｃｉｎｇ               ｔｈｅｍ               ｔｏ               ｇｉｖｅ               ｃｒｅｄｉｔｓ               ｔｏ               ｔｈｅ               ｕｎｗｏｒｔｈｙ               -               ｏｒ               ｔｏ               ｆｏｒｇｏ               ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ               (ｔｏ               ｇｉｖｅ               ｔｏｏ               ｍｕｃｈ               ｃｒｅｄｉｔ               ｔｏ               ａ               ｓｉｎｇｌｅ               ｂｏｒｒｏｗｅｒ).

Ｏｎｌｙ               ｌａｔｅｌｙ               ｉｎ               Ｓｏｕｔｈ               Ｋｏｒｅａ,               ｓｕｃｈ               ｐｏｌｉｔｉｃａｌｌｙ               ｍｏｔｉｖａｔｅｄ               ｌｏａｎｓ               ｗｅｒｅ               ｄｉｓｃｏｖｅｒｅｄ               ｔｏ               ｈａｖｅ               ｂｅｅｎ               ｇｉｖｅｎ               ｔｏ               ｔｈｅ               ｆａｉｌｉｎｇ               Ｈａｎｂｏ               ｃｏｎｇｌｏｍｅｒａｔｅ               ｂｙ               ｖｉｒｔｕａｌｌｙ               ｅｖｅｒｙ               ｂａｎｋ               ｉｎ               ｔｈｅ               ｃｏｕｎｔｒｙ.

Ｔｈｅ               ｓａｍｅ               ｍａｙ               ｓａｆｅｌｙ               ｂｅ               ｓａｉｄ               ａｂｏｕｔ               ｂａｎｋｓ               ｉｎ               Ｊａｐａｎ               ａｎｄ               ａｌｍｏｓｔ               ｅｖｅｒｙｗｈｅｒｅ               ｅｌｓｅ.

Ｖｅｒｙ               ｆｅｗ               ｂａｎｋｓ               ｗｏｕｌｄ               ｄａｒｅ               ｔｏ               ｒｅｆｕｓｅ               ｔｈｅ               Ｆｉｎａｎｃｅ               Ｍｉｎｉｓｔｅｒ'ｓ               ｃｒｏｎｉｅｓ,               ｆｏｒ               ｉｎｓｔａｎｃｅ.
               Ｓｏｍｅ               ｂａｎｋｓ               ｗｏｕｌｄ               ｓｕｂｊｅｃｔ               ｔｈｅ               ｒｅｖｉｅｗ               ｏｆ               ｃｒｅｄｉｔ               ａｐｐｌｉｃａｔｉｏｎｓ               ｔｏ               ｓｏｃｉａｌ               ｃｏｎｓｉｄｅｒａｔｉｏｎｓ.

Ｔｈｅｙ               ｗｏｕｌｄ               ｌｅｎｄ               ｔｏ               ｃｅｒｔａｉｎ               ｓｅｃｔｏｒｓ               ｏｆ               ｔｈｅ               ｅｃｏｎｏｍｙ,               ｒｅｇａｒｄｌｅｓｓ               ｏｆ               ｔｈｅｉｒ               ｆｉｎａｎｃｉａｌ               ｖｉａｂｉｌｉｔｙ.

Ｔｈｅｙ               ｗｏｕｌｄ               ｌｅｎｄ               ｔｏ               ｔｈｅ               ｎｅｅｄｙ,               ｔｏ               ｔｈｅ               ａｆｆｌｕｅｎｔ,               ｔｏ               ｕｒｂａｎ               ｒｅｎｅｗａｌ               ｐｒｏｇｒａｍｓ,               ｔｏ               ｓｍａｌｌ               ｂｕｓｉｎｅｓｓｅｓ               -               ａｎｄ               ａｌｌ               ｉｎ               ｔｈｅ               ｎａｍｅ               ｏｆ               ｓｏｃｉａｌ               ｃａｕｓｅｓ               ｗｈｉｃｈ,               ｈｏｗｅｖｅｒ               ｊｕｓｔｉｆｉｅｄ               -               ｃａｎｎｏｔ               ｊｕｓｔｉｆｙ               ｇｉｖｉｎｇ               ｌｏａｎｓ.
               Ｔｈｉｓ               ｉｓ               ａ               ｐｒｉｖａｔｅ               ｃａｓｅ               ｉｎ               ａ               ｍｏｒｅ               ｗｉｄｅｓｐｒｅａｄ               ｐｈｅｎｏｍｅｎｏｎ:               ｔｈｅ               ａｓｓｅｔｓ               (=ｌｏａｎ               ｐｏｒｔｆｏｌｉｏｓ)               ｏｆ               ｍａｎｙ               ａ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ａｒｅ               ｎｏｔ               ｄｉｖｅｒｓｉｆｉｅｄ               ｅｎｏｕｇｈ.

Ｔｈｅｉｒ               ｌｏａｎｓ               ａｒｅ               ｃｏｎｃｅｎｔｒａｔｅｄ               ｉｎ               ａ               ｓｉｎｇｌｅ               ｓｅｃｔｏｒ               ｏｆ               ｔｈｅ               ｅｃｏｎｏｍｙ               (ａｇｒｉｃｕｌｔｕｒｅ,               ｉｎｄｕｓｔｒｙ,               ｃｏｎｓｔｒｕｃｔｉｏｎ),               ｉｎ               ａ               ｇｉｖｅｎ               ｃｏｕｎｔｒｙ,               ｏｒ               ｇｅｏｇｒａｐｈｉｃａｌ               ｒｅｇｉｏｎ.

Ｓｕｃｈ               ｅｘｐｏｓｕｒｅ               ｉｓ               ｄｅｔｒｉｍｅｎｔａｌ               ｔｏ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｈｅａｌｔｈ               ｏｆ               ｔｈｅ               ｌｅｎｄｉｎｇ               ｉｎｓｔｉｔｕｔｉｏｎ.

Ｅｃｏｎｏｍｉｃ               ｔｒｅｎｄｓ               ｔｅｎｄ               ｔｏ               ｄｅｖｅｌｏｐ               ｉｎ               ｕｎｉｓｏｎ               ｉｎ               ｔｈｅ               ｓａｍｅ               ｓｅｃｔｏｒ,               ｃｏｕｎｔｒｙ,               ｏｒ               ｒｅｇｉｏｎ.

Ｗｈｅｎ               ｒｅａｌ               ｅｓｔａｔｅ               ｉｎ               ｔｈｅ               Ｗｅｓｔ               Ｃｏａｓｔ               ｏｆ               ｔｈｅ               ＵＳＡ               ｐｌｕｍｍｅｔｓ               -               ｉｔ               ｄｏｅｓ               ｓｏ               ｉｎｄｉｓｃｒｉｍｉｎａｔｅｌｙ.

Ａ               ｂａｎｋ               ｗｈｏｓｅ               ｔｏｔａｌ               ｐｏｒｔｆｏｌｉｏ               ｉｓ               ｃｏｍｐｏｓｅｄ               ｏｆ               ｍｏｒｔｇａｇｅｓ               ｔｏ               Ｗｅｓｔ               Ｃｏａｓｔ               Ｒｅａｌｔｏｒｓ,               ｗｏｕｌｄ               ｂｅ               ｄｅｍｏｌｉｓｈｅｄ.
               Ｉｎ               1982,               Ｍｅｘｉｃｏ               ｄｅｆａｕｌｔｅｄ               ｏｎ               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｐａｙｍｅｎｔｓ               ｏｆ               ｉｔｓ               ｉｎｔｅｒｎａｔｉｏｎａｌ               ｄｅｂｔｓ.

Ｉｔｓ               ａｒｒｅａｒｓ               ｇｒｅｗ               ｅｎｏｒｍｏｕｓｌｙ               ａｎｄ               ｔｈｒｅａｔｅｎｅｄ               ｔｈｅ               ｓｔａｂｉｌｉｔｙ               ｏｆ               ｔｈｅ               ｅｎｔｉｒｅ               Ｗｅｓｔｅｒｎ               ｆｉｎａｎｃｉａｌ               ｓｙｓｔｅｍ.

ＵＳＡ               ｂａｎｋｓ               -               ｗｈｉｃｈ               ｗｅｒｅ               ｔｈｅ               ｍｏｓｔ               ｅｘｐｏｓｅｄ               ｔｏ               ｔｈｅ               Ｌａｔｉｎ               Ａｍｅｒｉｃａｎ               ｄｅｂｔ               ｃｒｉｓｉｓ               -               ｈａｄ               ｔｏ               ｆｏｏｔ               ｔｈｅ               ｂｕｌｋ               ｏｆ               ｔｈｅ               ｂｉｌｌ               ｗｈｉｃｈ               ａｍｏｕｎｔｅｄ               ｔｏ               ｔｅｎｓ               ｏｆ               ｂｉｌｌｉｏｎｓ               ｏｆ               ＵＳＤ.

Ｔｈｅｙ               ｈａｄ               ａｌｍｏｓｔ               ａｌｌ               ｔｈｅｉｒ               ｃａｐｉｔａｌ               ｔｉｅｄ               ｕｐ               ｉｎ               ｌｏａｎｓ               ｔｏ               Ｌａｔｉｎ               Ａｍｅｒｉｃａｎ               ｃｏｕｎｔｒｉｅｓ.

Ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｂｏｗ               ｔｏ               ｆａｄｓ               ａｎｄ               ｆａｓｈｉｏｎｓ.

Ｔｈｅｙ               ａｒｅ               ａｍｅｎａｂｌｅ               ｔｏ               "ｌｅｎｄｉｎｇ               ｔｒｅｎｄｓ"               ａｎｄ               ｄｉｓｐｌａｙ               ａ               ｈｅｒｄ-ｌｉｋｅ               ｍｅｎｔａｌｉｔｙ.

Ｔｈｅｙ               ｔｅｎｄ               ｔｏ               ｃｏｎｃｅｎｔｒａｔｅ               ｔｈｅｉｒ               ａｓｓｅｔｓ               ｗｈｅｒｅ               ｔｈｅｙ               ｂｅｌｉｅｖｅ               ｔｈａｔ               ｔｈｅｙ               ｃｏｕｌｄ               ｇｅｔ               ｔｈｅ               ｈｉｇｈｅｓｔ               ｙｉｅｌｄｓ               ｉｎ               ｔｈｅ               ｓｈｏｒｔｅｓｔ               ｐｏｓｓｉｂｌｅ               ｐｅｒｉｏｄｓ               ｏｆ               ｔｉｍｅ.

Ｉｎ               ｔｈｉｓ               ｓｅｎｓｅ,               ｔｈｅｙ               ａｒｅ               ｎｏｔ               ｖｅｒｙ               ｄｉｆｆｅｒｅｎｔ               ｆｒｏｍ               ｉｎｖｅｓｔｏｒｓ               ｉｎ               ｐｙｒａｍｉｄ               ｉｎｖｅｓｔｍｅｎｔ               ｓｃｈｅｍｅｓ.
               Ｆｉｎａｎｃｉａｌ               ｍｉｓｍａｎａｇｅｍｅｎｔ               ｃａｎ               ａｌｓｏ               ｂｅ               ｔｈｅ               ｒｅｓｕｌｔ               ｏｆ               ｌａｘ               ｏｒ               ｆｌａｗｅｄ               ｆｉｎａｎｃｉａｌ               ｃｏｎｔｒｏｌｓ.

Ｔｈｅ               ｉｎｔｅｒｎａｌ               ａｕｄｉｔ               ｄｅｐａｒｔｍｅｎｔ               ｉｎ               ｅｖｅｒｙ               ｆｉｎａｎｃｉｎｇ               ｉｎｓｔｉｔｕｔｉｏｎ               -               ａｎｄ               ｔｈｅ               ｅｘｔｅｒｎａｌ               ａｕｄｉｔ               ｅｘｅｒｃｉｓｅｄ               ｂｙ               ｔｈｅ               ａｐｐｒｏｐｒｉａｔｅ               ｓｕｐｅｒｖｉｓｉｏｎ               ａｕｔｈｏｒｉｔｉｅｓ               ａｒｅ               ｒｅｓｐｏｎｓｉｂｌｅ               ｔｏ               ｃｏｕｎｔｅｒ               ｔｈｅ               ｎａｔｕｒａｌ               ｈｕｍａｎ               ｐｒｏｐｅｎｓｉｔｙ               ｆｏｒ               ｇａｍｂｌｉｎｇ.

Ｔｈｅ               ｍｕｓｔ               ｈｅｌｐ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｏｒｇａｎｉｚａｔｉｏｎ               ｒｅ-ｏｒｉｅｎｔ               ｉｔｓｅｌｆ               ｉｎ               ａｃｃｏｒｄａｎｃｅ               ｗｉｔｈ               ｏｂｊｅｃｔｉｖｅ               ａｎｄ               ｏｂｊｅｃｔｉｖｅｌｙ               ａｎａｌｙｓｅｄ               ｄａｔａ.

Ｉｆ               ｔｈｅｙ               ｆａｉｌ               ｔｏ               ｄｏ               ｔｈｉｓ               -               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｗｏｕｌｄ               ｔｅｎｄ               ｔｏ               ｂｅｈａｖｅ               ｌｉｋｅ               ａ               ｓｈｉｐ               ｗｉｔｈｏｕｔ               ｎａｖｉｇａｔｉｏｎ               ｔｏｏｌｓ.

Ｆｉｎａｎｃｉａｌ               ａｕｄｉｔ               ｒｅｇｕｌａｔｉｏｎｓ               (ｔｈｅ               ｍｏｓｔ               ｆａｍｏｕｓ               ｏｆ               ｗｈｉｃｈ               ａｒｅ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ＦＡＳＢｓ)               ｔｒａｉｌ               ｗａｙ               ｂｅｈｉｎｄ               ｔｈｅ               ｄｅｖｅｌｏｐｍｅｎｔ               ｏｆ               ｔｈｅ               ｍｏｄｅｒｎ               ｆｉｎａｎｃｉａｌ               ｍａｒｋｅｔｐｌａｃｅ.

Ｓｔｉｌｌ,               ｔｈｅｉｒ               ｊｕｄｉｃｉｏｕｓ               ａｎｄ               ｃａｒｅｆｕｌ               ｉｍｐｌｅｍｅｎｔａｔｉｏｎ               ｃｏｕｌｄ               ｂｅ               ｏｆ               ｉｎｖａｌｕａｂｌｅ               ａｓｓｉｓｔａｎｃｅ               ｉｎ               ｓｔｅｅｒｉｎｇ               ａｗａｙ               ｆｒｏｍ               ｆｉｎａｎｃｉａｌ               ｓｃａｎｄａｌｓ.
               Ｔａｋｉｎｇ               ｈｕｍａｎ               ｐｓｙｃｈｏｌｏｇｙ               ｉｎｔｏ               ａｃｃｏｕｎｔ               -               ｃｏｕｐｌｅｄ               ｗｉｔｈ               ｔｈｅ               ｃｏｍｐｌｅｘｉｔｙ               ｏｆ               ｔｈｅ               ｍｏｄｅｒｎ               ｗｏｒｌｄ               ｏｆ               ｆｉｎａｎｃｅｓ               -               ｉｔ               ｉｓ               ｎｏｔｈｉｎｇ               ｌｅｓｓ               ｔｈａｎ               ａ               ｍｉｒａｃｌｅ               ｔｈａｔ               ｆｉｎａｎｃｉａｌ               ｓｃａｎｄａｌｓ               ａｒｅ               ａｓ               ｆｅｗ               ａｎｄ               ｆａｒ               ｂｅｔｗｅｅｎ               ａｓ               ｔｈｅｙ               ａｒｅ.






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