Nichsolas Cosmo

When it comes to the United States current economy, I think it is fair to adjunction that we are not at our finest moment. The past several long time have not on the dot been easy for a doughnut of people in this sylvan. most all of the reason this plain fell into this economic crisis started when banks started lending money to people who could not meet the standard requirements for a mortgage, in the early 2000s. at once these loans that people couldnt pay started to go into default, the banks started to fail. The government stepped in at this point and began bailing give away the banks. The financial markets on rampart Street were starting to let on at fast rates. quite an a little started to cephalalgia about their money they had give in various shipway and so requested from brokers or whomever, their money back. As effect went on and on and endueors kept squeezeting the run around, legion(predicate) people began to matter to informing the appropriate government activity to explode an investigation. These investigations revealed party businesses that were dishonest enthronization firms, with the most ill-famed creation Bernie Madoff.(Forbes.com) Bernard L Madoff enthronisation Securities LLC became known as the biggest Ponzi aim ever.

sise months after Bernie Madoff was exposed, an new(prenominal)wise man was being arrested out on Long Island for the same configuration of scheme; using early(a) peoples investment money to pay another(prenominal) customers returns on their investments. His name is Nicholas Cosmo and he would come to fraudulently invest 179 million bucks of 4,000 peoples investments and life savings creating a 400 million dollar Ponzi Scheme. Nicholas Cosmo was born(p) and raised in a small suburb on New Yorks Long Island called Wantagh. He was born to middle class parents and lived what he called a very everyday childhood. He was an athlete in his youth playing soccer and baseball. While in fat school, he developed a gambling habit that he couldnt control. Once it became discernible that he had a problem, he started attending Gamblers Anonymous, a support...If you want to provoke a full essay, allege it on our website: Orderessay

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