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Caritas (Ponzi Scheme)
Caritas was a Ponzi scheme in Romania that was active between April 1992 and August 1994. It attracted millions of depositors from all over the country, who invested more than a trillion old lei (between US$1 billion and $5 billion) before it finally went bankrupt on 14 August 1994, having a debt of US$450 million ($ in current terms). History The Caritas company, which organized the scheme, was founded by Ioan Stoica in April 1992 in Brașov as a limited liability company with just 100,000 lei (US$500, or $ in current terms) in capital. Caritas moved to Cluj-Napoca two months later. The deposits were initially small (2,000–10,000 lei), but later, the minimum initial deposit was 20,000 lei, while the maximum was 160,000 lei. At the beginning, only residents of Cluj were allowed to make a deposit, but starting summer 1993, all Romanian citizens were allowed to participate.Verdery, p.627 It labeled itself a "mutual-aid game" (hence the name "Caritas", meaning charity in Latin) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own. Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in Germany and by Sarah Howe in the United States in the 1880s through the "Ladies' Deposit". Howe offered a solely female clientele an 8% monthly interest rate and then stole the money that the women ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daniel Dăianu
Daniel Dăianu (born 30 August 1952) is a Romanian economist, professor, and politician. Early life He was born in Bucharest, Romania in a family of high-ranking Securitate officers. Up to 9th grade he studied at High School nr. 35, after which he switched to , where he attended a special math class from 1968 to 1971. In 1975, he obtained a Master of Economics from the Academy of Economic Studies (ASE) in Bucharest and, in 1988, a Ph.D. in Economics from the same institution. He held a post-doctoral research position at Harvard University's Russian Research Center, from 1990 to 1991 and attended Harvard Business School's six-week Advanced Management Program in 1994. During Nicolae Ceaușescu's communist regime, Dăianu worked for the Securitate's Foreign Intelligence Unit (DIE), between 1976 and September 1978. He left DIE in 1978, of his own volition and he became known, in the following decade, for his writings against Ceaușescu's economic policy, which were highlighted on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Cluj-Napoca
The history of Cluj-Napoca covers the time from the Roman conquest of Dacia, when a Roman settlement named ''Napoca'' existed on the location of the later city, through the founding of Cluj and its flourishing as the main cultural and religious center in the historical province of Transylvania, until its modern existence as a city, the seat of Cluj County in north-western Romania. Ancient times Etymology and origin About the origin of the settlement's name ''Napoca'' or ''Napuca'' several hypotheses have been advanced. The most important are the following: * Dacian name having the same root "nap" (cf. ancient Armenian root "nap") as that of the Dacian river Naparis attested by Herodotus, but with an augmentative suffix uk/ok i.e. over, great * Name derived from that of the Dacianized Scythian tribe known as the Napae * Name probably akin to an indigenous (Thracian) element in Romanian, the word năpârcă 'viper' cf. Albanian nepërkë, nepërtkë * Name derived from the A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Romania
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. How ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Man-made Disasters In Romania
Artificiality (the state of being artificial or manmade) is the state of being the product of intentional human manufacture, rather than occurring naturally through processes not involving or requiring human activity. Connotations Artificiality often carries with it the implication of being false, counterfeit, or deceptive. The philosopher Aristotle wrote in his ''Rhetoric'': However, artificiality does not necessarily have a negative connotation, as it may also reflect the ability of humans to replicate forms or functions arising in nature, as with an artificial heart or artificial intelligence. Political scientist and artificial intelligence expert Herbert A. Simon observes that "some artificial things are imitations of things in nature, and the imitation may use either the same basic materials as those in the natural object or quite different materials.Herbert A. Simon, ''The Sciences of the Artificial'' (1996), p. 4. Simon distinguishes between the artificial and the synthe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment Companies Of Romania
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is to generate a return from the invested asset. The return may consist of a gain (profit) or a loss realized from the sale of a property or an investment, unrealized capital appreciation (or depreciation), or investment income such as dividends, interest, or rental income, or a combination of capital gain and income. The return may also include currency gains or losses due to changes in the foreign currency exchange rates. Investors generally expect higher returns from riskier investments. When a low-risk investment is made, the return is also generally low. Similarly, high risk comes with a chance of high losses. Investors, particularly novices, are often advised to diversify their portfolio. Diversification has the statistical eff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Companies Disestablished In 1994
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Companies Established In 1992
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge
Cambridge ( ) is a university city and the county town in Cambridgeshire, England. It is located on the River Cam approximately north of London. As of the 2021 United Kingdom census, the population of Cambridge was 145,700. Cambridge became an important trading centre during the Roman and Viking ages, and there is archaeological evidence of settlement in the area as early as the Bronze Age. The first town charters were granted in the 12th century, although modern city status was not officially conferred until 1951. The city is most famous as the home of the University of Cambridge, which was founded in 1209 and consistently ranks among the best universities in the world. The buildings of the university include King's College Chapel, Cavendish Laboratory, and the Cambridge University Library, one of the largest legal deposit libraries in the world. The city's skyline is dominated by several college buildings, along with the spire of the Our Lady and the English Martyrs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge University Press
Cambridge University Press is the university press of the University of Cambridge. Granted letters patent by Henry VIII of England, King Henry VIII in 1534, it is the oldest university press A university press is an academic publishing house specializing in monographs and scholarly journals. Most are nonprofit organizations and an integral component of a large research university. They publish work that has been reviewed by schola ... in the world. It is also the King's Printer. Cambridge University Press is a department of the University of Cambridge and is both an academic and educational publisher. It became part of Cambridge University Press & Assessment, following a merger with Cambridge Assessment in 2021. With a global sales presence, publishing hubs, and offices in more than 40 Country, countries, it publishes over 50,000 titles by authors from over 100 countries. Its publishing includes more than 380 academic journals, monographs, reference works, school and uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comparative Studies In Society And History
''Comparative Studies in Society and History'' is a peer-reviewed academic journal published quarterly by Cambridge University Press Cambridge University Press is the university press of the University of Cambridge. Granted letters patent by Henry VIII of England, King Henry VIII in 1534, it is the oldest university press A university press is an academic publishing hou ... on behalf of the Society for Comparative Study of Society and History. It was established in 1958. References External links *Journal online History journals Publications established in 1958 Quarterly journals English-language journals Cambridge University Press academic journals Academic journals associated with learned and professional societies {{history-journal-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of Cassation And Justice
The High Court of Cassation and Justice ( ro, Înalta Curte de Casație și Justiție) is Romania's supreme court, and the court of last resort. It is the equivalent of France's Cour de Cassation and serves a similar function to other courts of cassation around the world. Naming history It held various names during its existence: "Curtea Supremă" (Supreme Court) and "Tribunalul Suprem" (Supreme Tribunal) during the Communist period (1948–1952 and 1952–1989 respectively), and "Curtea Supremă de Justiție" (Supreme Court of Justice) from 1990 to 2003. The name "Înalta Curte de Casație și Justiție" was re-introduced in 2003, having been also used during the United Principalities (1862–1881) and Kingdom of Romania (1881–1947). Administration The court is led by a president, seconded by a vice-president and the leading council. Since September 2019, its president is Corina-Alina Corbu. The general assembly of the court's judges assigns two members for the Superior ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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