The Great Recession: JPMorgan Chase to pay $2bn in Madoff probe

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Madoff masterminded a massive and long-running so-called Ponzi investment fraud which came to light in 2008

People pass a sign for JPMorgan Chase at its headquarters in Manhattan on October 2, 2012 ( Spencer Platt (Getty/AFP) )

JPMorgan Chase, the US bank used by Bernard Madoff who masterminded the biggest fraud on record, has agreed to pay about $2 billion to US authorities to avoid litigation, press reports said Monday.

Madoff masterminded a massive and long-running so-called Ponzi investment fraud which came to light in 2008 as the financial crisis gathered speed.

At the time of its collapse in 2008, Madoff Securities claimed it had about $65 billion in client assets, whereas in fact it had only about $300 million.

The fraud ruined many investors and stoked public anger over the causes and consequences of the crisis.

Reports in the Wall Street Journal and the New York Times, citing people close to the matter, said JPMorgan Chase would announce the settlement this week.

The Wall Street Journal said: “The bulk of the fines are expected to be routed to victims of Mr. Madoff.”

JPMorgan Chase, the biggest US bank by assets, was the main bank used by Madoff for more than 20 years.

The sources quoted by the two papers said the bank had agreed to pay up to close criminal and civil investigations by federal authorities which suspected that the bank had ignored signs that Madoff was operating a fraudulent scheme.

The New York Times said that the expected announcement would take to $20 billion the total amount paid by the bank in the last 12 months to settle various government investigations.

The paper noted that the bank had declined to comment on its report but had insisted that all of its staff had acted in good faith.

The various authorities involved also declined to comment.

The New York Times also reported that in a highly unusual move demonstrating the extreme gravity of the case, the settlement would include a deferred prosecution agreement suspending criminal action provided that the bank acknowledged the facts against it and changed its behaviour.

The expected settlement indicated a new conciliatory stance by the bank, the report said, adding: “Within the bank, there is growing impatience among executives who worry that the scrutiny distracts from its record profits.”

However, the bank was the target of recent bribery investigations by US authorities over its practise of hiring in China the children of people among the country’s ruling elite, the newspaper noted.

In 2009, Madoff was sentenced to 150 years in prison.

His Ponzi or pyramid scheme was based on using money from incoming investors to pay high returns to longer standing investors. When the financial markets collapsed and investors withdrew their funds, the Madoff illusion was exposed.

The liquidator of the Madoff business, Irving Picard, had begun action against the bank with a claim of up to $20 billion in damages, but a federal judge and then an appeal court rejected this action, arguing that only investors who had been deceived could launch them.

However, that procedural issue is now before the Supreme Court.

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History of Earrings – The Ancient World

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General comments: It would be convenient to draw a single time-line describing the history of antique earrings, but in reality, different cultures exhibited different fashions and technical abilities at any given time. The antique earrings in the Ancient Orient differed to those worn in the Middle East, which were  superior to anything known in Europe at the time. As men began to travel further afield, there was cultural and technical interchange and influence for what we call antique earrings.  And yet, even today, while economists speak of globalisation, there are vast differences between earrings in the West and those worn in the Far East and Africa.  Here, we will talk about some of the general trends.

 

The  Ancient  World:

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photo of antique earringsEarrings compliment out looks, but in the Ancient world, they served to show which social, political or religious group or clan you belonged to, your social status, wealth and class within the group. Antique Earrings flashed wealth or divulged your status as a slave. Today, there are clear distinctions between earring styles worn by different cultures in the non-western world. Antique earrings, both pendants and hoops, worn 7000 years in Egypt or Asia, signified that the wearer belonged to a particular class. Early cultures believed that evil spirits could enter the body via any orifice.  Earrings were seen as a means to plug up the ears and prevent such an invasion. The magical powers attributed to antique earrings are wide and varied, for example is the belief that they strengthened weak eyes. This belief persisted in France as late as the 1800’s.

 

While earrings are clearly mentioned many times in the Old Testament (stories about Moses and Abraham mention earrings to name just two), antique earrings for pierced ears were known in the Middle East from at least 3000 years ago. The oldest antique earrings were found in the royal graves in Iraq, home of the Ancient Assyrians. In 1989 the treasures of Nimrod, their capital city, considered on a par with King Tut’s tomb were excavated. About 50 kg of marvelous jewels including 8 pairs of identical earrings, owned by the Assyrian Queen were found. This intricate gold jewelry was technically superior to anything produced for many years afterwards. During the recent chaos and looting of the war in Iraq, some of these earrings landed up on the auction block in the USA and amidst much scandal, including Interpol’s swooping intervention, was finally brought back to the Iraq Museum.

 

If not clear by now, it should be pointed out that in Ancient times, jewelry was predominantly worn by men.  Some walls of the Persian ancient palace of Persepolis, c500 BC., show carved figures of soldiers wearing earrings.

 

ATLANTIS: GIANT PYRAMIDS AND SPHINXES FOUND IN THE BERMUDA TRIANGLE

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Two scientists, Paul Weinzweig and Pauline Zalitzki, working off the coast of Cuba and using a robot submersible, have confirmed that a gigantic city exists at the bottom of the ocean. The site of the ancient city — that includes several sphinxes and at least four giant pyramids plus other structures — amazingly sits within the boundaries of the fabled Bermuda Triangle.

According to a report by Arclein of Terra Forming Terra, Cuban Subsea Pyramid Complex, the evidence points to the city being simultaneously inundated with rising waters and the land sinking into the sea. This correlates exactly with the Atlantis legend.

The disaster may have occurred at the end of the last Ice Age. As the Arctic icecap catastrophically melted it caused sea levels to rise quickly around the world, especially affecting the Northern Hemisphere. Coast lines changed; land was lost; islands (even island continents) disappeared.

Arclein observes: “At the time uplifted portions of the Mid Atlantic Ridge subsided also including Lyonese and the home islands and land mass around the Azores. Even if that had not happened, this subsidence was amply large enough

This would have produced an orthogonal pressure forcing subsidence to either East or West. Since the ridge between Cuba and Yucatan is the natural point of weakness between the Gulf subsidence basin and the Caribbean subsidence basin, it naturally subsided deeply. The driver for all this was the hydrostatic changes brought about by both the original crustal shift of 12,900 years ago that I have called the Pleistocene Nonconformity and the slow uplift of the Hudson Bay Basin brought about by the ending of the Ice Age.”

Cuban missile crisis stops research

According to journalist Luis Mariano Fernandez the city was first discovered decades ago, but all access to it was stopped during and after the Cuban Missile Crisis. (http://www.luismarianofernandez.com/AtlantidaEnCuba4.html) To view in other languages, use the google translate tool bar.

The U.S. government discovered the alleged place during the Cuban missile crisis in the sixties, Nuclear submarines cruising in the Gulf (in deep sea) met pyramid structures. They immediately shut down the site and took control of him and the objects, in order that it will not come to Russians hands.”

The science team of deep ocean experts, archaeologists and oceanographers found ruins of ancient buildings 600 feet below the ocean. They say the city is Atlantis.

Look carefully, in the muky water a giant pyramid is visible(http://i1260.photobucket.com/albums/ii567/riseearth/Atlantis_02.jpg)

Pyramids and sphinxes bigger than Egypt’s 

Evidence that the island of Cuba is the vestige of a once mighty culture is supported by Zalitzki’s discovery on the island of extremely ancient symbols and pictograms identical to those seen on the underwater structures.

Using exploration submersibles, they discovered amazingly huge pyramid structures similar to (but larger than) the pyramids in Giza, Egypt. They estimate the Atlantis pyramids are constructed with stones weighing many hundreds of tons.

Speaking with a scientist about the possibility that the ruins are indeed Atlantis, Fernandez reports the expert replied:

“…in the Yucatan cultures today is possible that what still remains of the aborigines of those places perhaps the Olmecs or some very primitive civilization of Yucatan, the northern part of Central America—originated according to them on an island that sank by a cataclysm. This island is called Atlanticú.”

That too fits the stories about the sudden demise of the wondrous Atlantis.

Atlanticú. Atlantis. The aboriginal natives still call it that in their history.

During an interview about the exploration of the mega-city, Fernandez asked lead scientist Pauline Zalitzki about the civilaztion that built it.

“When we published the first news of this finding,” she said, “the University of Veracruz was interested in our work and we had recorded images of these structures on the seabed. Specifically, the Institute of Anthropology of the University excavations invited me. They were doing [studies] on parts and ruins of the Olmec civilization.

The Olmecs and other native peoples all have primary morphology marking the arrival of this continent. This mean coming from the direction of Cuba, and had to occur in a very large earthquake where their land sank. Morphologies indicate that they belong to three families who were saved. One of these families came to the coast of Veracruz, which are supposedly the Olmec. Others came to Central America and traveled to the Pacific coast, and these families created the civilization of the Americas as we know it today, because they distributed all their knowledge.

When these anthropologists saw underwater images of this city, and saw some stone monoliths, some symbol, and inscriptions, they identified with Olmec motifs. They were very surprised.”

The Olmecs devolved from the survivors of Atlantis, a much superior culture destroyed aft the end of the Ice Age flooding. The world was reshaped and a super-civilization destroyed, remembered for millennia only in legend and a passing refernce by the philosopher Plato.

But Atlantis was real, is real: scientists Paul Weinzweig and Pauline Zalitzki have found it.

Sonar images of mega-structures on the seabed ( http://i1260.photobucket.com/albums/ii567/riseearth/Mega_structure.jpg)

Sources and more information:

• BBC News

Originally posted on: Disclose

Cuban underwater city

From Wikipedia, the free encyclopedia
Cuban underwater city
Cuban underwater city is located in Cuba

Shown within Cuba
Region Pinar del Río Province
Coordinates 21.772547°N 084.836736°W
History
Cultures Unknown
Site notes
Condition Ruins
Public access Yes

Cuban underwater city refers to a site thought by some to be a submerged granite complex structures off the coast of the Guanahacabibes peninsula in thePinar del Río Province of Cuba.[1][2][3]

Sonar images interpreted as being symmetrical and geometric stone structures resembling an urban complex were first recorded in early 2001 covering an area of 2 square kilometres (200 ha) at depths of between 600 metres (2,000 ft) and 750 metres (2,460 ft).[1] The discovery was reported by Pauline Zalitzki, a marine engineer, and her husband Paul Weinzweig, owners of a Canadian company called Advanced Digital Communications,[4] working on an exploration and survey mission in conjunction with the Cuban government. The team returned to the site a second time with an underwater video robot that filmed sonar images interpreted as variouspyramids and circular structures made out of massive, smooth blocks of stone that resembled hewn granite. Zalitzki said “It’s a really wonderful structure which really looks like it could have been a large urban centre, However, it would be totally irresponsible to say what it was before we have evidence.” [1]

After studying the images, National Geographic senior editor John Echave said “They are interesting anomalies, but that’s as much as anyone can say right now, but I’m no expert on sonar and until we are able to actually go down there and see, it will difficult to characterize them.” Professor of Oceanography Robert Ballard was quoted as saying “That’s too deep, I’d be surprised if it was human. You have to ask yourself, how did it get there? I’ve looked at a lot of sonar images in my life, and it can be sort of like looking at an ink blot — people can sometimes see what they want to see. I’ll just wait for a bit more data.”[5]

Marine Geologist Manuel Iturralde called for more samples before drawing conclusions about the site, saying “We have some figures which are extremely unusual but nature is much richer than we think.” Estimating that it would have taken 50,000 years for such structures to have sunken to the depth at which they were said to be found, he said “50,000 years ago there wasn’t the architectural capacity in any of the cultures we know of to build complex buildings.” A specialist in underwater archaeology at Florida State University added “It would be cool if they were right, but it would be real advanced for anything we would see in the New World for that time frame. The structures are out of time and out of place.”[4]

References[edit]

  1. Jump up to:a b c ‘Lost city’ found beneath Cuban waters, BBC News, 7 December 2001.
  2. Jump up^ ‘Looking for lost riches in Cuba’s seas: Underwater surveyors say they may have found sunken city’, Reuters, Havana, 14 May, 2001.
  3. Jump up^ Handwerk, Brian., New Underwater Finds Raise Questions About Flood Myths, National Geographic News, May 28, 2002.
  4. Jump up to:a b Bauza, Vanessa (Oct 27, 2002). “Submerged Cuban Ruins May Be Manmade, Experts Say”Daily News, Bowling Green, Kentucky. Retrieved 3 October 2012.
  5. Jump up^ Ballingrud, David (November 17, 2002). “Underwater world: Man’s doing or nature’s?”St. Petersburg Times. Retrieved 3 October 2012.

External links[edit]

These Fascinating Maps Show The Origin Of Words We Use All The Time

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These Fascinating Maps Show The Origin Of Words We Use All The Time

U.S. playwright Rita Mae Brown said: “Language is the road map of a culture. It tells you where its people come from and where they are going.”

That quote comes to mind looking at these fascinating European etymology maps of various commons words posted by reddit user sp07, which provide a kind of cultural commentary on Europe.

The word for “church” shows the influence of ancient Greece:

“Bear” appears to be influenced by Russia, where largest brown bear population in Europe can be found. Notice the dominant word literally means “honey-eater.”

Another reddit user noted that “pi” is a prefix for “beer” in several European countries while the “pi” in the Mandarin Chinese word for beer,  啤酒 pi jiu, is a loan word from Europe.

“Apple” has a lot of diversity: Notice how the word in Finland and Estonia may come from a Indo-Iranian origin.

“Orange” is an interesting one. In the west it comes form Sanskrit while the dominant word in much of eastern and northern Europe comes from a word meaning “apple from China.”

“Garoful,” the ancient Greek word for “rose,” only remains in northeastern Italy.

Most of Europe derives “pineapple” from the Guarani language, which is an indigenous language of South America, although the U.K. (and consequently the U.S.) get the word from Latin.

Pineapple Mapimgur/u/Bezbojnicul

Tea comes from China, naturally, except for a few Latin holdouts in eastern Europe.

This one is the word for “cucumber,” which may be even more diverse than “apple”:

cu6amudh_updatedimgur/u/Bezbojnicul

Now Watch: These Maps Prove That Americans Speak Different Languages

Read more: http://www.businessinsider.com/european-maps-showing-origins-of-common-words-2013-11#ixzz2m4Muj1Zz