Nichsolas Cosmo

When it comes to the United States current economy, I think it is fair to pin that we are non at our finest moment. The past several long time have not exactly been easy for a face pack of people in this sylvan. Almost all of the reason this kingdom 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 one time these loans that people couldnt afford started to go into default, the banks started to fail. The government stepped in at this point and began bailing out the banks. The financial markets on seawall Street were starting to weaken at fast rates. rather a little started to worry about their money they had gift in various slipway and so requested from brokers or whomever, their money back. As period went on and on and siteors kept squeezeting the run around, legion(predicate) people began to worry informing the appropriate government activity to explode an investigation. These investigations revealed many businesses that were fraudulent investment firms, with the most disreputable creation Bernie Madoff.(Forbes.com) Bernard L Madoff Investment Securities LLC became known as the biggest Ponzi schema ever.

sise months after Bernie Madoff was exposed, an new(prenominal)wise man was being arrested out on Long Island for the same kind of scheme; using some some other peoples investment money to pay other customers returns on their investments. His name is Nicholas Cosmo and he would come to fraudulently invest 179 million dollars of 4,000 peoples investments and life savings creating a 400 million dollar Ponzi Scheme. Nichola s Cosmo was born and raised in a small subur! b on New Yorks Long Island called Wantagh. He was born to middle class parents and lived what he called a very normal childhood. He was an athlete in his youth playing soccer and baseball. While in depressed school, he developed a gambling habit that he couldnt control. Once it became apparent that he had a problem, he started attending Gamblers Anonymous, a support...If you want to admit a full essay, order it on our website: OrderEssay.net

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