Shyam
When you read articles like this http://www.businessweek.com/news/2010-10-16/countrywide-s-mozilo-settles-for-67-5-million-over-sec-claims.html , you begin to realize just how far the USA has descended.
Since the end of WWI, Americans have generally liked to think of themselves as the citzens of the world's most righteous and powerful democracy, but an increasing number of angry American tax-payers now believe that (no matter who has appeared to govern the USA) their country has become a de facto kleptocracy http://en.wikipedia.org/wiki/Kleptocracy
Although he once was the widely-respected Chief Executive Officer, and founder, of America's Countrywide Financial Corporation, Angelo Mozilo (b. 1939) is now a proven shyster who, after making catastrophic commercial decisions, deliberately hid the truth from his company's investors before selling $140 millions of his own shares knowing that their artificially-inflated price was about to collapse.
Any reasonable person reading these shocking facts would assume that Mr. Mozilo would have been stripped of all his stolen wealth and sentenced to a long prison term, but no; he hasn't even had to go to court to face civil charges, let alone criminal charges. Those tireless guardians of America's financial system at the Securities Exchange Commission have decided to allow Mr. Mozilo to hand over just $67.5 millions of his ill-gotten gains and they will drop all securities fraud charges against him (and without him even having to admit any wrongdoing). Oh, and they have also slapped him on the wrists by barring him (at the age of 71) from being a director or officer of a US-registered public company in the future.
The immediate victims of Mozilo's lies previously filed a $600 millions class-action lawsuit against his company. This was settled by the Bank of America which (as part of a wider federal government policy to rescue the global economy from total melt-down) was obliged to buy out Countrywide Financial for $4 billions, to save it from bankruptcy. In other words, the immediate victims of Mozilo's lies were paid off, whilst the $600 millions of losses he caused them, were off-loaded on to all US tax-payers (including Mozilo's victims). Despite the announcement that Mozilo's derisory $67.5 millions payment to the SEC will be used to reduce the huge burden he has inflicted on US-tax-payers, in reality, this relative speck of gold dust will now simply be tranferred to the Bank of America where it will vanish into the largest financial black-hole ever to have existed.
The FBI also began to investigate Mr. Mozilo in 2008, but the US Attorney's Office has (so far) declined to make any comment as to whether he might face criminal charges. Obviously, a deal has been done, but (in 2010) in the 'Land of the Free and the Home of the Brave,' handing over stolen money to the federal administration, to avoid being held to account by the American people from whom the money has been stolen, is apparently no longer considered to be a crime against the Republic.
David Brear (copyright 2010)
13 comments:
ok when you say
"When you read articles like this http://www.businessweek.com/news/2010-10-16/countrywide-s-mozilo-settles-for-67-5-million-over-sec-claims.html , you begin to realize just how far the USA has descended.:
what will you say when you read articles like this http://www.businessweek.com/magazine/content/10_16/b4174064710167.htm
How amway is doing?
I am just checking ur partiality level.
Trivedi, why don't you talk on the business model of Amway India 6-4-3 which is nothing but illegal pyramid scheme under the provisions of Prize Chits & Money Circulation Sche,mes (Banning) Act, 1978.
So Shyam, if I start a manufacturing company, and I sell my products to 6 exporters, who each export my products to 4 importers, who each distribute my products to 3 regional distributors, that would be an illegal pyramid scheme?
LoL. The six exporters would start looking for six more exporters and these each of the exporters would be looking for six more, each one trying to complete one leg of 102 downlines. That is mathematical impossibility as described by the Supreme Court of India.
Why did you just give a ridiculous response instead of answering my question?
Your question is ridiculous. A manufacturer sells products to six exporters. And all these six exporters export products to four importers. who distribute products to three distributors. He conveniently skips the issue that every exporter wants to complete one leg of 102 downline and earn a substantial income of Rs. 62, 500. Where do they find so many people? That is mathematical impossibility.
That is illegal money circulation scheme.
people like you don't understand what is example is meant for.
you point is so silly that if people built business on (you-6-4-3) basis then no one in amway would be able to cross founder's diamond pin.
I assume that like rize Chits & Money Circulation Sche,mes (Banning) Act, 1978 you must be knowing the definitions of pin levels atleast.
because what is of use that act if one doesn't know the basic things. people like you can accuse any company running company money circulation scheme!!!!
U may be knowing the law but u are not knowing basic pin levels of amway and if u don't what are the pin levels (which are based on sales) how can u accuse?
Lets start from the basic when ask me what is prize chits & money circulation scheme (banning) act, 1978.
I will show u by definition:
In this Act, unless the context otherwise requires,- (a) "conventional chit" means a transaction whether called chit, chit fund, kuri or by any other name by or under which a person responsible for the conduct of the chit enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or certain quantity of grain instead) by way of periodical instalments for a definite period and that each such sub- scriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be provided for in the chit agreement, be entitled to a prize amount. Explanation.-In this clause "prize amount" shall mean the amount, by whatever name called, arrived at bY deducting from out of the total amount paid or payable at each instalment by all the subscribers, (i) the commission charged as service charges as a promoter or a foreman or an agent; and (ii) any sum which a subscriber agrees to forego, from out of the total subscriptions of each instalment, in consideration of the balance being paid to him; (b) "money" includes a cheque, postal order, demand draft, telegraphic transfer or money order; 1154 (c) "money circulation scheme" means any scheme, by whatever name called, for the making of quick or easy money, or for the receipt of any money or valuable thing as the con- sideration for a promise to pay money, on any event or contingency relative or applicable to the enrolment of members into the scheme, whether or not such money or thing is derived from the entrance money of the members of such scheme or periodical subscriptions; (d) "prescribed" means prescribed by rules made under this Act; (e) "prize chit" includes any transaction or arrangement by whatever name called under which a person collects whether as a promoter, foreman, agent or in any other capacity, monies in one lump sum or in instalments by way of contributions or subscriptions or by sale of units, certificates or other in- struments or in any other manner or as membership fees or admission fees or service charges to or in respect of any savings, mutual benefit, thrift, or any other scheme or arrangement by whatever name called, and utilises the monies so collected or any part thereof or the income accruing from investment or other use of such monies for all or any of the following purposes, namely :- (i) specified number of subscribers as determined by lot, draw or in any other manner, prizes or gifts in cash or in kind, whether or not the recipient of the prize or gift is under a liability to make any further payment in respect of such scheme or arrangement; (ii) not won any prize or gift, the whole or part of the subscriptions, contributions or other monies collected, with or without any bonus, premium, interest or other advantage by whatever name called, on the termination of the scheme or arrangement, or on or after the expiry of the period stipulated therein, but does not include a conventional chit; (f) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934. (2 of 1934.)
Notify me if i am wrong.
so what do you know in amway regarding basic pin levels.
lets start from 6%. tell me when a person qualifies 6%.
Trivedi, you just quoted the definition part of the enactment. What did you learn from it? Have you noticed that the Amway business model is nothing but a money circulation scheme as defined in the enactment?
Pin levels you are mentioning is nothing but a pyramid scheme. Come out and understand the reality. You have been cheated and you are actually losing money every month by buying Amway products which you cannot sell to anybody if you live in India. If you are into this 'good business opportunity' for the last several years, you must have become very rich now. Did it happen? Just think about it.
shyam here is the definition of money circulation scheme
"money circulation scheme" means any scheme, by whatever name called, for the making of quick or easy money, or for the receipt of any money or valuable thing as the con- sideration for a promise to pay money, on any event or contingency relative or applicable to the enrolment of members into the scheme, whether or not such money or thing is derived from the entrance money of the members of such scheme or periodical subscriptions
Now tell me where does people in amway gets compensated in enrollement?
In amway no matter how many people i enroll i don't get any sort of compensation. So silly of you....
Read the example first don't just quote it. Now i understand why people like you misinterprete the plan.
the answer is simple, you guys just don't study it open-mindedly.
By simply enrolling 102 downline, one gets easy and quick money of Rs. 62,500 even if the person do not personally purchase or sell anything. That is the issue pointed out by the AP High Court. You are carried away by the propaganda of Amway India. Come out and accept reality.
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