Kirjahaku

In a Ponzi scheme, new investments are used to pay existing investors, to cover the cost of salespersons, and to finance the Ponzi schemer's satisfying lifestyle. Although Charles Ponzi recruited investors in Boston in 1919 and died in 1949, his design and mode of operation are alive and well today. Indeed, losses from Ponzi schemes in the United States are equal to losses from shoplifting. Ponzi schemes catch in their net highly sophisticated individuals and institutions as well as low-income and middle-income investors, and these schemes have attracted investors all over the world, in Russia, England, India, Albania, Romania, Portugal, Costa Rica, and elsewhere. Looking into the innumerable cases of Ponzi schemes throughout the years, Tamar Frankel observes that even though patterns began to emerge in the stories of con artists and their victims' behavior, the main puzzles still remain: How do con artists dazzle and lure wealthy and educated individuals and representatives of large institutions to hand over huge sums of money? How do con artists divert investors' attention from the soft spots of their stories? And while there are so many books and articles about Ponzi schemes, their warnings and constant advice on how to detect and avoid con artists go unheeded. In The Ponzi Scheme Puzzle, Frankel explores con artists' fascinating power of persuasion and deception, and analyzes their subtle signals that mimic truth and honesty. She identifies the reasons for the local and global success and longevity of such schemes and seeks to understand the nature of the con artists and their victims. She combines the many stories of Ponzi schemes, derived mostly from court cases and newspaper articles, to show the patterns of such frauds, the nature of the con artists, and character of their victims. These patterns tell us much about human nature, about our society, and about ourselves. The book first analyzes the design and pattern of the con artists' attractive offers and how they hide deceptions, then deals with the ways in which schemes are advertised and sold. Next, it focuses on the core of con artists' success, then discusses the characters of con artists and their victims. Finally, Frankel offers a number of observations on the lessons we can learn from these stories and analyses. She concludes that our attitude to con artists is ambivalent and uncertain perhaps because their behavior is so close to the behavior of honest people; or perhaps because they act like the social leaders with whom they are likely to mingle, or perhaps their actions are necessary to shake up a complacent society. Therefore, she writes, self-protection from charming, dangerous con artists must involve self-examination: once we recognize our own tendencies we can better protect ourselves from their toxic attraction.

The duty of financial institutions to self-regulate their compliance with the law was triggered by relatively recent developments. Financial institutions (banks, mutual funds, securities exchanges and advisers) have grown larger and were operating internationally. Government and outside regulators could not effectively supervise and prevent institutional violations. The failures and violations of such institutions were costly to the country, to their employees and to their investors. The failures prompted legislators and regulators to require these institutions to self-regulate and self-police to prevent violation of the law.The Law of Institutional Self-Regulation (Compliance) is addressed to law students and practitioners. It aims at understanding and managing a system of self-regulation by financial institutions by a dual system of both law and culture. To be sure, the law requires institutions to self-regulate. But rules of law are not enough. In fact, the main mechanism for self-regulation is institutional culture. Like law, culture is a system of rules and their enforcement. Unlike the law, culture rules are established and enforced by institutions, internally. Thus, both law and culture aim at ensuring institutional compliance with the law.Even though most of the materials and cases in this book involve financial institutions, a similar design of self-regulation applies to any institution. Students and practitioners should be sensitive to signs that maylead to institutional violations of the law. They should note the signs of tendencies that may lead to violations of the law and focus on measures that are likely to prevent such violations.This book notes the differences between the Law Officers and Compliance Offices, the evolving recognition of compliance as a profession, and the rise of compliance officers' independence. The book offers principles, approaches, and techniques, aimed at detecting and preventing institutions' legal violations such as, monitoring and investigations, employees' self-examination and rewarding employees for ensuring and supporting compliance with the law. To be sure, each institutions, has its "parents," history, business, powers and weaknesses, aspirations and competitors. This is why institutional self-regulation cannot be uniform and its culture must be adjusted to the law in its own special way--to reach the same application of the law to all.

Living in Different Cultures by Tamar Frankel is a memoir-like collection of keen observations of global culture. Vignettes by the Israeli-born distinguished legal scholar, now 93, guide those from different cultures on how to respect each other and live in harmony.Frankel writes from nine decades of clear-eyed observing. Born in pre-Israel Palestine on July 4, 1925, she served in the Hagenah underground defense force, graduated from law school, served in the Israeli Air Force and helped the new nation of Israel draft its first set of civil laws before moving to the United States to practice law. Becoming in 1968 the first woman on the Boston University Law School faculty, she has taught there for 50 years - with time out to help devise the internet's legal structure and officially advise the U.S. Securities and Exchange Commission.

Tamar Frankel came to America first in 1949 with a group of Israeli military tasked to speak to Jewish communities about the Israeli War of Independence. In 1963, she was invited to be a visiting scholar at Harvard Law School. She attended Harvard Law School graduating with LL.M. and SJ.D. and became of Professor of Law at Boston University in 1969. Frankel retired in 2018. She specialized in mutual funds, securitization, financial system regulation, fiduciary law and corporate governance. She taught as a visiting scholar at Harvard, University of California Berkeley, Japan and England along with her teaching duties at Boston University.She was the author of The Regulation of Money Managers (1978), now in third edition, as well as The Ponzi Scheme Puzzle: A History and Analysis of Con Artists and Victims (2012), Variable Annuities, Variable Insurance and Separate Accounts (1971). She completed Living in Different Cultures, a form of memoir, in 2019. Following her retirement, she has contributed articles to Verdict-Legal Analysis and Commentary and many other publications.In 2017, she received the Ruth Bader Ginsburg Lifetime Achievement Award. In, 2022, ICANN celebrated Frankel as "an inspiring woman who played a key role in the formation of ICANN."

Celebrating an Important Woman in ICANN's HistoryExcerpts of Tamar Frankel's RemarksA View of Cooperative CompetitionGoverning by Negotiation: The Internet Naming SystemThe Managing Lawmaker in Cyberspace: A New Power ModelTrusting and Non-Trusting on the InternetSymposium on the Internet and Legal Theory: The Internet, Securities Regulation, and Theory of Law