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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 ...
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Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays Profit (accounting), profits to earlier investors with Funding, funds from more recent investors. Named after Italians, Italian confidence artist Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits. A Ponzi scheme can maintain the illusion of a sustainable business as long as investors continue to contribute new funds, and as long as most of the investors do not demand full repayment or lose faith 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 German Empire, Germany and ...
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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 the Ion Luca Caragiale High School, 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 ...
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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 ...
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Economic History Of Romania
The economy of Romania is a developing mixed economy, with a high degree of complexity. It ranks 12th in the European Union by total nominal GDP and 7th largest when adjusted by purchasing power (PPP). The World Bank notes that Romania's efforts are focused on accelerating structural reforms and strengthening institutions in order to further converge with the European Union. The country's economic growth has been one of the highest in the EU since 2010, with 2022 seeing a better-than-expected 4.8% increase. In recent years, it witnessed growth rates such as: 4.8% in 2016, 7.1% in 2017, 4.4% in 2018 and 4.1% in 2019. In 2020, its GDP per capita in purchasing power standards reached 72% of the European Union average, up from 44% in 2007, the highest growth rate in the EU27. Romania's economy ranks 35th in the world by its total GDP ( PPP), with a Int$784 billion annual output (2023 est.). The country is a leading destination in Central and Eastern Europe for foreign direct ...
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Man-made Disasters In Romania
Artificiality (the state of being artificial, anthropogenic, or man-made) is the state of being the product of intentional human manufacture, rather than occurring nature, 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 (Aristotle), 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 dist ...
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Investment Companies Of Romania
Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broader viewpoint, an investment can be defined as "to tailor the pattern of expenditure and receipt of resources to optimise the desirable patterns of these flows". When expenditures and receipts are defined in terms of money, then the net monetary receipt in a time period is termed cash flow, while money received in a series of several time periods is termed cash flow stream. In finance, the purpose of investing is to generate a return on the invested asset. The return may consist of a capital gain (profit) or loss, realised if the investment is sold, unrealised capital appreciation (or depreciation) if yet unsold. It may also consist of periodic income such as dividends, interest, or rental income. The return may also include currency gains ...
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Financial Services Companies Disestablished In 1994
Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, is a field of Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into personal, corporate, and public finance. In these financial systems, 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. Due to its wide scope, a broad range of subfields exists within finance. Asset-, Money management, money-, Financial risk management, risk- and investment management aim to maximize value and minimize Volatility (finance), volatility ...
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Financial Services Companies Established In 1992
Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into Personal finance, personal, Corporate finance, corporate, and public finance. In these financial systems, assets are bought, sold, or traded as financial instruments, such as Currency, currencies, loans, Bond (finance), bonds, Share (finance), shares, stocks, Option (finance), options, Futures contract, futures, etc. Assets can also be banked, Investment, invested, and Insurance, insured to maximize value and minimize loss. In practice, Financial risk, risks are always present in any financial action and entities. Due ...
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Cambridge
Cambridge ( ) is a List of cities in the United Kingdom, city and non-metropolitan district in the county of Cambridgeshire, England. It is the county town of Cambridgeshire and is located on the River Cam, north of London. As of the 2021 United Kingdom census, the population of the City of Cambridge was 145,700; the population of the wider built-up area (which extends outside the city council area) was 181,137. (2021 census) There is archaeological evidence of settlement in the area as early as the Bronze Age, and Cambridge became an important trading centre during the Roman Britain, Roman and Viking eras. The first Town charter#Municipal charters, town charters were granted in the 12th century, although modern city status was not officially conferred until 1951. The city is well known 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 Chap ...
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Cambridge University Press
Cambridge University Press was the university press of the University of Cambridge. Granted a letters patent by King Henry VIII in 1534, it was the oldest university press in the world. Cambridge University Press merged with Cambridge Assessment to form Cambridge University Press and Assessment under Queen Elizabeth II's approval in August 2021. With a global sales presence, publishing hubs, and offices in more than 40 countries, it published over 50,000 titles by authors from over 100 countries. Its publications include more than 420 academic journals, monographs, reference works, school and university textbooks, and English language teaching and learning publications. It also published Bibles, runs a bookshop in Cambridge, sells through Amazon, and has a conference venues business in Cambridge at the Pitt Building and the Sir Geoffrey Cass Sports and Social Centre. It also served as the King's Printer. Cambridge University Press, as part of the University of Cambridge, was a ...
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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 was the university press of the University of Cambridge. Granted a letters patent by King Henry VIII in 1534, it was the oldest university press in the world. Cambridge University Press merged with Cambridge Assessme ... on behalf of the Society for Comparative Study of Society and History. It was established in 1958 by Sylvia L. Thrupp. When she retired as editor-in-chief, she entrusted the journal's editorship and managing editorship to Raymond Grew and his wife Daphne Merriam Grew. List of past editors-in-chief * Sylvia L. Thrupp, 1958–1973 * Raymond Grew, 1973–1997 * Thomas R. Trautmann, 1997–2006 * Andrew Shryock, 2006–2016 References External links *Journal online History journals Academic journals established in 1958 Quarterly journals English-language journals Cambridge University Press ac ...
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High Court Of Cassation And Justice
The High Court of Cassation and Justice () is Romania's supreme court. 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 Council of Magistrature. The same assembly approves the annual activity ...
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