vendredi 5 octobre 2007

Stock exchange crash

At the end of August 2007, one of the main online banks, Ginko Financial, went bankrupt. The company offered high returns to its customers, which it could only finance through payments by new customers. As the prohibition on gambling resulted in many residents asking to recover their funds, the bank could not honour its commitments. 190 million Linden dollars (USD 750,000) went up in smoke. Legal proceedings will be held before the American courts. This bankruptcy resounds the Russian bank, MMM, which had a similar pyramid structure in 1997.

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