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No man has a good enough memory to be a successful liar.

Abraham Lincoln, US President

3 A Truth and lies

READING
Read the article about Ponzi schemes
Ponzi schemes
quickly and match the years to the people.
Want to know an easy route onto the world's rich list? You may think
2009 Charles Ponzi it's an impossible dream, but as Charles Ponzi reveals, all you really
2008 Early Ponzi schem ers need is a persuasive smile and the ability to lie very, very well.
1920s Lou Pearlman
The man behind the name the famous American boy bands
1880s Bernard Madoff Charles Ponzi was an Italian immigrant Backstreet Boys and N*Sync. To fund
living in the United States who cheated promotional activity for his band roster,
Read the text again and complete it with
countless innocent people out of money he convinced businesspeople to invest
the missing sentences. There is one extra in the 1920s. At that time, when a in other nonexistent side projects.4___D
sentence you do not need to use. person wanted to send a letter to Pearlman was eventually convicted of
another country, he or she (if they were cheating investors of over $300 million
A He continued to happily take money from feeling generous) could also send the and, in 2008, was sentenced to 25
excited new investors on a daily basis, many recipient an international reply coupon. years imprisonment.
of whom gave him their life savings. The coupon could then be used to pay But that was nothing compared
B If you don't believe him, just ask your friends. for the postage of the reply. Ponzi’s to Bernard Madoff's $65 billion
idea was to buy cheap reply coupons Ponzi scheme. In 2009 Madoff was
C He was able to convince them because he in another country and sell them in the sentenced to 150 years in prison after
was a highly respected and well-established United States, where they were worth having cheated billionaires, celebrities,
financial expert. more. He then planned to share the and even banks and charities.5___ C
profits with his investors. However, He was also helped by the fact that
D Among the fake companies he created was
transporting and paying for the coupons he was running a legitimate business
an airline, which existed solely on paper. caused delays and incurred extra at the same time. He didn’t promise
E The whole thing collapsed and the costs, which meant he couldn’t pay ridiculously high returns, and he
authorities caught him. back his investors as quickly as he had always gave his investors their money
promised. But he didn't tell them that. when they asked for it. Madoff’s
F However, the scheme doesn’t work for long A Ponzi paid the early investors
1___ business propositions seemed perfectly
because of the constant need to find new their profit with the new money that trustworthy, but a lot of people lost all
investors. was pouring in, and kept some of it for their money.
himself At the height of his success,
Look at the highlighted words and he was buying and selling around 160 So for Charles Ponzi, Lou Pearlman,
phrases in the text and try to figure out million reply coupons, despite only Bernard Madoff, and countless other
their meaning. Then match them to 27,000 existing worldwide. When Ponzi schemers, their lies eventually
E
people realized this, it was all over.2___ caught up with them. Their riches
definitions 1-7. were only temporary and the price
1 can be relied on to be good, honest, and How does it work? they eventually had to pay was much
trustworthy
responsible _______________________ The Ponzi scheme is based on a simple more. Our advice? Never try to make an
principle revolving around paying old honest buck based on a lie. The truth
2 coming in great numbers investors with money that comes in always wins... eventually.
pouring in from new investors. What exactly they
fund
3 pay for _______________________ invest in doesn't matter. With the
money from the first investors you rent
4 collapses, stops working a fancy office and buy a new car, which
flops helps you to attract new investors.
5 a voucher that can be exchanged for cash coupon F . One person can only do so
3___
much, and sooner or later the scheme
6 another word for an American dollar7 flops because there aren’t enough new
buck investors to pay all of the old ones.
7 allowed and acceptable according to the
Other big schemers
legitimate
law _______________________
Examples of the Ponzi scheme date
back as far as the 1880s, and are still
happening now. One of the longest-
running operations was headed by
Lou Pearlman, former manager of

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2 VOCABULARY b u s in e s s c Complete the crossword.

a Complete the text with the correct form of C lu es a cro ss
a verb from the box. 3 The average McDonald's restaurant serves 1,584.. .per day.
become expand export import 4 TGI Friday’s is an American restaurant.. .with over 920 restaurants.
launch market set up take over 6 The law firm of Clifford Chance gives legal advice to .. .in 25
countries.
A friend of mine, Anne, was lucky enough 7 The.. .of SpaceX is in Los Angeles, California.
to inherit a farm when she graduated from
college, so she decided to 1 set up her C lu es dow n ^
own organic food business. The com pany2____ markets 1 Google Inc. is a.. .company that operates all over the world.
its products under the name of Bioplus and one
2 There is a .. .of Bank of America on many main streets in the US.
of the most successful products it makes is
4 Steve Jobs was the...of Apple Inc. from 2000 to 2011.
granola. Not all of the ingredients come from
imports
the farm. A n n e 3_____________ the nuts and 5 Amancio Ortega is the.. .of the Spanish clothing chain Zara.
dried fruit from South America. She mixes these
with her own cereal products to make the
m b
granola. Regionally, her granola sells well, but
exports
she a ls o 4_____________ to East Coast states
like New York and New Jersey.
expanding rapidly and
l a
The company i s 5_____________
Anne is always looking for new employees.
t n
launch
Right now she's preparing t o 6_____________
c h a i n c
a new cereal bar the company has been testing. e n h
Anne is very realistic because she knows she
become
will n ever7_____________ the market leader in
o a
the field, but neither does she want one of the t o
big cereal giants like Kelloggs or Nestle to c l i e n t s w
take over her company.
8_____________
o n
b Complete the sentences with the correct
form o f make or do.
n e

1 A company always does extensive

headquarters
market research before it launches a new l
product.
makes loss, the staff
2 If a company________a
members often face job cuts.
doing business
3 Many countries started_______
with China when the trade sanctions were 3 MINI GRAMMAR whatever, whenever, etc.
lifted. Complete the dialogues using whatever, whichever, whoever,
made the
4 The managing director_______ whenever, however or wherever.
decision to close the factory yesterday.
1 A Where would you like to go for dinner tonight?
made a deal
5 The company president_______
B Wherever you want. I don’t mind.
with management to increase overtime pay
yesterday. 2 A Do you want tea or coffee?
Whichever is easiest.
doing badly, so in the
6 The factory w as_______ B I don’t mind.____________
end it closed down. 3 A What should I buy you for your birthday?
do
7 Companies always________market whatever you give me.
B I don’t mind. I’ll be happy w ith _____________
research before they launch a new product. 4 A How often does your boyfriend go to the gym?
make a profit again next year, the
8 If w e_______ whenever he can.
B He g o e s _____________
manager may think of opening another
5 A Can I bring my new boyfriend to your party?
office.
whoever you want.
B Sure. B rin g_____________
6 A I’m not sure how we should decorate the living room.
however you want. You have great taste.
B Decorate it _____________

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4 GRAMMAR clauses of contrast and purpose 6 LISTENING

a (thrd^Xhe correct answer. Listen to a radio phone-in
1 (AlthoTigJpj Despite she's the head of the department, she often program about Mr. Americo Lopes who
goes out with her colleagues. bought a w inning lottery ticket, but didn’t
share it with his coworkers. How many
2 The account manager called his client/or / to arrange a meeting.
of the callers think that he did the right
3 The company is expanding even though / in spite o ft here is a
thing?
recession. Caller 5 and 1
4 The firm closed several of its smaller office buildings in order to / so b Listen again and mark the sentences T (true)
that cut costs. or F (false).
5 His secretary staved at her desk to not / so as not to miss an 1 Mr. Lopes bought the lottery ticket in
_F
important phone call.
December of 2009. _
6 Everybody seemed to enjoy Mike's speech at the wedding
2 Mr. Lopes was a factory worker. F
___
in spite o f / even though his terrible jokes.
7 The restaurant staff members are happy despite / although 3 The jury decided Mr. Lopes must share
working long hours every day. his prize money with his coworkers. _T
_
8 She closed the door to her office so as to / so that nobody could 4 Caller 1 believes Mr. Lopes should share
hear her conversation. information about his life with his friends
b Complete the second sentence so that it has a similar meaning to the and coworkers. __F
first sentence using the word or phrase in bold. 5 Caller 2 says people make questionable
T_
decisions when a lot of money is involved._
1 Although he’s the managing director, he goes to work by bike,
despite 6 Caller 3 thinks the jury made the correct
He goes to work by bike despite being the managing director decision. T
__
2 Although they don't do any marketing, their products sell well, 7 Caller 4 says the man had a moral obligation
in spite o f to share the ticket winnings. _F
_
in spite of the fact that they don't any marketing
8 Caller 5 feels some anger toward the man. _F
Their products sell well__________________________________ .
_
3 They reduced their prices so as to sell more products, so th at
so that they woukd sell more products
They reduced their prices ________________________________. c Listen again with the audio script on p.75
4 I have to leave work by six o’ clock so that I don’t miss my train, and try to guess the meaning of any words
that you don’t know. Then check in your
so as not to
so as not to miss train dictionary.
I have to leave work by six o’ clock________________________.
5 Despite the fact that I was late, my boss wasn't angry, although
although I was late
My boss wasn’t angry___________________________________ . USEFUL WORDS
AND PHRASES
5 PRONUNCIATION
L e a rn th ese w ords and p h rases.
changing stress on nouns and verbs
ad/ advertisement /aed/aedvar'taizmant/
a jH M Listen and complete the sentences. advertising campaign /'aedvortaiziB kaem'pein/
1 China exports more goods than any other country. airbrush (a photo) /'erbrnf/
2 records are becoming popular again.
Vinyl___________ appeal /o'pil/
3 increase in gas prices recently.
There’s been a huge___________ brand /braind/
4 decrease the amount of
You can only lose weight if you___________ claim (v and noun) /kleim/
calories you eat. commercial /ko'morfl/
5 progress on finding a cure for AIDS.
Scientists are m aking___________ consumers /kon'sumorz/
6 permits
The visa___________ you to stay for three months. jingle /'d3togl/
7 produces about a third of the world’s coffee.
Brazil___________ misleading (statements) /mis'lidip/
8 refunds without a valid receipt.
We do not give___________ slogan /'sloogon/
b Underline the stressed syllable on the words you wrote in a. sue (somebody) /su/

c Listen and check. Then listen and repeat the sentences.

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