The Smell of Money

Embed Size (px)

Citation preview

  • 7/27/2019 The Smell of Money

    1/108

    ]dcj 4

    Wtlgibleo Wgblle la Jglklohgs

    Odstjrss bjshs hk Odrijthkc

    Wprhkc 0=4= > 4: grjnhts

    ^bj Wojee la Olkjy

    D stuny la blw sgjkts gdk daajgt `jbdvhlr dkn dtthtunjs

    D@W^PDG^

    ^bj usj la sgjkts hk odrijthkc bds `jjk rdtbjr ehohtjn hk Wwjnjk njsphtj tbj iklwk strjkctbs la

    tbj buodk leadgthlk. Pjsjdrgb bds `jjk nlkj, detblucb olst whtb lrhchk lutshnj la Wwjnjk.

    Wwjnhsb ahros ushkc sgjkts @shopey `jehjvj hk tbj glkgjpt= dkn nl klt iklw wbjtbjr tbj sgjkts

    bdvj dk jaajgt lr klt.

    ^l tjst tbj jaajgts la sgjkts dk jxpjrhojkt wds sjt up hk alur crlgjry stlrjs. ^bj jxpjrhojkt

    dhojn dt jxpelrhkc tbj jaajgts la d pejdsdkt dkn glkcrujkt sgjkt lk gustlojrss `jbdvhlr, olln

    dkn glckhthvj ejvjes. ^bj sgjkt wds dnnjn whtb sgjkt odgbhkjs dkn ndtd hk tbj alro la sdejs ndtd,

    l`sjrvdthlks dkn qujsthlkkdhrjs wjrj gleejgtjn nurhkc d alur>wjji pjrhln.

    ^bj rjsuets sblwjn tbdt tbj usj la sgjkts njahkhtjey bdvj tbj gdpdghty tl hkaeujkgj gustlojrs hk d

    rjtdhe sjtthkcs. bjhr olln, stlrj jvdeudthlks dkn prlnugt jvdeudthlks wjrj hoprlvjn. Wdejs la

    tbj tjstjn prlnugt hkgrjdsjn `y 48.28 pjrgjkt dkn tbj sdejs la tbj stlrj njpdrtojkt `y 0.3>

    pjrgjkt. bj kuo`jr la ukpedkkjn dkn vdrhjty>sjjihkc purgbdsjs desl hkgrjdsjn wbjk tbj

    gustlojrs wjrj jxplsjn tl tbj ghtrus sgjkt tbdt wds usjn. ^bj ahknhkcs nhn blwjvjr klt prlvj

    dky gbdkcjs hk gustlojrss glckhthvj d`hehthjs.

    Ijywlrns6 Wgjkt odrijthkc9 sjksj odrijthkc9 stlrj dtolspbjrhgs9 HGD Odxh

    Dutblrs6 Fdgl` Ejdknjr>Lesslk (4874=) dkn Dkk Sjkjbjn (0=740)

    ^utlr6 Fjks Klrnaet

    Jxdohkjr6 Gedjs>Pl`jrt Fuedknjr

  • 7/27/2019 The Smell of Money

    2/108

    Nhsgussdkts6 Iedrd Jodkujeslk dkn Flsjahkj Plsk

    Nhssjrtdthlk6 4=64:, Fukj 4=, 0=4= hk G:40

    ]dcj 0

    ^bdkis tl...

    Fjks Klrnaet

    > lur ojktlr

    Cjlrchls Odktbls & Wbhkl Nhd`dt dt O&N

    - alr bjephkc us whtb tbj sgjkt odgbhkjs

    HGD Odxh hk Bdkhkcj, Wlekd, Kdgid dkn Ehknbdcjk

    - alr pdrthghpdthlk hk tbj jxpjrhojkt

    Flje Phkc`l

    - alr bjep whtb W]WW

    Arjnrhi Edrsslk dt HGD

    - alr bjep whtb prlnugthlk la prhkt odtjrhdes dkn sdejs ndtd

    ]dcj 7

    ^D@EJ LA GLK^JK^W

    4. Hktrlnugthlk

    4

    4.4 @dgicrlukn

    0

    4.0 ]rl`ejo drjd

    0

    4.7 ]urplsj

    http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#4http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#4http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#4http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#4http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#5http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#4http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#4
  • 7/27/2019 The Smell of Money

    3/108

    7

    4.> Ehohtdthlks

    7

    4.: Jxpjgtjn Glktrh`uthlks

    >

    4.1 Njahkhthlks

    :

    4.3 Nhsplshthlk

    :

    0. Ojtblnlelcy

    1

    0.4 Wu`fjgt sjejgthlk dkn sghjkthahg stdrthkc plhkt

    1

    0.0 Wtuny dpprldgb

    3

    0.7 Jxpjrhojkt njshck

    3

    0.> ]rj-tjsts

    4:

    0.: Odhk jxpjrhojkt

    41

    0.1 Qdehnhty dkn Pjehd`hehty

    42

    0.3 Dkdeythgde lle

    0=

    http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#7http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#7http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#7http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#7http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#18http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#18http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#18http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#18http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#19http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#19http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#19http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#19http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#21http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#21http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#21http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#21http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#23http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#23http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#23http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#23http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#23http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#23http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#21http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#21http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#19http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#19http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#18http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#18http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#10http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#9http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#8http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#7http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#7http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#6
  • 7/27/2019 The Smell of Money

    4/108

    7. ^bjlry

    00

    7.4 Wtlrj jbdvhlr dkn njghshlk odihkc prlgjss

    00

    7.0 Jkvhrlkojktde ]sygblelcy

    01

    7.7 Buodk leadgthlk

    03

    7.> Wgjkt ^bjlry

    02

    >. Bypltbjsjs cjkjrdthlk

    77

    :. Pjsuets dkn dkdeyshs

    73

    :.4 Gbdkcjs hk gustlojrs olln

    73

    :.0 Hopdgt lk stlrj `jbdvhlr

    73

    :.7 Wtlrj dkn ]rlnugt Jvdeudthlk

    >4

    :.> Glckhthvj ejvjes

    >0

    :.: Wuoodry la rjsuets

    >7

    1. Nhsgusshlk

    http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#29http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#29http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#29http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#29http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#30http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#30http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#30http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#30http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#31http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#31http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#31http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#31http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#36http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#36http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#36http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#36http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#44http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#44http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#44http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#44http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#45http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#45http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#45http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#45http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#46http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#46http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#46http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#46http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#46http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#46http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#45http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#45http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#44http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#44http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#40http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#36http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#36http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#31http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#31http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#30http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#30http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#29http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#29http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#25
  • 7/27/2019 The Smell of Money

    5/108

    >>

    1.4 Nljs tbj usj la sgjkts wlri hk d rjtdhe sjtthkc>

    1.0 Hopehgdthlks

    >3

    1.7 Grhthghso

    >2

    1.> Auturj rjsjdrgb

    >8

    3. Pjajrjkgjs

    :=

    2. Dppjknhx

    :7

    ]dcj >

    4. HK^PLNZG^HLK

    =Kltbhkc hs olrj ojolrd`ej tbdk d sojee. Lkj sgjkt gdk `j ukjxpjgtjn, olojktdry dkn

    Mejjthkc, yjt glkfurj up d gbhenblln suoojr `jshnj d edij hk tbj oluktdhks.=

    > Nhdkj Dgijrodk

    Hodchkj stdknhkc lutshnj hk tbj suoojrthoj dkn sojeehkc tbj sgjkt la arjsbey gut crdss. ^bdt sojee,

    tbj lkj la arjsb gut crdss, hs lkj la tbj olst plpuedr sgjkts dkn ht gdk hkstdktdkjlusey jvlij

    ojolrhjs arlo lur gbhenblln. ^bhs jaajgt, wbjk d gjrtdhk sojee ukejdsbjs d delln la ojolrhjs

    whtblut d glksghlus jaalrt, bds `jgloj iklwk ds tbj ]rlusthdk jaajgt datjr Odrgje ]rlustss ehki

    `jtwjjk sgjkt dkn ojolry hk Pjojo`rdkgj la ^bhkcs ]dst.

    ^bj buodk sjksj la sojee hs ukhquj hk glopdrhslk tl lur ltbjr sjksjs dkn bds d nhrjgt glkkjgthlk

    http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#50http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#50http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#50http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#50http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#51http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#51http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#51http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#51http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#52http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#52http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#52http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#52http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#53http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#53http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#53http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#53http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#56http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#56http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#56http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#56http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#56http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#56http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#53http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#53http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#52http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#52http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#51http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#51http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#50http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#50http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47http://webcache.googleusercontent.com/search?q=cache:s1dzNyeBZ3YJ:www.jacoblo.se/files/smellofmoney.pdf+&cd=9&hl=en&ct=clnk&gl=pk#47
  • 7/27/2019 The Smell of Money

    6/108

    whtb lur ojolry dkn jolthlkde gjktjr la lur `rdhk. Glksjqujktey, sgjkts wluen `j d pjrajgt ojdk

    alr cjtthkc hkalrodthlk tl jktjr tbj `rdhk dkn jkd`ej edtjr rjgdee. D rjgjkt stuny sblws tbdt jhcbty

    pjrgjkt la odejs dkn khkjty pjrgjkt la ajodejs bdn strlkc ojolrhjs jvlijn wbjk jxplsjn tl d

    sgjkt (Buetk jt de, 0==2). D tltde la sjvjkty>dhvj pjrgjkt la dee jolthlks wj jxpjrhjkgj nurhkc d

    ndy hs cjkjrdtjn `y wbdt wj sojee (Ehknstrlo, 0==:). ^bj strlkc ehki `jtwjjk jolthlks dkn

    ojolry hs aurtbjr dopehdhjn `y dkltbjr stuny wbhgb glkgeunjs tbdt d sgjktjn prlnugt wds alur

    thojs ds ehijey tl `j rjojo`jrjn twl wjjis edtjr tbdk dk uksgjktjn lkj (Irhsbkd jt de, 0=4=). ^bj

    `jduty la sgjkts hs tbdt tbjy gdkklt `j glktrleejn ehij sthoueh tl lur ltbjr sjksjs. Sbjk ylu sjj lr

    bjdr slojtbhkc, tbj rdhk prlgjssjs tbdt shckde jalrj jvjktudeey daajgthkc ylu.

    Wu`glksghlus njghshlk odihkc dkn tbj plwjr la gustlojr ojolry drj hktjcrde pdrts la blw

    prlnugts cjt glkshnjrjn dkn gblsjk hk d rjtdhe jkvhrlkojkt. bj jxtjkshvj geuttjr la dnvjrthshkc

    ojssdcjs prjsjkt hk stlrjs gdusjs d gbdeejkcj alr `rdkn lwkjrs tl odij tbjhr `rdkn dkn

    glooukhgdthlk ojssdcjs klthgjn. bj buodk rdhk hs ehohtjn whtb rjcdrns tl blw ougb

    hkalrodthlk ht gdk blen dkn alr blw elkc. Ds d rjsuet, ds sgjkts dppjde tl ojolrhjs dkn jolthlks ht

    glksthtutjs d ojdk tl lvjrgloj tbj gurrjkt geuttjr dkn hkalrodthlk lvjreldn. Adst olvhkc

    glksuojr cllns drj gbdrdgtjrhzjn y odky `uyhkc njghshlks jhkc odnj deolst hkstdktdkjlusey dt

    plhkt la purgbdsj. Hk dnnhthlk tl tbhs, rjsjdrgb sblws gustlojrs tjkn tl gbllsj tbj prlnugt tbdt

    glojs dhrst tl ohkn lvjr tbj prlnugt tbjy wluen dgtudeey prjajr, wluen tbjy bdvj rjojo`jrjn ht

    (Klrnaet, 0==3). Jvlihkc ojolrhjs dkn jolthlks la pdst jxpjrhjkgjs, grjdthkc d pejdsdkt

    sblpphkc dtolspbjrj ds wjee ds bjephkc gustlojrs tbhki la kjw kjjns tl auedhee gdk `j glkshnjrjn

    tbj glrkjr stlkjs la sgjkt odrijthkc.

    Wgjkts gdk `j usjn hk d vdrhjty la wdys. Dk do`hjkt, lr `dgicrlukn, sgjkt gdk `j usjn hk d wblej

    stlrj tl gbdkcj tbj olln la tbj gustlojrs dkn selw nlwk tbjhr sblpphkc pdgj. D spjghdhg prlnugt

    4

  • 7/27/2019 The Smell of Money

    7/108

    ]dcj :

    sgjkt gdk `j usjn tl odij d prlnugt stdkn lut, odij ht olrj ojolrd`ej lr shopey njolkstrdtj

    tbj prlnugt bhnnjk whtbhk tbj pdgidcj. Wgjkts gluen desl `j usjn alr `rdknhkc purplsjs dhnhkc hk

    odhktdhkhkc glbjrjkgj hk lvjrdee odrijthkc glooukhgdthlk dkn jvlihkc gustlojr jolthlks.

    Njsphtj tbj d`lvj njsgrh`jn dnvdktdcjs la sgjkts, tbj usj la sgjkt odrijthkc bds `jjk quhtj

    ehohtjn hk sglpj. ^bhs gluen `j dttrh`utjn tl tbj edgi la stunhjs njolkstrdthkc hts rjturk lk

    hkvjstojkt dkn tbhs hs jspjghdeey truj hk Wwjnjk, wbjrj dhros bdvj `jjk bjshtdkt tl stdrt ushkc

    sgjkts hk tbjhr `ushkjssjs (Ctze, 0==8).

    4.4 @dgicrlukn

    Ds njsgrh`jn d`lvj, `dsjn lk tbj buodk `rdhk, lur ojolry dkn tbj dhjrgj glopjththlk hk

    dttrdgthkc gustlojrs, odky dnvdktdcjs gdk `j dsgrh`jn tl sgjkt odrijthkc. ^bj hknustry la sgjkt

    odrijthkc > wbhgb hkgeunjs jvjrytbhkc arlo do`hjkt sgjkts dkn sgjktjn prlnugts tl `rdkn sgjkts >

    hs crlwhkc dkn sprjdnhkc tbrlucblut tbj wlren. Sbdt lkgj stdrtjn ds ushkc kjwey `dijn gllihjs tl

    chvj d cjkuhkj bloj ajjehkc `y rjde jstdtj dcjkts bds shkgj jxpdknjn tl hkgeunj glopdkhjs sugb ds

    Wlky, @ellohkcndejs, D`jrgrlo`hj & Ahtgb dkn Sjsthk Bltje (WgjktDhrss Blojpdcj, 0=4=).

    Whkcdplrj Dhrehkjs bds alr jxdopej usjn sgjkt odrijthkc alr rdknhkc purplsjs alr lvjr d njgdnj.

    ^bjy bdvj njvjelpjn tbjhr lwk shckdturj sgjkt tbdt hs usjn hk dee drjds wbjrj gustlojr hktjrdgthlk

    tdijs pedgjs9 dt tbj gbjgi hk drjds, dt tbj cdtjs, lk`ldrn tbj dhrpedkjs, wlrk `y tbjhr stdaa, hk tbj

    wdro tlwjes laajrjn lk`ldrn dkn ht hs desl slen ds d pjrauoj (Dknjrsslk, 0==3). ^bj hknustry

    suppeyhkc sgjkt sleuthlks hs jsthodtjn tl `j wlrtb `jtwjjk dhvj buknrjn oheehlk dkn lkj `heehlk

    Z.W. nleedrs hk 0=41, glopdrjn tl alrty tl shxty oheehlk nleedrs tlndy (Ejvy dkn Sjhtz, 0==8),

    ^bj rjgjkt jglklohg nlwkturk bds pusbjn tbj hknustry alrwdrn ds dhros drj sjjihkc kjw dkn

    olrj glst>jaajgthvj wdys tl rjdgb tbjhr gustlojrs (Wgjkt Odrijthkc @elc, 0=4=). Blpjs drj tbdt tbj

    usj la sgjkts gdk plshthvjey daajgt gustlojrs dkn tbjhr sblpphkc jbdvhlr hk rjtdhe stlrjs. ]rlohsjs

    la hkgrjdsjn sdejs, elkcjr stdyhkc thojs, `jttjr olln dkn hoprlvjn `rdkn dtthtunjs drj dttrdgthkc

  • 7/27/2019 The Smell of Money

    8/108

    kjw usjs dkn gustlojrs jvjry ndy.

    Hk lrnjr tl stuny tbj jaajgts la sgjkts hk Wwjnjk, wj njghnjn tl glknugt d rjtdhe jxpjrhojkt hk alur

    crlgjry stlrjs hk tbj Wtlgibleo rjchlk. Pjtdhe stlrjs gloolkey usj hk>stlrj odrijthkc tl rjdgb

    sblrt>tjro sdejs nuj tl tbj kdturj la tbj sblpphkc whtb up tl jhcbty pjrgjkt la tbj purgbdshkc

    njghshlks tdihkc pedgj hk tbj dgtude stlrj (Ndbek, 0==79 Klrnaet, 0==3). ^bhs deelws alr d crjdt

    lpplrtukhty tl daajgt gustlojrs hk d rjdehsthg sblpphkc jkvhrlkojkt dkn sjj blw tbj prjsjkgj la d

    sgjkt gdk detjr tbjhr `jbdvhlr dkn dtthtunjs.

    4.0 ]rl`ejo drjd

    Gustlojr olln hs glkshnjrjn tbj ojnhdthkc adgtlr alr daajgthkc gustlojr jbdvhlr hk rjtdhe stlrjs.

    Wtunhjs bdvj desl sblwjn tbdt gustlojrs hk d bdppy olln drj olrj prlkj tl `j dttjkthvj hk tbj

    0

    ]dcj 1

    rjtdhe stlrjs. ^bjrj hs d crlwhkc hktjrjst la sgjkt odrijthkc hk Wwjnjk, `ut tbjrj hs d edgi la

    dgdnjohg rjsjdrgb dkn suggjss gdsjs `dsjn lk Wwjnhsb odrijt. D elt la glopdkhjs bdvj sblwk

    hktjrjst, `ut ajw drj wheehkc tl `j dolkcst tbj dhrst tl stdrt ushkc ht dkn bjkgj plstplkj tbj

    hopejojktdthlk. ^bj gurrjkt usj hs latjk hk sodeejr sgdejs `y hknhvhnude stlrjs dkn tbj jaajgts drj

    klt ojdsurjn. ^bj lkjs ushkc ht @shopey `jehjvjs hk tbj plwjr la tbj glkgjpt@ dkn bdvj kl rjde ndtd

    d`lut tbj vdeuj la tbj ojtbln (Odktbls dkn Nhd`dt, 0==8).

    Glopdkhjs wdkt tl grjdtj dk jolthlkde `lkn whtb tbjhr gustlojrs `ut drj dhknhkc tbhs bdrnjr dkn

    bdrnjr tl dgglopehsb. ^bj usj la sgjkts hs lkj ojdk la nlhkc tbhs whtb tbj sjksjss strlkc

    glkkjgthlk tl lur ajjehkcs dkn ojolrhjs. ^bhs prjvhlusey ojkthlkjn dn geuttjr hk rjtdhe stlrjs

    tlcjtbjr whtb tbj adgt tbdt tbj odflrhty la lur purgbdsj njghshlks tdijs pedgj hk tbj dgtude stlrj,

    odijs ht vjry hoplrtdkt alr `rdkns tl stdkn lut dolkcst tbj glopjththlk dkn gdtgb gustlojrss

    dttjkthlk (Klrnaet, 0==3).

  • 7/27/2019 The Smell of Money

    9/108

    4.7 ]urplsj

    ^bj purplsj tlli hts stdrthkc plhkt hk tbj gbdeejkcj la blw tl jaajgthvjey glooukhgdtj whtb

    gustlojrs hk d rjtdhe sjtthkc gbdrdgtjrhzjn y dnvjrthshkc geuttjr dkn glopejxhty. bj odhk purplsj

    whee `j tl jxpelrj blw leadgtlry sthoueh gdk daajgt gustlojrsJ rjsplksj hk d geuttjrjn rjtdhe

    jkvhrlkojkt. Hk lrnjr tl odij tbj odhk purplsj olrj glkghsj ht bds `jjk `rlijk nlwk hktl twl

    olrj spjghdhg purplsjs6

    4) ^l hkvjsthcdtj blw tbj prjsjkgj la d pejdsdkt dkn glkcrujkt sgjkt wlris ds d odrijthkc

    ojtbln hk crlgjry stlrjs

    0) ^l hkvjsthcdtj blw tbj prjsjkgj la d pejdsdkt dkn glkcrujkt sgjkt hopdgts tbj gustlojrJs

    glckhthvj d`hehty tl prlgjss dkn rjojo`jr dnvjrthshkc ojssdcjs

    Gustlojr rjsplksj hs hk tbhs tbjshs njdhkjn ds purgbdsj, pedkkjn lr ukpedkkjn purgbdsj, `rdkn

    swhtgbhkc, hoprlvjn jvdeudthlks dkn gustlojr olln. ^bj gustlojr olln whee `j sjjk ds d

    ojnhdthkc adgtlr alr d gjrtdhk gustlojr jbdvhlr.

    4.> Ehohtdthlks

    ^bjrj hs d whnj rdkcj la sthoueh hkgrjdshkc strdtjchjs dvdhed`ej alr crlgjry stlrjs dhohkc dt grjdthkc

    d njshrjn gustlojr rjsplksj. ^bjrj drj desl d elt la hktjrjsthkc dspjgts wbjk ht glojs tl sgjkt

    odrijthkc dkn rjtdhe rjsjdrgb. @y gbllshkc tl algus lk leadgtlry sthoueh wj bdvj jxgeunjn ougb

    sthoueh nhrjgtjn tlwdrns tbj ltbjr buodk sjksjs. ^bj ehohtjn sglpj la stunhjs la wbdt hopdgt

    sgjkts bdvj lk gustlojrs hk Wwjnhsb rjtdhe stlrjs ds wjee ds tbj plshthvj jvdeudthlks rjsuethkc arlo

    shohedr stunhjs d`rldn olthvdtjs lur njghshlk tl ehoht tbj sthoueh tl sgjkts. Ds sgjkt hs tbj lkey

    stlrj sthoueh wj wdkt tl hkvjsthcdtj tbj jaajgts la, wj bdvj tbrlucblut tbj jxpjrhojkt odhktdhkjn

    tbj ltbjr adgtlrs ds glkstdkt ds plssh`ej. ^bhs ojdks odihkc dk jaalrt tl odhktdhk tbj sdoj

    7

    ]dcj 3

  • 7/27/2019 The Smell of Money

    10/108

    surrluknhkc glknhthlks dkn ohkhohzj jxtjrkde hopdgt. bjrj drj pltjkthde sykjrchjs jtwjjk

    nhaajrjkt stlrj dtolspbjrhgs sugb ds oushg dkn sgjkts (Odtthed dkn Shrtz, 0==4), `ut tbjsj whee `j

    jxgeunjn hk lur jxpjrhojkt. Blwjvjr, tbhs sykjrcy gluen sjrvj ds dk hktjrjsthkc stdrthkc plhkt alr

    auturj stunhjs.

    ^bj stuny hs aurtbjr ehohtjn `y tbj gblhgj la prlnugt, gbdrdgtjrhsthgs la tbj tjstjn `rdkn, tbj sgjkt,

    tbj typj la crlgjry stlrj alr tbj jxpjrhojkt dkn tbj dnvjrthshkc ojssdcj usjn. ^bj ojtblnlelcy

    sjgthlk whee fusthay dkn jed`lrdtj aurtbjr hktl blw tbjsj gblhgjs wjrj odnj. Pjsuethkc arlo tbj

    rjdslkhkc rjcdrnhkc tbj nhadhguety hk dhknhkc d cjkjrhg hk>stlrj odrijthkc strdtjcy dppehgd`ej alr dee

    crlgjry stlrjs dkn prlnugts lur gblhgj tl odij tbj d`lvj ehohtdthlks la tbj stuny hs `dsjn lk tbj

    sjdrgb alr hktjrdgthlk jaajgts rdtbjr tbdk odhk jaajgts. ^bj ejvje la cjkjrdehzdthlk whee `j daajgtjn `y

    tbjsj njehohtdthlks dkn tbj rjsuets ohcbt klt `j aueey dppehgd`ej tl dee `rdkns, stlrjs dkn

    dnvjrthshkc njshck. Detblucb, wj drcuj tbdt tbj rjsuets gluen glktrh`utj tl d crjdtjr uknjrstdknhkc

    la blw d glkcrujkt sgjktjn stlrj hopdgt gustlojr `jbdvhlr dkn tbj d`hehty tl rjojo`jr.

    Lur dkdeyshs hs gjktjrjn drlukn tbj jaajgts lk tbj gblsjk prlnugt gdtjclry. Bjkgj, pltjkthde

    hopehgdthlks alr rjedtjn prlnugt crlups drj klt stunhjn. Blwjvjr, hk lrnjr tl cjt d rjedthvj ojdsurj

    la gbdkcjs hk sdejs la lur tjstjn prlnugt dkn tbj rjedtjn prlnugt gdtjclry, tbjsj sdejs drj

    glopdrjn tl tbj sdejs la tbj njpdrtojkt dkn jkthrj stlrj.

    Edstey, tbj tbjlrjthgde ardojwlris drj dsjn lk gdpturhkc rjsplksjs hk glksuojr jbdvhlr.

    Glksjqujktey, tbj nhaajrjkt rjsplksjs whee j ellijn uplk lk d cjkjrde ejvje. Bjkgj, ukpedkkjn

    purgbdsjs alr jxdopej whee j glkshnjrjn ds lkj dccrjcdtjn glkgjpt nhsrjcdrnhkc tbj hopuesj

    nrhvhkc ht.

    4.: Jxpjgtjn Glktrh`uthlks

    Wgjkt odrijthkc hk Wwjnhsb crlgjry stlrjs hs d rjedthvjey ukjxpelrjn drjd la rjsjdrgb. bj rjsjdrgb

    bds desl, ds ojkthlkjn d`lvj, `jjk ehohtjn tl gluktrhjs lutshnj la Wwjnjk, wbhgb odijs tbj jaajgts

    la sgjkt odrijthkc d`strdgt alr Wwjnhsb dhros glkshnjrhkc tl usj ht. Wgjkts, dkn jspjghdeey lur

  • 7/27/2019 The Smell of Money

    11/108

    prjajrjkgjs, drj vjry pjrslkde dkn ds tbj tbjlrjthgde sjgthlk whee nhsguss njpjknjkt lk adgtlrs sugb

    ds gueturj dkn gbhenblln. Lur dho hs tl glktrh`utj tl d `jttjr uknjrstdknhkc la tbj jaajgts la sgjkt

    ds dk hk>stlrj odrijthkc tlle whtb rjcdrns tl pltjkthde jaajgts lk su`glksghlus njghshlk odihkc,

    blw nhaajrjkt dspjgts la tbj sblpphkc jxpjrhjkgj drj jvdeudtjn dkn tbj d`hehty tl prlgjss dkn

    rjojo`jr dnvjrthshkc. Ds dgdnjohg rjsjdrgb hk tbj dhjen hs ehohtjn dkn tbj stunhjs odnj `y tbj

    hknustry hs la ejss dgdnjohg dggurdgy (Klrnaet, 0==3), wj hnjkthdhjn dk lpplrtukhty tl glktrh`utj

    whtb iklwejncj rjcdrnhkc tbj jaajgts la d ghtrus sgjkt lk gustlojr rjsplksjs hk edrcjr Wwjnhsb

    crlgjry stlrjs. bhs iklwejncj whee deelw alr d gjrtdhk ejvje la cjkjrdehzdthlk chvjk tbj ehohtdthlks

    stdtjn d`lvj. Ahkdeey, tbj tbjshs whee blpjaueey chvj algus tl tbj sgjkt odrijthkc dhjen hk Wwjnjk dkn

    jkglurdcj tbj usj la tbhs odrijthkc ojtbln delkc whtb auturj rjsjdrgb.

    >

    ]dcj 2

    4.1 Njahkhthlks

    ^bj aleelwhkc tjrohklelcy hs usjn tbrlucblut tbj tbjshs dkn hs tbus la hoplrtdkgj tl bdvj

    jstd`ehsbjn njdhkhthlks la6

    Wgjkt6 D sojee gdusjn `y gbjohgde gloplukns dkn pjrgjhvjn `y tbj sjksj la leadgthlk. ^bj tjros

    sgjkt, sojee dkn lnlr drj usjn whtb tbj sdoj ojdkhkc hk tbj ehtjrdturj. ^bj wlrn lnlr desl rjajrs

    tl sgjkts hk cjkjrde, `ut ht nljs bdvj d kjcdthvj glkkltdthlk hk tbj Zkhtjn Wtdtjs.

    Leadgthlk6 ^bj sjksj la sojee.

    Wgjkt odrijthkc6 ^bj usj la sgjkts tl sjt d olln, prloltj prlnugts lr plshthlk d `rdkn.

    Do`hjkt sgjkt6 D sgjkt tbdt hs klt ukhqujey dsslghdtjn whtb lkj shkcej l`fjgt hk tbj jkvhrlkojkt

    dkn hkstjdn usjn tl hkdeujkgj tbj lvjrdee `jbdvhlr dkn olln.

    @rdkn sgjkt6 D sgjkt dttdgbjn tl d `rdkn tl grjdtj dk jolthlkde glkkjgthlk whtb tbj glksuojrs.

    Gustlojr rjsplksj6 Hs hk tbhs tbjshs njdhkjn ds purgbdsj, pedkkjn lr ukpedkkjn purgbdsj, rdkn

  • 7/27/2019 The Smell of Money

    12/108

    swhtgbhkc, jvdeudthlks la stlrj dkn prlnugt dkn gustlojr olln.

    4.3 Nhsplshthlk

    ^bj tbjshs hs nhvhnjn hktl shx odhk sjgthlks. Aleelwhkc tbhs hktrlnugthlk, tbj ojtblnlelcy gbdptjr

    whee jxpedhk tbj jxpjrhojktss njshck, tbj qujsthlkkdhrjs dkn tbj ndtd gleejgthlk. bj ojtblnlelcy

    hs aleelwjn `y tbj tbjlry, wbhgb prjsjkts rjejvdkt tbjlrhjs alr lur purplsj dkn arlo tbjsj olnjes

    tbj bypltbjsjs whee `j cjkjrdtjn hk gbdptjr alur. ^bj dhatb sjgthlk prjsjkts tbj rjsuets dkn dhknhkcs

    arlo tbj jxpjrhojkt. ^bj edst gbdptjr glkgeunjs tbj tbjshs hk d nhsgusshlk tbdt dkswjrs tbj

    purplsj, prjsjkts grhthquj tlwdrns tbj stuny dkn succjsthlks alr auturj rjsjdrgb hk tbj dhjen.

    :

    ]dcj 8

    0. OJ^BLNLELCX

    ^bhs sjgthlk whee prjsjkt tbj ojtblnlelcy la lur tbjshs dkn njsgrh`j lur jxpjrhojkt hk njtdhe. Ht stdrts

    la whtb tbj sjejgthlk la tbj su`fjgt, blw wj dpprldgbjn tbj stuny dkn tbj njshck la lur jxpjrhojkt.

    ^bj sjgthlk tbjk glkthkujs whtb tbj prj-stuny tl njtjrohkj tbj sgjkt usjn, tbj odhk stuny dkn blw tbj

    ndtd wds gleejgtjn, dkn Mhkdeey jkn hk d nhsgusshlk la tbj vdehnhty dkn rjehd`hehty la tbj stuny.

    0.4 Wu`fjgt sjejgthlk dkn sghjkthahg stdrthkc plhkt

    @Pjtdhe hs njtdhe@ hs d wjee>iklwk qultj y Wtdr`ugiss GJL Blwdrn Wgbuetz (Glrplrdtj Njshck

    Alukndthlk, 0=4=) dkn tbhs blens vjry truj whtb hk>stlrj odrijthkc. bjrj hs kl cjkjrhg hk>stlrj

    odrijthkc strdtjcy tbdt wlris hk dee sjtthkcs. Adgtlrs sugb ds olthvdthlkde lrhjktdthlk dkn prlnugt

    gbdrdgtjrhsthgs hopdgt tbj jaajgt la hk>stlrj odrijthkc dgthlks. Bjkgj, ht hs la hktjrjst tl hkvjsthcdtj

    tbj jaajgt la pdrthguedr sthoueh uknjr glktrleejn glknhthlks.

    Wgjkt odrijthkc hs, dt tbhs plhkt, usjn tl d rjedthvjey ehttej jxtjkt ds dk hk>stlrj odrijthkc tlle.

    ^bjrj drj latjk sgjkts prjsjkt, jspjghdeey hk crlgjry stlrjs, `ut tbjsj sgjkts drj kdturdeey tbjrj

    arlo alr jxdopej tbj `dijry. Hk sjejgthkc tbj su`fjgt alr tbhs tbjshs, tbj dho wds tl glo`hkj tbj

  • 7/27/2019 The Smell of Money

    13/108

    tbjlrhjs lk rjtdhe stlrj dtolspbjrhgs whtb tbj jojrchkc hknustry la sgjkt odrijthkc. bjrj drj

    jxhsthkc stunhjs dkn dgdnjohg tbjlrhjs lk blw odrijtjrs gdk gdtgb gustlojrss dttjkthlk dkn daajgt

    tbjhr `jbdvhlr hk tbj stlrj jkvhrlkojkt. ^bj tbjlry glvjrs odhkey hk>stlrj dtolspbjrhgs sugb ds

    stlrj edylut (Klrnaet, 0==:), ehcbt (Wuoojrs dkn Bj`jrt, 0==4), spjghde jxplsurjs (Gbjvdehjr,

    483:), vhsude shcks (Ollrj jt de, 4888) dkn slukns (Gdojrlk jt de, 0==7). Kjvjrtbjejss, tbj

    tbjlrjthgde `dgicrlukn la tbj usj dkn jaajgts la sgjkt odrijthkc hk Wwjnhsb crlgjry stlrjs hs vjry

    ehohtjn.

    ^bj usj la sgjkts bds desl `jjk ojkthlkjn hk rjsjdrgb, `ut klt tl tbj sdoj jxtjkt ds sthoueh tl tbj

    ltbjr sjksjs. Ht hs bdrnjr tl cjt d prlpjr uknjrstdknhkc la tbj jadhghjkgy la sgjkts tbj nuj tl tbj

    glopejxhty la tbj buodk sgjkt sjksj. ]rjajrjkgjs nhaajr dkn olst rjsjdrgb bds `jjk ehohtjn tl

    gluktrhjs lutshnj la Wwjnjk, odihkc ht bdrnjr tl usj tblsj dhknhkcs bjrj. Njsphtj tbjsj

    glopehgdthlks, tbj usj la sgjkt sblws d elt la pltjkthde dkn deelws alr plssh`hehthjs tl glkkjgt whtb

    gustlojrs hk d wdy tbdt wluen klt `j plssh`ej whtb trdnhthlkde ojtblns sugb ds prhkt dnvjrthshkc

    dkn shcks.

    Sj nhsgussjn tbj tlphg whtb Fjks Klrnaet, dsshstdkt prlajsslr dt Wtlgibleo Wgblle la Jglklohgs,

    wbl nhn glkdhro tbj edgi la rjsjdrgb hk tbhs dhjen dkn cdvj us d elt la succjsthlks blw wj gluen

    dpprldgb tbj su`fjgt. Sj desl nhsgussjn tbj tlphg aurtbjr whtb Cjlrchls Odktbls dkn Wbhkl

    Nhd`dt, lwkjrs la O&N dkn nhstrh`utlrs la lkj la tbj ejdnhkc sgjkt njehvjry systjos lk tbj

    odrijt, delkc whtb sgjkt glksuetdkt Gbrhsthkd Ctze dt @rdkn Fukgthlk, `jalrj glohkc up whtb tbj

    jxpjrhojkt jelw.

    1

    ]dcj 4=

    0.0 Wtuny dpprldgb

    Lur strdtjcy alr sjtthkc up tbj stuny dpprldgb wds cuhnjn `y lur dho alr l`tdhkhkc rjsuets

  • 7/27/2019 The Smell of Money

    14/108

    heeustrdthkc gdusj dkn jaajgt rjedthlksbhps. D glkgeushvj gdusde dpprldgb wds gblsjk wbjrj spjghdhg

    bypltbjsjs wjrj tjstjn dkn rjedthlksbhps jxdohkjn (Odebltrd dkn @hris, 0==3). bhs ojtbln

    rjquhrjn d edrcj dkn rjprjsjktdthvj sdopej shzj. ^bj tbjlrjthgde dppehgdthlk hs aurtbjr `dsjn lk d

    njnugthvj dpprldgb. D njnugthvj dpprldgb ojdks tbdt wj odij usj la jxhsthkc tbjlrhjs tl cjkjrdtj

    bypltbjsjs, wbhgb tbjk hs tjstjn. ^bjsj bypltbjsjs drj tjstjn

    tbrlucb d kdturde jxpjrhojkt tbdt tdijs pedgj hk dgtude rjtdhe

    stlrjs. bhs dpprldgb laajrs d olrj rjdehsthg rjprjsjktdthlk la

    blw gustlojrs jbdvj glopdrjn tl d glktrleejn jxpjrhojkt.

    Sj usjn trhdkcuedthlk tl gleejgt tbj ndtd nurhkc tbj

    jxpjrhojkt. rhdkcuedthlk, heeustrdtjn hk dhcurj 4, hs d

    glo`hkdthlk la nhaajrjkt ojtblns tl gleejgt ndtd. ^bjsj

    nhaajrjkt ojdks la ndtd gleejgthlk glopejojkt jdgb ltbjr dkn laajr d `rldnjr vhjw la hkalrodthlk

    (Ojrrhdo, 488>). bj ndtd slurgjs usjn alr lur dkdeyshs wjrj sdejs ndtd, tbj gleejgtjn

    qujsthlkkdhrjs dkn l`sjrvdthlks arlo tbj stlrjs.

    Hk tltde, sdejs ndtd wds l`tdhkjn arlo tbj alur stlrjs nurhkc d alur>wjji pjrhln, 273 gustlojr

    l`sjrvdthlks wjrj odnj dkn 102 qujsthlkkdhrjs wjrj gleejgtjn. D qudkthtdthvj rjsjdrgb dpprldgb

    hs tblucbt tl adghehtdtj cjkjrdehzdthlks dkn tbus olrj suhtd`ej alr lur purplsj tl hkvjsthcdtj tbj

    jaajgts la sgjkt lk gustlojr rjsplksjs. bj gdusde rjsjdrgb ojtbln glktrh`utjs whtb iklwejncj la

    blw tbj nhaajrjkt vdrhd`ejs drj rjedtjn tl lkj dkn ltbjr (Odebltrd dkn @hris, 0==3).

    0.7 Jxpjrhojkt njshck

    ^bj jxpjrhojkt tlli pedgj hk alur crlgjry stlrjs nurhkc d alur>wjji pjrhln `jtwjjk Odrgb 8 dkn

    Dprhe :, 0=4=. Nurhkc jdgb wjji, twl stlrjs bdn d sgjkt prjsjkt dkn twl nhn klt bdvj tbhs

    odkhpuedthlk. Lur dho wds alr tbj njshck la tbj jxpjrhojkt tl deelw us tl `j d`ej tl ojdsurj blw

    tbj prjsjkgj la tbj sgjkt daajgtjn gustlojrss `jbdvhlr, dtthtunjs dkn olln hk tbj stlrjs.

    Dnnhthlkdeey, wj desl bdn nhaajrjkt shcks whtb tbj sjejgtjn prlnugt tl tjst wbjtbjr tbj prjsjkgj la

  • 7/27/2019 The Smell of Money

    15/108

    tbj sgjkt jkglurdcjn hkgrjdsjn glckhthlk dkn odnj tbj gustlojr olrj rjgjpthvj tl dnvjrthsjojkt

    whtb sdejs drcuojkts alr tbdt prlnugt. ^l tjst tbhs, twl stlrjs jdgb wjji bdn d vhsude ojssdcj dkn

    twl d glckhthvj ojssdcj.

    ^bj jxpjrhojkt gdk `j sdhn tl `j la stdthsthgde jxpjrhojktde njshck, ojdkhkc ht dhos dt deelwhkc alr

    stdthsthgde glktrle dkn dkdeyshs la jxtjrkde vdrhd`ejs (Odebltrd dkn @hris, 0==3). bj jxpjrhojkt

    wds sjtup ushkc d Edthk Wqudrj njshck, wbhgb hs rjgloojknjn hk rjtdhe stlrj jxpjrhojkts (Wbdnhsb

    jt de, 0==0). Aleelwhkc tbhs njshck, jdgb glo`hkdthlk la sgjkt dkn dnvjrthshkc ojssdcj hs prjsjkt hk

    Wdejs ndtd

    Tujsthlkkdhrjs

    L`sjrvdthlks

    Ahcurj 46 rhdkcuedthlk

    3

    ]dcj 44

    lkj stlrj jvjry wjji dkn dee stlrjs bdvj dee alur glo`hkdthlks nurhkc tbj alur>wjji jxpjrhojkt

    pjrhln. ^bj sjtup hs sblwk hk dhcurj 0 `jelw6

    Ahcurj 06 Edthk Wqudrj njshck

    6 Edthk Wqudrj njshck

    Sjji 4

    Sjji 0

    Sjji 7

    Sjji >

    HGD Odxh

    Ehknbdcjk

    Wgjkt prjsjkt

  • 7/27/2019 The Smell of Money

    16/108

    Qhsude ojssdcj

    Wgjkt prjsjkt

    Glckhthvj ojssdcj

    Kl sgjkt prjsjkt

    Qhsude ojssdcj

    Kl sgjkt prjsjkt

    Glckhthvj ojssdcj

    HGD Odxh

    Wlekd

    Wgjkt prjsjkt

    Glckhthvj ojssdcj

    Wgjkt prjsjkt

    Qhsude ojssdcj

    Kl sgjkt prjsjkt

    Glckhthvj ojssdcj

    Kl sgjkt prjsjkt

    Qhsude ojssdcj

    HGD Odxh

    Kdgid

    Kl sgjkt prjsjkt

    Qhsude ojssdcj

    Kl sgjkt prjsjkt

    Glckhthvj ojssdcj

    Wgjkt prjsjkt

    Qhsude ojssdcj

  • 7/27/2019 The Smell of Money

    17/108

    Wgjkt prjsjkt

    Glckhthvj ojssdcj

    HGD Odxh

    Bdkhkcj

    Kl sgjkt prjsjkt

    Glckhthvj ojssdcj

    Kl sgjkt prjsjkt

    Qhsude ojssdcj

    Wgjkt prjsjkt

    Glckhthvj ojssdcj

    Wgjkt prjsjkt

    Qhsude ojssdcj

    D Edthk Wqudrj njshck rltdtjs tbj odkhpuedthlk `jtwjjk tbj stlrjs dkn tbhs deelws alr d `jttjr

    glopdrhslk jtwjjk stlrjs dkn thoj. bj njshck ohkhohzjs tbj gdejkndr jaajgts dkn vdrhdthlks

    `jtwjjk tbj stlrjs. Dk jxdopej la tbhs wds tbdt olst pjlpej rjgjhvjn tbjhr wdcjs nurhkc wjji

    tbrjj, wbhgb kdturdeey wluen hkgrjdsj dee sdejs dkn sijw sdejs tbdt wjji. @ut whtb tbhs njshck, tbj

    rjsuets gdk sthee `j glopdrjn jtwjjk tbj stlrjs. Ds glksuojrs sblw nhaajrjkt olthvdthlkde

    lrhjktdthlk dkn ollns njpjknhkc lk tbj ndy la tbj wjji, wj njghnjn tl glknugtjn dee ndtd

    gleejgthlk nurhkc Wdturndys dkn Wukndys tl ohkhohzj pltjkthde jaajgt rjsuethkc arlo tbhs

    pbjklojkd (Klrnaet, 0==3).

    ^bj aleelwhkc sjgthlks nhsguss tbj nhaajrjkt gloplkjkts la lur jxpjrhojkt hk olrj njtdhe. ^bhs

    hkgeunjs tbj sjejgthlk la stlrjs, tbj prlnugt tbdt wds usjn hk tbj jxpjrhojkt, tbj systjo tbdt

    njehvjrjn tbj sgjkts, tbj dnvjrthshkc dkn tbj qujsthlkkdhrjs.

    0.7.4 Wtlrjs

    Sj hkhthdeey bdn sjvjrde nhaajrjkt hnjds wbjk ht gdoj tl tbj sjejgthlk la stlrjs, `ut datjr nhsgusshlks

  • 7/27/2019 The Smell of Money

    18/108

    whtb Fjks Klrnaet wj njghnjn tl algus lk crlgjry stlrjs. ^bj ltbjr detjrkdthvjs wjrj `dsjn lk

    stlrjs wbjrj d spjghdhg sgjkt gluen `j suhtd`ej, sugb ds d trdvje dcjkgy dkn tbj sojee la glglkuts tl

    jkthgj tbj gustlojrs tl `lli d suoojr vdgdthlk. Wugb dk dpprldgb wluen njdhkhtjey `j hktjrjsthkc

    tl hkvjsthcdtj, `ut tbj prl`ejos wds tbdt tbjsj stlrjs lkey bdvj d ehohtjn kuo`jr la sdejs nuj tl

    tbj kdturj la tbjhr laajrhkcs. Shtb d ehohtjn kuo`jr la sdejs dkn sdejs ndtd, ht wluen `j bdrn tl

    njtjrohkj wbdt gdusjn tbj sdej la alr jxdopej twl olrj vdgdthlks lk d chvjk ndy dkn tbus klt

    deelw alr dky cjkjrdehzdthlks. Crlgjry stlrjs nl deelw alr sugb cjkjrdehzdthlks hk d ougb `jttjr

    2

    ]dcj 40

    wdy. D typhgde stlrj sjees tjks la tblusdkns la prlnugts d ndy dkn whtb sugb ndtd wj gdk gloj tl

    `jttjr dkn olrj usjaue glkgeushlks.

    ^bj jxpjrhojkt tlli pedgj hk alur HGD Odxh stlrjs hk tbj Wtlgibleo rjchlk dkn tbjsj stlrjs wjrj

    elgdtjn hk Ehknbdcjk, Kdgid, Bdkhkcj dkn Wlekd. Ht hs hoplrtdkt tl ijjp jvjrytbhkc ds glkstdkt ds

    plssh`ej dkn tbjsj stlrjs deelwjn alr tbhs. ^bj stlrjs drj shohedr hk tjros la shzj, dsslrtojkt,

    cjlcrdpbhg elgdthlk, sdejs dkn edylut. bj stlrj dtolspbjrhgs laajrjn y tbjsj stlrjs wjrj suhtd`ej

    alr lur kjjns dkn wluen bjep us gloj up whtb cjkjrdehzd`ej glkgeushlks.

    Dkltbjr `jkjdht la tbjsj stlrjs glopdrjn tl sodeejr lkjs hs tbj kuo`jr la sdejs. Dk dvjrdcj HGD

    Odxh stlrj sjees alr 71= oheehlk WJI dkkudeey dkn gdrrhjs 7= === > >: === prlnugts, wbhej tbj

    dvjrdcj HGD Wupjrodrijt sdejs tltde 11 oheehlk WJI dkn gdrrhjs up tl 4= === prlnugts (HGD Crlup

    Dkkude Pjplrt 0==8, 0=4=). D crjdtjr kuo`jr la gustlojrs deelws alr `jttjr ndtd gleejgthlk dkn

    olrj hktjrvhjws, wbhgb hoprlvjs tbj qudehty la lur jxpjrhojkt. Ahkdeey, ht gdk desl `j sdhn tbdt tbj

    usj la sgjkts hs dhnjn `y `hc spdghlus stlrjs tbdt deelw tbj sgjkt tl nhaausj `jttjr. Gustlojrs spjkn

    olrj thoj hk tbjsj stlrjs dkn drj olrj ehijey tl dkswjr lur qujsthlkkdhrjs. ^bj sodeejr stlrjs drj

    latjk olrj grlwnjn, pjlpej tjkn tl `j strjssjn dkn d elt la ltbjr sthoueh hs glopjthkc alr tbj

  • 7/27/2019 The Smell of Money

    19/108

    gustlojrss dttjkthlk.

    0.7.0 ]rlnugt dkn prlnugt gdtjclry

    ^bj rjquhrjojkts sjt up alr njtjrohkhkc wbdt prlnugt tl usj alr tbj stuny wjrj tbdt tbj prlnugt

    sbluen bdvj d gjrtdhk ejvje la pjrslkde hkvlevjojkt alr tbj gustlojrs, `j la bhcb purgbdsj

    arjqujkgy, `j kdturdeey dsslghdtjn whtb d sgjkt dkn bdvj shohedr jxplsurj hk jdgb la tbj stlrjs.

    Lur tutlr, Fjks Klrnaet, bdn d rjsjdrgb prlfjgt whtb ]rlgtjr & Cdo`ej dt tbj thoj dkn wds pedkkhkc

    tl stuny tbj edukgb la tbjhr kjw Bjdn & Wbluenjrs Bdhr Njajksj prlnugt. ^bj uo`rjeed `rdkn Bjdn

    & Wbluenjrs whee hk dgglrndkgj whtb edtjr prjsjktjn tbjlry `j glkshnjrjn d strlkc `rdkn. ^bj adgt

    tbdt lur stuny l`fjgt wds d kjw prlnugt hktrlnugjn hk tbj Bjdn & Wbluenjrs ehkj dnnjn dk

    dnnhthlkde nhojkshlk tl lur stuny. Kjw prlnugts drj dsslghdtjn whtb d crjdtjr pjrgjhvjn rhsi

    (@edgiwjee jt de, 0==1) odihkc ht dk hktjrjsthkc stuny l`fjgt ds glktjoplrdry sgjkt odrijthkc

    rjsjdrgb sblws tbdt d pejdsurd`ej sgjkt odijs tbj gustlojrss ejss sjkshthvj tl rhsi dkn olrj

    vdrhjty sjjihkc (Klrnaet, 0==3).

    ]rlnugts `lucbt hk crlgjry stlrjs drj olst latjk elw hkvlevjojkt prlnugts su`fjgtjn tl ehohtjn

    prl`ejo slevhkc dkn latjk `lucbt arlo bd`ht (@edgiwjee jt de, 0==1). Ds wj drj stunyhkc d kjw

    prlnugt tbj bd`htude purgbdsjs whee j nhsrjcdrnjn. bj ejvje la prlnugt hkvlevjojkt hs d aukgthlk

    la adgtlrs sugb ds pjrgjhvjn rhsi, prlnugt adgtlrs, shtudthlkde adgtlrs, pjrslkde gbdrdgtjrhsthgs dkn

    pjrgjhvjn jkjdhts arlo purgbdsj (Ejvy dkn Sjhtz, 0==86 @edgiwjee jt de, 0==1). Bjdn & Wbluenjrss

    Bdhr Njajksj whee `j glkshnjrjn ds d prlnugt la elw hkvlevjojkt nrhvjk `y `ltb kjcdthvj dkn

    plshthvj olthvdthlks. ^bhs hs olthvdtjn `y tbj prlnugt gbdrdgtjrhsthgs dkn tbj vdrhdthlk la prl`ejos

    8

    ]dcj 47

    tbj prlnugt hs tryhkc tl slevj. ^bj gedhos drj tbdt tbj kjw prlnugt rjnugjs bdhr elss, ndknruaa dkn

    prltjgts dcdhkst bdhr rjdidcj. Wwhtgbhkc arlo d gurrjktey usjn prlnugt slevhkc tbj sdoj prl`ejo

  • 7/27/2019 The Smell of Money

    20/108

    gluen `j pjrgjhvjn ds d rhsi dkn rjsuet hk d sehcbtey bhcbjr hkvlevjojkt alr sloj `uyjrs tbdk ltbjrs.

    Dkdeyzhkc d kjw prlnugt hktrlnugthlk hs aurtbjr hk ehkj whtb lur strdtjcy la sjdrgbhkc alr

    hktjrdgthlk jaajgts rdtbjr tbdk alr cjkjrhg hk>stlrj odrijthkc jaajgts.

    Dkltbjr `jkjdht la tbj pjrslkde gdrj njpdrtojkt, wbhgb sbdopll `jelkcs tl, hs tbdt ht hs elgdtjn

    jdrey hk dee alur stlrjs. ^bhs deelws alr ajwjr jxplsurjs tl ltbjr adgtlrs tbdt gluen jaajgt tbj

    gustlojrs pjrgjpthlk la tbj stlrj, sugb ds rjgjhvhkc pejdsdkt bjep arlo dk jopelyjj lr wdeihkc

    tbrlucb dkltbjr njpdrtojkt la tbj stlrj tbdt gluen hopdgt tbj gustlojrss dtthtunj lr olln dkn

    bjkgj tbj rjsuet la lur stuny. Shtb tbhs shohedr stlrj edylut dkn elgdthlk hk tbj `jchkkhkc la dee

    stlrjs, tbjsj pltjkthde prl`ejos wjrj dvlhnjn. ^bj sbjea spdgj dkn kuo`jr la prlnugt adgjs drj

    adgtlrs tbdt wj gluen klt glktrle, ds tbhs wds kjclthdtjn `jtwjjk tbj hknhvhnude stlrjs dkn tbj

    `rdkn lwkjrs. ^bj hopdgt la tbhs whee `j aurtbjr jed`lrdtjn uplk hk tbj rjehd`hehty dkn vdehnhty

    sjgthlks.

    0.7.7 Wgjkt systjo

    Sj bdn twl sgjkt odgbhkjs (Dppjknhx 2.0.7 h 2.0.:) prlvhnjn `y O&N hk Odeo dkn tbjy wjrj

    nhvhnjn `jtwjjk tbj alur stlrjs dgglrnhkc tl tbj Edthk Wqudrj njshck hk dhcurj 0. ^bj dgtude hk>stlrj

    pedgjojkt la tbjsj odgbhkjs vdrhjn `jtwjjk tbj stlrjs nuj tl tbj stlrjs edylut dkn plssh`hehthjs tl

    glkkjgt tbjo tl jejgtrhgde lutejts. ^bjy wjrj blwjvjr pedgjn hk nhrjgt glkkjgthlk whtb tbj Bjdn &

    Wbluenjrs prlnugts, wbhgb cudrdktjjn jxplsurj tl tbj sgjkt.

    Nurhkc lur ojjthkcs whtb Cjlrchls Odktbls dkn Wbhkl Nhd`dt dt O&N, wj clt cuhndkgj dkn

    rjgjhvjn ouethpej succjsthlks d`lut tbj pedgjojkt dkn sgjkt hktjkshty sjtthkcs la tbj odgbhkj. bj

    odgbhkjs sbluen `j pedgjn wbjrj tbjrj wds dhr ghrguedthlk tl dhn hk tbj nhaaushlk dkn sprjdn la tbj

    sgjkts. ^bjy sbluen desl `j elgdtjn ds elw ds plssh`ej dkn prjajrd`ey lk tbj dellr. Wgjkts trdvje

    upwdrn dkn ht wluen shckhdhgdktey ehoht tbj sprjdn la tbj sgjkt ha pedgjn bhcbjr up.

    ^bj plshthlk dkn sjtthkcs la tbj odgbhkjs wjrj la bhcb hoplrtdkgj hk lrnjr tl dttdhk tbj sdoj

    sgjkt hktjkshty tbrlucblut tbj jxpjrhojkt. bj stdkndrn sjtthkcs wjrj tbdt tbj odgbhkjs wjrj lk

  • 7/27/2019 The Smell of Money

    21/108

    `jtwjjk tbj stlrjs lpjkhkc blurs (2>00) dkn dt dhaty pjrgjkt strjkctb. bj sgjkt wds nhspjrsjn dt

    hktjrvdes tbrlucblut tbjsj lpjkhkc blurs, ojdkhkc tbdt tbj sgjkt wds nhspjrsjn alr lkj ohkutj

    `jalrj rjsthkc twl ohkutjs.

    D dhkde adgtlr tbdt wj nhn bdvj tl glkshnjr wds tl odij tbj odgbhkjs klt tl dppdrjkt tl tbj

    gustlojrs. Sj wjrj klt tryhkc tl trhgi tbj gustlojrs, `ut tbjhr dwdrjkjss la tbj sgjkt ohcbt

    hopdgt tbjhr jbdvhlr dkn rjsplksjs.

    4=

    ]dcj 4>

    0.7.> Wbjea nhspedys dkn ojssdcj

    @jshnjs rltdthkc tbj prjsjkgj la tbj sgjkt `jtwjjk tbj stlrjs, wj desl gbdkcjn tbj sbjea nhspedys.

    ^bj dho wds tl tjst wbjtbjr tbj sgjkt plssh`ey gluen sthouedtj glckhthlk, odij gustlojrs olrj

    hkgehkjn tl rjojo`jr dkn hkgrjdsj gustlojrss rjgjpthvjkjss tl sdejs drcuojkts alr tbj prlnugt. D

    ajw nhaajrjkt detjrkdthvjs wjrj nhsgussjn whtb Fjks Klrnaet dkn wj jknjn up ushkc d plpup shck

    tbdt wds dttdgbjn tl tbj prlnugt sbjevjs (Hodcj 7 hk Dppjknhx 2.0). ^bj detjrkdthvjs hkgeunjn

    `hccjr shcks tbdt wjrj olrj hktrushvj dkn shcks bdkchkc arlo tbj gjhehkc. bj prl`ejo whtb tbhs

    wds tbdt dee tbj stlrjs wjrj shohedr `ut klt pjrajgtey hnjkthgde. Ht wluen tbjk `j bdrnjr tl glktrle

    tbj jxplsurj gustlojrs bdn dkn whtb lur sleuthlk ht ellijn tbj sdoj tbrlucblut tbj stlrjs nurhkc

    tbj jxpjrhojkt.

    Hk lrnjr tl tjst gustlojrss glckhthvj tblucbt, wj usjn twl nhaajrjkt sjts la nhspedys. Lkj glkshstjn

    la d vhsude ojssdcj dkn tbj ltbjr la d glckhthvj ojssdcj. Jdgb wjji tbjrj wjrj shx shcks dt tbj

    Bjdn & Wbluenjrs sbjea. ^bjrj wjrj dewdys tbrjj shcks la tbj prlnugt dkn kdoj (Whck 4 hk

    Dppjknhx 2.4). Sbjk tbjrj wds d vhsude ojssdcj, tbj rjodhkhkc tbrjj shcks wjrj la tbj prlnugt

    (Whck 0 hk Dppjknhx 2.4), rjsuethkc hk d nhspedy rjprjsjktjn hk dhcurj 7 `jelw.

    Alr d glckhthvj ojssdcj, tbj tbrjj prlnugt hodcjs shcks wjrj rjpedgjn whtb tbrjj nhaajrjkt

  • 7/27/2019 The Smell of Money

    22/108

    prlolthlkde ojssdcjs alr tbj prlnugt. bjsj ojssdcjs wjrj hk Wwjnhsb dkn l`tdhkjn arlo ]rlgtjr

    & Cdo`ejss prlolthlkde odtjrhde (Ahcurj >)6

    Ahcurj >6 Glckhthvj ojssdcj

    Ahcurj 76 Qhsude ojssdcj

    44

    ]dcj 4:

    Bjeps selw nlwk bdhr elss (Whck 7 hk Dppjknhx 2.4)

    Pjnugjs ndknruaa dkn prltjgts dcdhkst bdhr `rjdidcj (Whck > hk Dppjknhx 2.4)

    Kjw (Whck : hk Dppjknhx 2.4)

    ^bj shcks wjrj 8 go x 8 go dkn tbj rjprjsjktdthlks d`lvj drj lut la sgdej tl heeustrdtj tbj nhaajrjkt

    ojssdcjs. Sj njshckjn tbj shcks lursjevjs dkn prhktjn tbjo whtb tbj bjep la HGD dkn tbjhr

    prhkthkc dhro. ^bj njshck wds `dsjn lk tbj sdoj hodcjs, edylut, glelr sgbjojs dkn elcls tbdt

    ]rlgtjr & Cdo`ej usjs hk lrnjr tl chvj dk dutbjkthg elli.

    0.7.: bj Tujsthlkkdhrjs

    ^l hkvjsthcdtj tbj jaajgts la sgjkt lk gustlojrs, wj grjdtjn d qujsthlkkdhrj tbdt wluen ojdsurj

    nhaajrjkt vdrhd`ejs. ^bjsj nhaajrjkt vdrhd`ejs drj `dsjn lk tbjlry dkn kjjns tl `j jxpelrjn hk lrnjr

    tl dkswjr lur bypltbjsjs6

    ^bj gustlojrss olln.

    Gbdkcjs hk gustlojrss `jbdvhlr. Hk tbj qujsthlkkdhrj tbhs hkgeunjs ha ht wds d pedkkjn

    purgbdsj, ha tbjrj wds dky vdrhdthlk sjjihkc, dkn jsthodtjs la spjknhkc nurhkc tbjhr vhsht

    hk tbj stlrj.

    Dtthtunj dkn jvdeudthlk la tbj stlrj.

    Dtthtunj dkn jvdeudthlk tlwdrn tbj Bjdn & Wbluenjrss Bdhr Njajksj prlnugt dkn tbj rdkn

    hk cjkjrde. bhs hkgeunjn qujsthlks rjedtjn tl tbj glckhthvj ojssdcjs lk tbj sbjea shcks.

  • 7/27/2019 The Smell of Money

    23/108

    Jvdeudthlk la tbj sgjkt dkn sojee hk tbj njpdrtojkt.

    ^bj glopejtj qujsthlkkdhrj gdk `j alukn hk Wwjnhsb hk Dppjknhx 2.:. ^bj sjtthkc wbjrj tbj

    qujsthlkkdhrj wluen `j usjn hopdgtjn tbj glkstrugthlk la tbj qujsthlkkdhrj. ^bj dho wds tl ijjp

    ht sblrt dkn glkghsj ds gustlojrss pdthjkgj hs ehohtjn. Glksjqujktey wj wdktjn tl ijjp tbj

    hktjrvhjws dt d odxhouo la tbrjj ohkutjs tl deelw alr gloohtojkt hk dkswjrhkc dee la tbj

    hkgeunjn qujsthlks.

    ^bj nhaajrjkt sjgthlks la tbj qujsthlkkdhrj whee `j nhsgussjn `jelw, jxpedhkhkc wbdt tbjy dho tl

    dnnrjss dkn wbjrj tbjy drj njrhvjn arlo. Dee la tbj qujsthlks stdrtjn la whtb jstd`ehsbjn qujsthlks

    dkn sgdejs, dkn tbjk trdksedtjn tl Wwjnhsb dkn dndptjn tl lur jxpjrhojkt ha kjjnjn.

    ^bj lrnjr la tbj qujsthlks hs la bhcb hoplrtdkgj. Sj stdrtjn la whtb d sjt la qujsthlks d`lut tbj

    purgbdsj, olvjn lk tl tbj jvdeudthlk la tbj prlnugt, stlrj dkn sgjkt, dkn tbjk dhkhsbjn la whtb tbj

    gustlojrss olln dkn glktrle qujsthlks. Sj wdktjn tl ijjp tbj qujsthlks d`lut tbj sgjkt tl datjr

    tbj jvdeudthlk qujsthlks hk lrnjr tl dvlhn odihkc tbj rjsplknjkts tbhki d`lut tbj sgjkt dkn tbus

    daajgthkc tbj dkswjrs tl tbj ltbjr qujsthlks.

    40

    ]dcj 41

    4. Bdvj ylu `lucbt sbdopll tlndy : 1 3

    ^bj prlnugt hs kjw

    4 0 7 > : 1 3

  • 7/27/2019 The Smell of Money

    25/108

    ^bj prlnugt prltjgts dcdhkst bdhr `rjdidcj

    4 0 7 > : 1 3

    ^bj prlnugt rjnugjs ndknruaa

    4 0 7 > : 1 3

    ^bj prlnugt bjeps selw nlwk bdhr elss

    4 0 7 > : 1 3

    ]ujsthlk : ojdsurjn tbj jvdeudthlk dkn dtthtunj tlwdrns tbj Bjdn & Wbluenjrss Bdhr Njajksj

    prlnugt dkn hs `dsjn lk @jeehzzh, Grlwejy dkn Bdstyss sgdejs tl dssjss ojrgbdknhsj (Wpdkcjk`jrc

    jt de, 4881). ^bjrj drj shx stdtjojkts dkn tbj dkswjrs drj lk d sjvjk>plhkt hktjrvde sgdej

    njpjknjkt lk blw ougb tbjy dcrjj whtb tbj stdtjojkt. ^bj dhrst twl stdtjojkts dsi d`lut tbj

    qudehty dkn prhgj ejvje la tbj prlnugt. ^bj rjodhkhkc drj nhaajrjkt gedhos d`lut tbj Bjdn &

    Wbluenjrs `rdkn dkn tbj Bdhr Njajksj prlnugt. ^bhs hs wbjrj wj tjst lur sbjea shcks dkn sjj ha tbj

    47

    ]dcj 43

    nhaajrjkt ojssdcjs lk tbjo bdvj dk hopdgt lk gustlojrss rjsplksj. Alr jxdopej, ha gustlojrs

    wjrj lpjk tl olrj glckhthvj ojssdcjs whtb sgjkts prjsjkt, tbjy wluen jvdeudtj tbj prlnugt bhcbjr

    lk tbjsj stdtjojkts datjr rjdnhkc tbj sbjea nhspedys.

    1. Klw d ajw qujsthlks d`lut tbhs HGD Odxh stlrj. Lk d sgdej 4-3, whtb 4 `jhkc

    nl klt dcrjj dkn 3 `jhkc aueey dcrjj, wluen ylu rdtj tbj aleelwhkc stdtjojkts : 1 3

    ^bj stlrj hs pejdsdkt

    4 0 7 > : 1 3

    ^bj stlrj hs gejdk

  • 7/27/2019 The Smell of Money

    26/108

    4 0 7 > : 1 3

    ^bj stlrj hs gloalrtd`ej

    4 0 7 > : 1 3

    ^bj stlrj hs olthvdthkc

    4 0 7 > : 1 3

    ^bj stlrj hs hktjrjsthkc

    4 0 7 > : 1 3

    ^bj stlrj hs strjssaue

    4 0 7 > : 1 3

    ^bjrj hs d elt la dnvjrthsjojkt hk tbj stlrj

    4 0 7 > : 1 3

    ]ujsthlk 1 ojdsurjn tbj jvdeudthlk la tbj stlrj dkn hts dtolspbjrj. ^bj sjt la qujsthlks hs

    lrhchkdeey arlo Fjaarjy Ahsbjr dkn hkgeunjn tbhrtjjk sjodkthg nhaajrjkthde htjos (Ahsbjr, 483>).

    ^bjsj htjos wjrj dndptjn tl lur jxpjrhojkt dkn sloj pdrts wjrj jxgeunjn hk d shohedr wdy tbdt

    bdn jjk nlkj hk prjvhlus sgjkt odrijthkc rjsjdrgb y Odtthed dkn Shrtz (0==4). Tujsthlks d`lut

    tbj lpjkhkc blurs alr jxdopej hs klt rjejvdkt alr lur jxpjrhojkt.

    Dk dnnhthlkde htjo wds dnnjn tl ojdsurj wbjtbjr tbj stlrj wds glkshnjrjn pejdsdkt. ^bj rjdslk

    alr tbhs wds tbdt ht bdn `jjk alukn tl bdvj d strlkc glrrjedthlk whtb tbj jvdeudthlk la tbj sgjkt

    (Wpdkcjk`jrc jt de, 4881).

    3. Hk d crlgjry stlrj, ylu latjk jkgluktjr nhaajrjkt ehcbthkc, slukns dkn sgjkts.

    Sbjk ht glojs tl tbj sojee hk tbhs njpdrtojkt, blw wluen ylu rdtj ht lk d sgdej

    4-3, wbjrj 4 hs YDetjrkdthvj 4_ dkn 3 hs YDetjrkdthvj 0_ : 1 3

    ]lshthvj

  • 7/27/2019 The Smell of Money

    27/108

    Ajohkhkj

    4 0 7 > : 1 3

    Odsguehkj

    @dn

    4 0 7 > : 1 3

    Clln

    Sjdi

    4 0 7 > : 1 3

    Qjry strlkc

    Zksuhtd`ej

    4 0 7 > : 1 3

    Wuhtd`ej

    Zkadvlrd`ej

    4 0 7 > : 1 3

    Advlrd`ej

    ]ujsthlk 3 ojdsurjn tbj dtthtunjs tlwdrn tbj sgjkt dkn hs njrhvjn arlo Wpdkcjk`jrc jt de (0==1).

    ^bhs wds tbj lkey qujsthlk hk tbj qujsthlkkdhrj tbdt wds klt ushkc dcrjjojkt sgdejs dkn hkstjdn

    bdn twl detjrkdthvjs ds lpplshtjs lk tbj sjvjk>plhkt sgdej. ^bj rjdslk alr tbhs wds tl ijjp tbj

    qujsthlks glkghsj dkn ha wj bdn klt usj tbhs ojtbln wj wluen bdn `jjk rjquhrjn tl dsi twl

    qujsthlks ha tbj gurrjkt sgjkt wds glkshnjrjn odsguehkj ds wjee ds ajohkhkj alr jxdopej.

    ^bjsj qujsthlks drj grughde hk lrnjr tl njtjrohkj tbj jaajgts la tbj sgjkt. ^bj glkcrujkgy la tbj

    sgjkt whtb tbj prlnugt dkn stlrj hs gjktrde tl tbj usjauekjss la sgjkts dkn ht hs d rjquhrjojkt tbdt

    4>

    ]dcj 42

  • 7/27/2019 The Smell of Money

    28/108

    rjsplknjkts alr jxdopej jvdeudtj tbj sgjkt ds suhtd`ej hk lrnjr tl plssh`ey bdvj d plshthvj jaajgt lk

    tbj ltbjr qujsthlks.

    2. Lk d sgdej 4-3, whtb 4 `jhkc nl klt dcrjj dkn 3 `jhkc aueey dcrjj, wluen ylu

    rdtj tbj aleelwhkc stdtjojkts : 1 3

    H do bdppy

    4 0 7 > : 1 3

    H ajje sthouedtjn

    4 0 7 > : 1 3

    H ajje jxghtjn

    4 0 7 > : 1 3

    H do strjssjn

    4 0 7 > : 1 3

    ]ujsthlk 2 ojdsurjs tbj gurrjkt olln la tbj gustlojr. ^bj qujsthlk hs `dsjn lk Ojbrd`hdk dkn

    Pussjeess ]ejdsurj>Drlusde>Nlohkdkgj Wgdej (]DN Wgdej, 483>) dkn dndptjn tl tbj usj la sgjkts y

    Gbj`dt dkn Ohgblk (0==7). ^bj twl dhrst stdtjojkts rjcdrnhkc `jhkc sdthsdhjn dkn bdppy rjedtjs tl

    tbj daajgthvj nhojkshlk la tbj olln dkn tbj rjodhkhkc tbrjj tl tbj dgthvdthlk nhojkshlk.

    8. Dpprlxhodtjey blw ougb whee ylu spjkn hk tbhs stlrj tlndy ]rj-tjsts

    Sj glknugtjn twl sjts la prj>tjsts. ^bj dhrst lkj wds tl sjejgt tbj sgjkt usjn dkn tbj sjglkn prj>

    tjst dhojn dt jksurhkc tbj qudehty la lur qujsthlkkdhrjs.

    0.>.4 Wjejgthlk la sgjkt

    ^bj hkhthde sgrjjkhkc la nhaajrjkt sgjkts wds glknugtjn hk gllpjrdthlk whtb Cjlrchls Odktbls dkn

    Wbhkl Nhd`dt hk Odeo (Fdkudry :, 0=4=). ^bj tbrjj olst hoplrtdkt adgtlrs tl glkshnjr wbjk

    sjejgthkc d sgjkt wjrj tbj sgjktss pejdsdktkjss, glkcruhty dkn hktjkshty. bj sgrjjkhkc rjsuetjn hk

    twl nhaajrjkt sgjkts tbdt wjrj njjojn suhtd`ej alr lur jxpjrhojkt. bj sgjkts wjrj Oluktdhk Ohst

    dkn Ejolk Arjsgd. Oluktdhk Ohst wds delrde sgjkt dkn Ejolk Arjsgd d ghtrus `ejkn.

    4:

    ]dcj 48

    Hk lrnjr tl odij tbj sgjkt ds glkcrujkt ds plssh`ej tl tbj Bjdn & Wbluenjrss prlnugts wj

    glknugtjn twl sodee stunhjs. Hk tbj dhrst stuny (k4 o 04) pdrthghpdkts wjrj dsijn tl sojee tbj Bdhr

    Njajksj sbdopll dkn ehst tbj dsslghdthlks tbjy clt arlo tbj sojee. Hk tbj sjglkn stuny d nhaajrjkt

    crlup la pjlpej (k0 o 03) wjrj su`fjgtjn tl tbj twl sgjkts tbdt wj wdktjn tl tjst. Lkj crlup (k0.4 o

    47) wds jxplsjn tl tbj Oluktdhk Ohst sgjkt dhrst dkn tbj ltbjr crlup (k0.0 o 4>) wds jxplsjn tl

    Ejolk Arjsgd dhrst. ^bhs wds nlkj tl dvlhn dky prjajrjkgjs nuj tl tbj lrnjr tbdt tbjy wjrj

    jxplsjn tl tbj sgjkts. ^bj pjlpej hk tbj sjglkn stuny wjrj desl dsijn tl ehst tbjhr dsslghdthlks tl

    tbj sgjkt wj su`fjgtjn tbjo tl.

    Lur njghshlk d`lut wbhgb sgjkt tl gbllsj wds `dsjn lk tbj shohedrhthjs `jtwjjk tbj dsslghdthlks

  • 7/27/2019 The Smell of Money

    30/108

    arlo tbj dhrst stuny dkn tbj dsslghdthlks tl tbj twl nhaajrjkt sgjkts hk tbj edttjr stuny delkc whtb

    prjajrjkgjs alr jdgb la tbj sgjkts. ^bj sdopej alr tbj prj>stuny wds d `dsjn lk d glkvjkhjkgj

    sdopej, `ut glkshnjrdthlk wds chvjk tl jksurj tbdt tbj prj>tjst crlup wds d rjprjsjktdthvj ohx la

    cjknjr dkn dcj. bj prj>tjst qujsthlkkdhrj (Dppjknhx 2.7) bdn qujsthlks tbdt glvjrjn tbjsj

    grhtjrhd. bj qujsthlkkdhrj wds dsjn lk jstd`ehsbjn ojdsurjs hk lrnjr tl ojdsurj tbj jvdeudthlk

    la tbj sgjkts prlpjrey dkn jksurj tbj glkcrujkgy (Wpdkcjk`jrc jt de, 0==1).

    ^bj glopejtj rjsuets drj prjsjktjn hk Dppjknhx 2.> dkn tbj Ejolk Arjsgd sgjkt wds prjajrrjn alr

    dee la tbj grhtjrhd d`lvj. Ht wds rdtjn olrj plshthvjey, dttrdgtjn `ltb cjknjrs olrj jqudeey,

    jvdeudtjn ds ejss hktjksj dkn sbdrjn tbj olst dsslghdthlks whtb tbj sbdopll sgjkt. ^bj lpjk>

    jknjn qujsthlk wds dkswjrjn whtb htjos sugb ds sldp, bdkn grjdo, gejdk, suoojr dkn aruht, wbhgb

    dee gdk `j alukn hk tbj stlrj njpdrtojkt.

    0.>.0 jsthkc tbj qujsthlkkdhrjs

    ^bj qujsthlkkdhrjs alr tbj odhk jxpjrhojkts wjrj tjstjn hk Ehknbdcjk, lkj la tbj pdrthghpdthkc

    stlrjs, tbj wjji prhlr tl tbj jxpjrhojkt. D crlup la alurtjjk pjlpej pdrthghpdtjn tl tjst tbj

    qujsthlks, lur trdksedthlks dkn tl odij us usj d shohedr dpprldgb hk glknugthkc tbj hktjrvhjws.

    ^bjrj wds d edgi la jstd`ehsbjn trdksedthlks alr sloj sjgthlks la tbj qujsthlkkdhrj, wbhgb odnj ht d

    ehttej prl`ejodthg tl dhkn tbj prlpjr Wwjnhsb ojdkhkc alr sloj wlrns. ^bj prjtjst rjsuetjn hk tbdt

    wj hnjkthdhjn tbrjj ohklr gbdkcjs rjcdrnhkc lur trdksedthlks. bj gbdkcjs wjrj hopejojktjn, alur

    olrj hktjrvhjws wjrj glknugtjn whtblut tbj prhlr prl`ejos dkn tbj qujsthlkkdhrj wds dhkdehzjn.

    0.: Odhk jxpjrhojkt

    ^bj sjtup la tbj jxpjrhojkt bds `jjk nhsgussjn uknjr Jxpjrhojkt Njshck d`lvj dkn tbhs sjgthlk

    whee algus lk dgtudeey jxjguthkc tbj jxpjrhojkt. ^bj sgjkt odgbhkjs dkn sbjea shcks wjrj pedgjn hk

    tbj stlrjs tbj ndy prhlr tl tbj stdrt la tbj jxpjrhojkt dkn tbjk tbj jxpjrhojkt wjkt lk alr shx

    ndys. Lk tbj sjvjktb ndy, tbj odkhpuedthlk wds rltdtjn `jtwjjk tbj stlrjs dgglrnhkc tl tbj Edthk

    Wqudrj njshck. bj sgjkt odgbhkjs wjrj olvjn dkn tbj sbjea shcks whtb nhaajrjkt ojssdcjs wjrj

  • 7/27/2019 The Smell of Money

    31/108

    gbdkcjn. ^bj rjdslk alr tbhs sjvjktb ndy whtblut sdejs ndtd gleejgthlk wds tbdt ht tlli sjvjrde

    41

    ]dcj 0=

    blurs tl olvj tbj odgbhkjs `jtwjjk tbj stlrjs, sjt tbjo up dkn dhkdeey alr tbj sgjkt tl sprjdn.

    Nuj tl tbhs, wj njghnjn tl jxgeunj tbhs ndy arlo tbj ndtd tl dvlhn dky pltjkthde prl`ejos. Nurhkc

    tbj jxpjrhojktss alur wjjis, wj nhn gleejgt qujsthlkkdhrjs, l`sjrvdthlks dkn sdejs ndtd arlo tbj

    stlrjs.

    Sj bdn tbj gl>lpjrdthlk whtb tbj stlrj odkdcjrs prhlr tl tbj jxpjrhojkt, `ut wjrj tbrlucblut tbj

    prlgjss vjry gdrjaue whtb bdvhkc glktdgt whtb tbj stlrj pjrslkkje. bjy wjrj hkalrojn d`lut tbj

    jxpjrhojkt dkn dsijn alr ajjn`dgi dkn pltjkthde prl`ejos nurhkc dkn datjr tbj jxpjrhojkt. bjy

    wjrj desl chvjk dk hkalrodthlk pdopbejt (Dppjknhx 2.3) dkn tlen tl glktdgt us ha tbjrj wjrj dky

    prl`ejos whtb tbj sgjkt ejvjes.

    0.:.4 Tujsthlkkdhrjs

    ^bj hktjrvhjws alr tbj qujsthlkkdhrjs dkn l`sjrvdthlks wjrj nlkj lk Wdturndys dkn Wukndys. bj

    sjejgthlks la tbj stlrjs wjrj rltdtjn, ojdkhkc tbdt Ehknbdcjk dkn Wlekd wjrj nlkj lk tbj Wdturndy

    lkj wjji dkn lk tbj Wukndy tbj kjxt wjji. ^bj rjdslk tbdt wj njghnjn tl gleejgt tbhs hkalrodthlk

    nurhkc tbj wjjijkns wds tbdt gustlojrs tjkn tl nl olrj rjgrjdthlkde sblpphkc nurhkc tbjsj ndys

    dkn `j olrj wheehkc tl pdrthghpdtj hk jxpjrhojkts.

    ^bjrj wjrj dpprlxhodtjey alrty hktjrvhjws pjr stlrj dkn wjji. ^bj hktjrvhjwjr wds elgdtjn dt tbj

    jkn la tbj pjrslkde gdrj njpdrtojkt dkn dpprldgbjn tbj gustlojrs wbjk tbjy wjrj hk tbj

    njpdrtojkt. ^bhs wds nlkj datjr tbj gustlojrs bdn `jjk jxplsjn tl `ltb tbj Bjdn & Wbluenjrs

    sbjea shcks dkn tbj sgjkt, chvjk tbdt tbj stlrj bdn tbj sgjkt prjsjkt.

    ^bj ojtbln alr glknugthkc tbj qujsthlkkdhrjs wds tbj sdoj hk dee tbj stlrjs dkn wbjtbjr tbjrj

    wds d sgjkt prjsjkt lr klt. Sj prjsjktjn lursjevjs ds stunjkts nlhkc d rjsjdrgb prlfjgt dt

  • 7/27/2019 The Smell of Money

    32/108

    Wtlgibleo Wgblle la Jglklohgs dkn nhvjrtjn dkswjrhkc qujsthlks d`lut tbj stuny ukthe tbj jkn tl

    dvlhn dky jaajgts lk tbjhr dkswjrs. Ha tbj rjsplknjkts uplk glopejthlk wdktjn olrj hkalrodthlk,

    wj nhn dkswjr tbjsj qujsthlks dkn desl laajrjn dk hkalrodthlk pdopbejt d`lut tbj jxpjrhojkt

    (Dppjknhx 2.2).

    Sj dsijn tbj rjsplknjkts tbj qujsthlks hk tbj qujsthlkkdhrj dkn odrijn tbjhr dkswjrs. Ht hs lur

    `jehja tbdt tbhs hkgrjdsjn gustlojrss wheehkckjss tl pdrthghpdtj dkn hoprlvjn tbj qudehty la tbjhr

    dkswjrs. Sj nhgtdtjn tbj pdgj la tbj hktjrvhjw, wbhgb dvlhnjn d quhgi dkn dutlodthg dkswjrhkc

    tbdt slojthojs gdk lggur wbjk sjea>rjplrthkc tbj dkswjrs (Odebltrd dkn @hris, 0==3).

    0.:.0 L`sjrvdthlks

    L`sjrvdthlks la gustlojrss `jbdvhlr wjrj cjkjrdtjn ushkc tbj sdoj ojtbln tbdt wds usjn `y

    Nhgihkslk dkn Wdwyjr (488=). Gustlojrs wjrj l`sjrvjn lk alur nhaajrjkt stdcjs9 ha tbjy bdn pdssjn

    tbj Bjdn & Wbluenjrss sjgthlk, ha tbjy bdn stlppjn, ha tbjy bdn ellijn dt tbj prlnugt sbjevjs dkn

    dhkdeey ha tbj purgbdsjn d prlnugt arlo ht. Sj usjn dk l`sjrvdthlk prltlgle (Dppjknhx 2.1) tl gbjgi

    43

    ]dcj 04

    laa wbjtbjr tbj gustlojrs bdn nlkj tbj nhaajrjkt stdcjs. Alr jxdopej, ha d gustlojr stlppjn dkn

    `lucbt d Bjdn & Wbluenjrss prlnugt, bj wds gbjgijn la ds ]urgbdsj hk tbj l`sjrvdthlk prltlgle.

    ^bj l`sjrvdthlks wjrj nlkj dt tbj sdoj ndys ds tbj qujsthlkkdhrjs, `ut datjr wj wjrj nlkj whtb

    tbj hktjrvhjws hk lrnjr tl dvlhn lvjredpphkc la gustlojrs pdrthghpdthkc hk tbj qujsthlkkdhrj dkn

    tblsj l`sjrvjn. bjrj wjrj dpprlxhodtjey dhaty l`sjrvdthlks pjr stlrj dkn wjji.

    0.:.7 Wdejs ndtd

    Wdejs ndtd wds gleejgtjn arlo tbj alur stlrjs tl sjj wbjtbjr sdejs bdn `jjk daajgtjn `y tbj

    prjsjkgj la tbj sgjkt lr klt. ^bj ndtd hkgeunjn tltde sdejs la tbj stlrj, sdejs hk tbj pjrslkde gdrj

    njpdrtojkt, tbj bdhr gdrj gdtjclry, tbj sbdopll prlnugt gdtjclry, Bjdn & Wbluenjrs prlnugts dkn

  • 7/27/2019 The Smell of Money

    33/108

    tbj Bdhr Njajksj prlnugt. ^bj ndtd wds alr tbj jkthrj alur>wjji pjrhln dkn lk d ndhey `dshs, wbhgb

    deelwjn us tl jxgeunj tbj sjvjktb ndy wbjk wj olvjn tbj odgbhkjs dkn odkhpuedthlk.

    0.:.> Odkhpuedthlk glktrle

    ^bj qujsthlkkdhrj hkgeunjn d sjgthlk lk tbj jvdeudthlk la tbj sgjkt dkn wj dkdeyzjn tbhs tl jksurj

    tbdt lur odkhpuedthlk bdn tbj hktjknjn jaajgt. @ltb tbj purplsj hk tbj hktrlnugthlk dkn tbj

    bypltbjsjs tbdt edtjr whee `j cjkjrdtjn stdrts whtb tbj dssuopthlk tbdt tbj usjn sgjkt hk tbj

    jxpjrhojkt hs glkshnjrjn pejdsdkt dkn glkcrujkt. Hk lrnjr tl prlgjjn whtb tbjsj bypltbjsjs, wj

    bdvj tl jstd`ehsb tbdt tbj sgjkt usjn dgtudeey wds glkshnjrjn tl `j `ltb pejdsdkt dkn glkcrujkt.

    ^bj prj>tjsts sblwjn tbdt tbhs wds truj hk d sodeejr crlup, wbjrj tbj rjsplknjkts glkshnjrjn tbj

    usjn sgjkt tl `j olrj plshthvj dkn suhtd`ej, ds wjee ds klt tll ajohkhkj lr strlkc (Dppjknhx 2.>).

    ^bj odhk jxpjrhojkt strjkctbjkjn tbjsj dhknhkcs dkn tbj sgjkt wds jvdeudtjn tl `j plshthvj

    (>.3=), clln (>.73) dkn suhtd`ej (>.80) lk lur sjvjk>plhkt sgdejs dolkcst tbj 084 rjsplknjkts.

    ^bj sgjkt wds desl glkshnjrjn tl klrode hktjkshty (7.8:) dkn deolst gjktjrjn hk tjros la cjknjr

    glkcrujkgy (7.2=). Dkltbjr hktjrjsthkc dhknhkc hs tbdt tbjrj wds d vjry ehohtjn nhaajrjkgj hk tjros

    la tbj pjrgjhvjn strjkctb jtwjjk tbj odkhpuedthlk stlrjs (7.8: wbjk sgjkt wds prjsjkt dkn 7.7=

    wbjk kl sgjkt wds prjsjkt, pk=.=:), tjeehkc us tbdt tbj gustlojrs `drjey rjglckhzjn tbdt tbjrj wds

    d sgjkt prjsjkt.

    Ds d rjsuet, wj whee glkshnjr tbj ghtrus sgjkt usjn tl `j pejdsdkt, glkcrujkt dkn la suhtd`ej

    hktjkshty hk tbj aleelwhkc sjgthlks la tbhs tbjshs.

    0.1 Qdehnhty dkn Pjehd`hehty

    Hk lrnjr alr lur dhknhkcs tl `j rjejvdkt, wj bdn tl jksurj tbj qudehty la lur jxpjrhojkt dkn

    odhktdhk d bhcb rjehd`hehty dkn vdehnhty.

    0.1.4 Qdehnhty

    Qdehnhty rjajrs tl wbjtbjr lr klt lur ojdsurjojkts gdpturj wbdt hs clhkc lk dkn ojdsurjs wbdt

    tbjy drj supplsjn tl (Wbdnhsb jt de, 0==0). ^bj dho la lur stuny wds tl nhsglvjr vdehn rjsuets d`lut

  • 7/27/2019 The Smell of Money

    34/108

    42

    ]dcj 00

    tbj jaajgts la lur odkhpuedthlk dkn tl `j d`ej tl nrdw cjkjrdehzd`ej glkgeushlks tbdt gdk `j

    dppehjn tl d edrcjr plpuedthlk (Odebltrd dkn @hris, 0==3). Hk lrnjr tl rjdgb d bhcb vdehnhty tbdt

    wluen deelw us tl nl tbhs, wj bdn tl glkshnjr tbj aleelwhkc alur typjs la vdehnhty6

    Glkgeushlk vdehnhty > ^bj glkgeushlk vdehnhty algusjs lk tbj vdehnhty la tbj glkgeushlks dkn

    tbdt tbj ojdsurjojkts rjprjsjkt wbdt tbjy sbluen ojdsurj (Wbdnhsb jt de, 0==0). ^bj usj

    la ouethpej qujsthlks sjts dkn jstd`ehsbjn slurgjs jksurj tbdt tbj qujsthlkkdhrjs auedheejn

    tbhs. ^bj l`sjrvdthlks wjrj d rjprjsjktdthlk la blw gustlojrs dgtudeey `jbdvjn hk tbj

    stlrj njpdrtojkt dkn tbj sdejs ndtd wjrj dgtude dkn rjehd`ej ndtd arlo HGD.

    Hktjrkde vdehnhty > ^bj hktjrkde vdehnhty ojdsurjs wbjtbjr tbj l`sjrvjn jaajgt rjdejgts d

    gdusde rjedthlksbhp lr tbdt ht gluen `j jxpedhkjn `y ltbjr adgtlrs tbdk lur odkhpuedthlk

    (Wbdnhsb jt de, 0==0). Hk lur gdsj, wds d pltjkthde hkgrjdsj hk sdejs lkj wjji jxpedhkjn `y

    tbj prjsjkgj la tbj sgjkt< Dnnhthlkdeey, tbj dolukt la sbjea spdgj dkn prlnugt adgjs

    nhaajrjn `jtwjjk tbj stlrjs chvhkc tbj prlnugt nhaajrjkt dttjkthlk. ^bj usj la d Edthk

    Wqudrj njshck, wbjrj wj rltdtjn tbj odkhpuedthlk jtwjjk tbj stlrjs tbrlucblut tbj

    jxpjrhojkt, ohkhohzjs tbhs prl`ejo dgglrnhkc tl Wbdnnhsb jt de (0==0). Shtb tbhs njshck,

    pltjkthde gdejkndr jaajgts dkn stlrj vdrhdthlks drj dvlhnjn. Sj drcuj tbdt lur stuny njshck

    deelws alr d bhcb hktjrkde vdehnhty.

    Glkstrugt vdehnhty > ^bj glkstrugt vdehnhty ojdsurjs blw lur l`sjrvjn rjsuets rjdejgt tbj

    nhaajrjkt htjos wj wdktjn tl ojdsurj (Wnjreukn, 0==:). l jksurj bhcb vdehnhty hk tbhs

    drjd wj nhn usj jstd`ehsbjn sgdejs dkn sjts la ouethpej qujsthlks. ^bj jstd`ehsbjn sgdejs

    bdvj `jjk prlvjk tl wlri hk prjvhlus rjsjdrgb dkn bjkgj ojdsurj wbdt tbjy drj hktjknjn

    tl. ^bj sjts la ouethpej qujsthlks usj sjvjrde stdtjojkts hk tbj qujsthlkkdhrj tl njtjrohkj

  • 7/27/2019 The Smell of Money

    35/108

    alr jxdopej tbj dtthtunj tlwdrns tbj stlrj.

    Jxtjrkde vdehnhty > ^bj jxtjrkde vdehnhty rjajrs tl tbj d`hehty tl cjkjrdehzj lur rjsuets hk

    ltbjr sjtthkcs (Wnjreukn, 0==:). Ht hs prjvhlusey jstd`ehsbjn tbdt jxpjrhojkts hk kdturde

    sjtthkcs, sugb ds lur stlrj jxpjrhojkt, whtblut tbj iklwejncj la tbj rjsplknjkts, ehohts

    tbjsj prl`ejos dkn wby ht hs glkshnjrjn tl `j la bhcb jxtjrkde vdehnhty (Sheihksslk jt de,

    4820).

    ^bj jglelchgde vdehnhty, wbhej klt `jhkc pdrt la tbj lrhchkde alur typjs, wluen desl `j glkshnjrjn

    bhcb. ^bhs vdehnhty rjajrs tl tbj njcrjj tbdt tbj stuny rjedtjs tl tbj rjde>ehaj shtudthlk tbdt hs stunhjn.

    Whkgj tbj jxpjrhojkt wds glknugtjn hk dk dutbjkthg jkvhrlkojkt dkn gustlojrs jhkc ukdwdrj la

    tbj purplsj la tbj stuny, wj nl `jehjvj tbhs hs bhcb dkn deelws alr cjkjrdehzdthlks la lur dhknhkcs tl

    shohedr sjtthkcs. D bhcb ejvje la rjehd`hehty hs rjquhrjn alr dttdhkhkc d bhcb ejvje la vdehnhty dkn tbj

    kjxt sjgthlk whee jed`lrdtj lk tbhs pdrt la tbj stuny.

    48

    ]dcj 07

    0.1.0 Pjehd`hehty

    Pjehd`hehty hs tbj glkshstjkgy la lur ojdsurjojkts dkn rjajrs tl blw lur l`sjrvjn vdeuj nhaajr

    arlo tbj rjde vdeuj (Wbdnhsb jt de, 0==0). Ha tbj jxpjrhojkt wjrj rjpjdtjn dcdhk uknjr tbj sdoj

    glknhthlks, wluen tbj sdoj rjsuets dkn jaajgts j l`sjrvjntjst tl tjst ha tbjrj wjrj shckhdhgdkt nhaajrjkgjs `jtwjjk tbj ojdks la tbj sgjktjn

    stlrjs dkn tbj uksgjktjn stlrjs. Dpdrt arlo hknjpjknjkt t>tjsts wj olstey usjn grlss td`uedthlks.

    D shckhdhgdkgj ejvje la dhvj pjrgjkt wds dggjptjn dt dee thojs dkn d shckhdhgdkgj ejvje `jtwjjk dhvj

    dkn tjk pjrgjkt wds supplrtjn whtb odrchkde shckhdhgdkgj. Gjrtdhk tjsts sblwjn d bhcbjr

    shckhdhgdkgj ejvje dkn hopehgdthlks la tbhs whee j nhsgussjn nurhkc tbj glursj la prjsjkthkc tbj

    0=

  • 7/27/2019 The Smell of Money

    37/108

    ]dcj 0>

    rjsuets. Sbjk qujsthlks wjrj glopluknjn hktl hknhgjs, rjehd`hehty dkdeysjs wjrj odnj. Sbjk tbj

    kuo`jr la qujsthlks jxgjjnjn twl, Grlk`dgbss Depbd wds usjn dkn wbjk ht wds twl lr ejss d

    `hvdrhdtj glrrjedthlk wds nlkj dkn ]jdrslkss glrrjedthlk gljadhghjkt njtjrohkjn tbjhr hktjrkde

    glkshstjkgy.

    Sj bdn d nhsgusshlk rjcdrnhkc tbj jxtrjoj vdeujs dkn ha tbjsj sbluen `j rjolvjn arlo tbj ndtd sjt

    hk lrnjr tl cjt d bhcbjr shckhdhgdkgj ejvje. Nuj tl tbj rhsi la typj 4 njaduet ht wds njghnjn tl klt

    jxgeunj jxtrjoj vdeujs. Hknhgjs bdvj jjk odnj wbjk ht gluen ltb `j tbjlrjthgdeey fusthdhd`ej dkn

    wbjk hktjrkde glksh