The Imp in a Bottle: Ponzi/Madoff in a Broader Perspective

Less than two months ago, Bernard Madoff was arrested by the FBI for securities fraud. Given the relative amounts of money involved and pain inflicted, Ponzi schemes should perhaps henceforth be called Madoff schemes. Whatever their outward appearance, almost all such scams involve collecting money from an initial group of investors by promising them solid and sometimes extraordinary returns. The returns to the initial group come from money contributed by a larger secondary group of people. A...Full Story
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