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ponzi scheme: What’s a Ponzi Scheme? (And Who Is This Ponzi Character?) - 12/28/08 10:33 PM
Investigators are trying to figure out whether the financial fraud allegedly perpetrated by Bernard L. Madoff was, in fact, the largest Ponzi scheme in history. The alleged scam, which cost investors $50 billion, sounds like a classic Ponzi racket. But what is a Ponzi scheme? And why does it bear this name?
First, you need to know a little bit about its namesake, Charles Ponzi.
Anyone can work a simple swindle, but you have to be a special kind of con man to have your name become synonymous with “fraud.” Ponzi pulled it off, though. After arriving in the U.S. … (4 comments)

 
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