Sunday, March 15, 2009

Have you noticed more Ponzi schemes in the news?

The king of the recent Ponzi schemes is of course Bernard Madoff ($50 billion). But I've noticed that many more mini-Madoffs are appearing in the news. Here are a few: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11. Out of these R. Allen Stanford ($8 billion) comes closest to Madoff. Have there been more than usual coming out of this latest bubble, or have these types always been there preying on the naive and/or greedy? Madoff's victims could hardly be called naive, but were they greedy or lazy?

And what about the mother of all Pozni schemes? This CNN piece doesn't think it's a Ponzi scheme. It's wrong

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