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Ponzi Scheme

With the arrest of Bernard Madoff for defrauding investors of billions of dollars, everyone’s searching for a definition of a Ponzi scheme. Did you know the scam is actually named for a man, Charles Ponzi, who made millions on it back in the 1920’s? A basic definition: An investment scam based on paying early investors with money from later ones, all the while skimming some off for yourself, and eventually everything falls apart.

I mostly like old, unpopular things, like from 2002. I'm also 102 years old.
Contact Scott Lamb at scott@buzzfeed.com.
 
 
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