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Why not Madoff ?
We only appear to have heard of Ponzi when Madoff's scam came to light.
So why are these called Ponzis and not Madoffs ?
because Ponzis
less obvious than Made off?
named after Charles Ponzi famous in the 1920's for it
I think we should name it a Chuzzlewitt scheme though......much better ring to it.
and does seem to be a scheme for the Witt less and greedy?
Its amazing how people will part with their cash
It keeps on happening but people will still part with their money. When I hear about these cons it makes me feel good, not that I am skint, but because I am honest. Yes I have a pride in being honest but it does not earn me any points. My credit rating might be soon going through the floor but I am happy that there are dishonest people out there conning others out of their money. It makes me feel clever because they cant con me out of my money because I ain't got any.
A fool and his money
It's fascintating that people are still foolish enough to invest in "guaranteed returns of 18% per annum plus a bonus of 2%." schemes
People are susceptible to pressure and also sadly somewhat ignorant of investment matters.
The other extreme to getting conned this way is getting conned on something like premium bonds where the chance of winning the big prize is absolutely minuscule, and a modest investment will dwindle to nothing over a few decades.
Again down to ignorance on the part of the investor.