hard to say how I feel about this one not the best written thing ever produced but the writing style was interesting the writer really takes you by the hand explaining the Ponzi scheme and helps lead the reader down the path of the con as it unfolds the problem with this is that he takes your hand with everything, turning a mundane day to day situation like walking into an office into a half page paragraph that is intended to set up a compelling situation but only succeds in telling us what is going to happen then telling us again what happens in a dialogue section I know that doesn t make sense but thats the way it felt If I had to recommend it to anyone, it would be to people really curious about this Bernard Madoff or whatever the scum suckers name is debacle or to anyone who would rather skim a book than read a book cause this book is one that you can skim and not miss a beat. I rather liked this book but it is written in an novelistic style which is a little irritating Ever hear of a Ponzi scheme Remember that being applied to Enron a few years ago Ever wonder how that phrase became so popular and how the original Ponzi scheme worked Here it is The entire operation took 6 months from first investments to shutdown, which totally amazed me I had the impression that the scheme lasted several years at least Ponzi was an Italian immigrant who wanted to make it rich in America He worked a couple of traditional, legal jobs and decided that wasn t going to do it A partner and he decided to take over a bank in Canada, but Ponzi got caught for forgery and spent time in jail His next get rich quick was to smuggle Italian immigrants across the border into the United States No go caught again.Eventually he came upon the scheme that made him infamous It involved internation reply stamps Immigrants in the US could afford to mail letters to their families, but often the families couldn t afford the stamps to mail letters back An international organization created the reply stamp idea where people could buy a certificate for a certain amount in their country, send it to their home country and the receiver could use that to buy stamps How many stamps, of course, depended on the exchange rate A little like currency trading today But he wasn t doing any actual trading..just bringing in investments as IF he were And he offered 50% interest in 45 days.It worked for a while He was such a slick con man that he convinced several local and federal investigators that what he was doing was perfectly legal it was and that he was solvent and was not cheating his investors Eventually he agreed to stop taking in new money, but continuing to pay out while an investigation was taking place He was the one that suggested the idea Of course, this caused a run due to rumors this was the early 1920s compare this to the bank runs in 1929. but for a very long time he was able to pay out Eventually he was sold out by his publicity man and the whole scheme came crashing down.Unlike the corporate Ponzis today, he served jail time and was deported afterwards A fun read and an interesting look at one of the world s best con men and the era in which he operated. Just Who Was The Man Whose Name Has Become Synonymous With The Classic Rob Peter To Pay Paul Scam In Which Money From New Investors Is Used To Reward Earlier Ones In December , He Was An Unknown Thirty Eight Year Old, Self Educated Italian Immigrant With A Borrowed Two Hundred Dollars In His Pocket Six Months Later, He Was Boston S Famed Wizard Of Finance , Lionized By The Public And Politicians Alike Based On Exclusive Interviews With People Who Knew Charles Ponzi, Lent Him Their Money, And Exposed Him, Donald Dunn S Ponzi Recreates Both One Of America S Most Notorious And Colorful Financial Con Artists And The Mad Money Hungry Era In Which He Thrived
Is a well-known author, some of his books are a fascination for readers like in the Ponzi: The Incredible True Story of the King of Financial Cons (Library of Larceny) book, this is one of the most wanted Donald Dunn author readers around the world.
- 384 pages
- Ponzi: The Incredible True Story of the King of Financial Cons (Library of Larceny)
- Donald Dunn
- 09 October 2019 Donald Dunn