Wednesday, November 4, 2009

The modern pyramid

The recent discovery of the multi-billion dollar Ponzi scheme debacle is nothing short of spectacular. With our confidence shaken in all financial institutions where does that leave us?

History repeats itself, as always
I don't know if the 90s was the fertile testing era for a resurgence in the practice, but I do know many people were approached, scammed, and unwitting accomplices, in the get-rich-quick money pyramids. It's an old scam, (even described in a Charles Dickens novel) named after Charles Ponzi who fleeced America of so much money that his name is now synonymous with the crime.
I was first approached with the scheme at the age of twelve by an unsuspecting soul who tried to sell me the idea. Fortunately being both broke and skeptical, I never joined the person who had been artfully swindled of their four hundred dollars. With new laws replacing outdated judicial systems of the past, white collar hucksters will no longer be dealt with a light hand (or so they say).