The almanac

UPI Almanac for Monday, March 3, 2014.
By United Press International

The almanac

UPI Almanac for Sunday, March 3, 2013.
By United Press International

The almanac

UPI Almanac for Saturday, March 3, 2012.
By United Press International

Commentary: Capitalist abyss

WASHINGTON, Dec. 15 (UPI) -- Greed in 21st century America is stampeding democratic capitalism. From the 2001 Enron scandal to the current $50 billion Ponzi scheme that destroyed the savings of thousands, hedge funds and derivatives that escape any transparency, and the subprime mortgage swindle that engulfed the world, the United States is now teetering on the edge of the abyss -- another Great Depression.

The Bear's Lair: World capital of Ponzi

WASHINGTON, Dec. 20 (UPI) -- Fannie Mae's accounting mishaps, the renewed protest over stock option expensing and the attempt not to count the transition costs of social security reform all

The Bear's Lair: Greenspan's Ponzi Scheme

WASHINGTON, Nov. 24 (UPI) -- A Ponzi scheme requires three things in order to be (temporarily) successful: a massive source of outside money, a sophisticated PR campaign, bloviating about its glories, and a "magic mushroom" to make people believe in it. U.S. monetary policy currently
MARTIN HUTCHINSON, UPI Business and Economics Editor

Analysis: Burst bubbles - pyramid schemes

SKOPJE, Macedonia, Aug. 1 (UPI) -- The recent implosion of the global equity markets -- from Hong Kong to New York -- engendered yet another round of the sempiternal debate: Should central banks contemplate abrupt adjustments in the prices of assets, such as stocks or real estate, as they
SAM VAKNIN, UPI Senior Business Correspondent

Senate pounds Enron's Lay over silence

WASHINGTON, Feb. 12 (UPI) -- Former Enron CEO Kenneth Lay on Tuesday cited the advice of his attorneys and refused to testify in front of highly critical members of a Senate committee investigating the collapse of the former energy giant.

Charles Ponzi (March 3, 1882 – January 18, 1949) was born in italy and became known as a swindler for his money scheme. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term "Ponzi scheme" was coined because of Charles Ponzi's scam and today it is the description of any scam that pays early investors returns from the investments of later investors. Charles Ponzi promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage. Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same scheme to take in $1 million.

Parts of Charles Ponzi's life are somewhat difficult to determine, owing to his propensity to fabricate and embellish facts. He was born Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi in Lugo, Italy in 1882. He told The New York Times that he had come from a well-to-do family in Parma, Italy. He took a job as a postal worker early on, but soon was accepted into the University of Rome La Sapienza. His friends considered the university a "four-year vacation," and he was inclined to follow them around to bars, cafés, and the opera.

On November 15, 1903, he arrived in Boston aboard the S.S. Vancouver. By his own account, Ponzi had $2.50 in his pocket, having gambled away the rest of his life savings during the voyage. "I landed in this country with $2.50 in cash and $1 million in hopes, and those hopes never left me," he later told The New York Times. He quickly learned English and spent the next few years doing odd jobs along the East Coast, eventually taking a job as a dishwasher in a restaurant, where he slept on the floor. He managed to work his way up to the position of waiter, but was fired for shortchanging the customers and theft.

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "Charles Ponzi."
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