Saturday, December 13, 2008

Just Like Social Security

From The Times's article, in which arrested swindler Bernard Madoff admits his firm was “basically a giant Ponzi scheme.”  The Times explained:

A Ponzi scheme, named after the swindler Charles Ponzi, is a fraudulent investment operation that pays ... investors out of money put into the scheme by subsequent investors, rather than from real profits generated by share trading.

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