When running a Ponzi scheme, how does one avoid enormous, unexpected withdrawals - runs on the bank, so to speak - that would pull back the curtain and reveal a little man blowing smoke? One way would be to attract a core of investors who could be counted on to never withdraw more than a small percentage of principal each year.
Mitchell ZuckoffNathaniel Philbrick's 'In the Heart of the Sea' has rightfully taken its place as a classic for its literary merits. It has a special place in the cannibalism canon as well.
Mitchell ZuckoffWe've suffered a "Ponzification" of the economy in recent years, as bubbles have built up and then burst, and each time we act as though it's the first time.
Mitchell ZuckoffEvery swindle is driven by a desire for easy money; it's the one thing the swindler and the swindled have in common.
Mitchell ZuckoffWhen running a Ponzi scheme, how does one avoid enormous, unexpected withdrawals - runs on the bank, so to speak - that would pull back the curtain and reveal a little man blowing smoke? One way would be to attract a core of investors who could be counted on to never withdraw more than a small percentage of principal each year.
Mitchell ZuckoffI was researching a different World War II story when I came across an article in the 'Chicago Tribune' from June 1945 that knocked me for a loop. The article explained that a military plane had crashed in an impossibly remote valley of New Guinea that had been nicknamed Shangri-La.
Mitchell Zuckoff