Every swindle is driven by a desire for easy money; it's the one thing the swindler and the swindled have in common.
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 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 ZuckoffMy favorite pre-Ponzi schemer was known as '520 Percent Miller' because he promised 10 percent returns a week, or 520 percent a year. Of course he was just using new investors' money to pay old investors, and soon he was on the lam.
Mitchell ZuckoffI know that plenty of folks have issues with Social Security, but I'd urge them to confront it on its own terms. Calling it a Ponzi scheme is misleading and does more to cloud the issue than it does to illuminate it. And yes, I do know that unless changes are made, the current system is unsustainable. But that doesn't mean it's fraud.
Mitchell Zuckoff