Bernard Madoff, the convicted Ponzi mastermind, was transferred to a federal prison in Butner, N.C. on Tuesday, according to the Federal Bureau of Prisons.
With Bernard Madoff pleading guilty to federal charges that will likely send him to prison for life, attention has turned toward his wife, Ruth. Or, more specifically, to two questions about her: What did she know of the fraud? And, will she keep the tens of millions of dollars worth of property and assets in her name?
Fortune: A parade of Ponzisupdated: Wed Jan 28 2009 13:28:00
At the height of his popularity in July 1920, Charles Ponzi arrived at his Boston office to a terrible surprise: A copycat business had set up shop down the hall, siphoning off his customers by offering the same eye-popping returns that had made Ponzi the most talked-about man in America.
Bernard Madoff seems once again to be borrowing from the Charles Ponzi playbook, in this case the final chapter. If so, he should be sure to read the fine print.
It was inevitable that once the phrase "Ponzi scheme" returned to the news in the wake of Bernard Madoff's alleged swindle, a chorus of angry voices would rise to condemn Social Security as, in their words, "the biggest Ponzi scheme of them all."
One of the most vexing questions in the Bernard Madoff scandal is, "How did he get away with it for so long?" A disturbing answer might be found in an unexpected place - the predictable nature of some of his hardest-hit investors.
Josh Levs at the CNN "Magic Wall" explains how a Ponzi scheme.
Investigators are trying to figure out whether the financial fraud allegedly perpetrated by Bernard L. Madoff was, in fact, the largest Ponzi scheme in history. The alleged scam, which cost investors $50 billion, sounds like a classic Ponzi racket.
Charles Ponzi wouldn't have thought much of Bernard Madoff.
CNNMoney: Top investment scamsupdated: Thu Mar 24 2005 11:33:00
In investing, as in life, if it sounds too good to be true, it probably is.
1920: The Ponzi scheme Charles Ponzi planned to arbitrage postal coupons--buying them from Spain and selling them to the U.S. Postal Service at a profit. To raise capital, he outlandishly promised ...
Whew! It's been some century, hasn't it? Wars, television, men on the moon, the invention of e-mail--why, it's practically impossible to count the many incredible things that have happened during t...
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