Mitchell Zuckoff Quotes
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My 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.
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Nathaniel 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.
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For starters, let's dispense with the cheap jokes about cannibalism. That means cracks about giving an arm and a leg - sorry - for a good book on the subject, or similar tasteless - sorry, again - attempts to make the subject more palatable - last one.
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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.
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I 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.
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Sending a book out into the world is a lot like sending your child to the first day of kindergarten. You hope the other kids play nice and that she makes friends.
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We'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.
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Bob Altman got nothing from the TV series 'M*A*S*H,' and the royalties for the theme song went to his oldest son, Michael, who wrote it as a 15-year-old poet!
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I 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.
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No Ponzi schemer tells anyone exactly how it works. The purpose of a Ponzi scheme is to trick people, to take the money and run.
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Every swindle is driven by a desire for easy money; it's the one thing the swindler and the swindled have in common.
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Fear is something i don't you experience unless you have a choice. If you have a choice, you're liable to be afraid. But without a choice, what is there to be afraid of? You just go along and do what has to be done.