Word: ponzi
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Dates: during 2000-2009
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With so many Ponzis and so little time to know if you've been hoodwinked, there are some red flags even the most trusting investors can bank on: yachts, mansions, jets and women. If your investment adviser is dabbling in any of the above, there's a good chance you've been Ponzi-ed or are about...
...know you've really been Ponzi-ed when your investment guru has his own Caribbean island, a $10 million moated castle in Miami, a $100 million fleet of private jets and three or four "outside wives" along with his real one - and calls himself "Sir" despite never having been officially knighted...
...course, the above describes the lavish world of financer R. Allen Stanford, a near Madoff who, according to the SEC, allegedly pulled off a 15-year Ponzi based on suckering investors with $8 billion or more of so-called high-yield certificates of deposit. According to the SEC, he has yet to hire a lawyer of record, and he could not be found for comment...
...After news broke of Allen Stanford's alleged Ponzi, he went missing. Stanford was ultimately found by authorities with Andrea Stoelker, his girlfriend, at her home in Fredericksburg...
...short, Asia's growth model resembles a vast Ponzi scheme, one that is precariously perched on the expectation that Americans will continue buying more and bigger TVs, computers and cars forever - which in turn allows Asia to forever goose its growth by adding industrial capacity to feed the West...