Word: ponzis
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Dates: during 1960-1969
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Compared with that, Charles Ponzi, Lowell Birrell, Eddie Gilbert and Billie Sol Estes were pikers. Only Ivar Kreuger, the Swedish match king who in the 1920s defrauded investors of $500 million, ever topped Tino. More than that, De Angelis presents the classic example of how a man can exploit a complicated situation and use the credulity of high financiers for tremendous gain...
Last week Commercial Solvents had its own say before the House Subcommittee on Inter-Governmental Relations. Witness Maynard C. Wheeler, the company's president, clearly wished he had never heard of Billie Sol Estes. But he stoutly insisted the Commercial Solvents' relationship with the Pecos Ponzi had been that of "company and supplier, and no more...
...cotton manipulations. Dated Oct. 27, 1961, the 140-page document clearly warned that Estes was a sleight-of-hand wheeler-dealer. Yet, three weeks after the report was submitted, Secretary of Agriculture Orville Freeman confirmed Estes' appointment to the National Cotton Advisory Committee, and the Pecos Ponzi was not arrested until last March. Items in the report...
...Marshall death was only one more spadeful in the tons of dirt cascading over the case of the Pecos Ponzi. Other developments: > Senator McClellan's Investigations Subcommittee announced that it would investigate the suicide (apparent) of William Pratt, 31. Chicago office manager of Commercial Solvents Corp., the New York firm that sold $5,700,000 worth of anhydrous ammonia to Estes, mainly on credit, hoping to be repaid from his grain-storage income. While no connection with the Estes case was evident, Pratt, asphyxiated by carbon monoxide in his car, left a bizarre note: "The bells even toll when...
...Billie Sol Estes case was no laughing matter-to Freeman or anyone else. It was the case of a welfare-state Ponzi. It was a scandal that had already brought about the resignation or dismissal of four Kennedy Administration officials. It had politicians and bureaucrats of all degrees and of both parties shaking in their boots. It had set off investigations galore. It had called into question the whole administration of the mighty U.S. Department of Agriculture...