Word: ponzis
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Dates: during 2000-2009
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...Christian and evangelical pastor, Minkow explains his religious devotion in one breath and in the next delves into the nitty-gritty of financial shakedowns. Though lately the press has focused attention on the crackdown on corporate fraud--with WorldCom executives finally coming to trial, for example--he says everyday Ponzi schemes are more prevalent than ever. According to the nonprofit National White Collar Crime Center, $40 billion is lost every year to such investor swindles. Current low interest rates are making matters worse, Minkow says, because retirees on fixed incomes are more vulnerable to shysters who promise higher rates...
...course, the government must guard against Ponzi schemes and pyramid scams. On occasion, several huis will pool their money, and one failure will lead to a series of them. In September last year, just such a structure collapsed in Zhejiang's Fenghua city, according to Oriental Outlook magazine, and the hui leaders were forced to flee...
...culprits of Enron and Tyco, WorldCom and Wall Street are now being described as the largest gang of upper-income banditti since the Ponzi, Insull, bank and bucket shop defendants of the early thirties. The recent peak-to-trough decline of nearly 75% in the tech-heavy Nasdaq also happens to represent the steepest decline in a major stock market index since the Dow Jones Industrial Average fell more than 80% between...
...York, Los Angeles and Miami as well as a $41 million Gulfstream jet). For the past two years, Cuban has lectured about the perils of stocks. "Don't trust the stock market. It's a scam. Enron proved that," says Cuban. "Today the stock market is closer to a Ponzi scheme than an investor's paradise." He takes a breath and asks, "Do I sound crazy...
...After nearly a decade at Enron she was high up enough, or grumpy enough, to send the boss a pull-no-punches, put-it-on-record letter telling him - for a very detailed seven pages - that his company was more or less a Ponzi scheme, and it sounds like she knew she wasn't telling him anything he didn't already know. She was circumspect enough to do some networking across the fence at Arthur Andersen and put the same concerns to Andersen's Enron man, David Duncan, and two other partners...