Word: ponzis
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...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...
...what accounts for all the gloom surrounding the web? Bad business - not bad ideas. Analysts and venture capitalists and investment bankers all collaborated in a massive ponzi scheme - which left regular investors holding the bag. Don't blame the cocky web entrepreneur for squandering your money; blame your investment banker...
...Somewhere in the middle of the boom, though, Wall Street figured out that analysts weren't journalists. Wall Street was in the business of making money, purely and simply, and this was a herd-driven, Ponzi-scheme kind of time, in which all prophesies were self-fulfilling...
Myth number three: The New Economy was all a sham, a Ponzi scheme designed to dupe the average American. This myth is a little bit more complex. Some pundits, so naive they should never have been given a bully pulpit, have pointed to the recent slowdown as proof that the New Economy was a ruse. They point to the equally naive proponents of all the New Economy hype who promised an end to the business cycle, growth and prosperity forever and a stock market that never went down...