Word: pyramid
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Some Boston College students have raided their local Baybank machines, this past week, throwing more than $60,000 into a student organized, get-rich-quick pyramid scheme which has netted up to $6000 for some lucky students in a matter of days...
Massachusetts law punishes pyramid participants under laws against gambling with a $3000 fine or three years in jail...
Philip M. Heilbron, a B.C. senior who made "a little bit of money" in the pyramid schemes, said the schemes investors make profits by capitalizing on an ever-increasing participation. He said that a student starts the scheme by attracting eight investors to form at three-tier pyramid, while the student at the top collects $100 from each of those beneath him. The eight then form pyramids under themselves, he said...
Though the pyramids began in late February, the most furious activity occured last weekend, prompting the formation of RAPP, the Revolutionary Anti-Pyramid People's Party...
...degree of microscopic control maintained at the top of that pyramid is almost beyond Western comprehension. In 1983, for example, a published summary of one Politburo meeting revealed that, among other things, the members of the Soviet Union's supreme decision-making body had considered whether to lower the price of fur collars on winter overcoats. They decided that the Council of Ministers should take swift action. A few days later, a decree cut the prices of the collars...