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Title: You Can't Cheat an Honest Man: How Ponzi Schemes and Pyramid Frauds Work... and Why They're More Common Than Ever by James Walsh ISBN: 1-56343-169-6 Publisher: Silver Lake Format: Paperback Volumes: 1 List Price(USD): $19.95 |
Average Customer Rating: 4.5 (2 reviews)
Rating: 5
Summary: Ponzi Schemes everywhere...
Comment: This book explains ponzi scheme after ponzi scheme, in an interesting, informative way. The people who run these schemes (called "perps") use seemingly endless variations but it all comes down to the same thing: robbing peter to pay paul. The perp offers a guaranteed return on investment, usually an outrageous amount, usually in a short period of time. The explanation for why the perp can give this huge return is basically a varation on the same theme: he has an investment vehicle that will return him even bigger profits then what he's giving you but he needs your money to expand his operation.
Just a few problems with this. First of all, the activity that the perp claims to me making these huge profits from are usually just a cover to take people's money. If the perp actually does use the money for some kind of trade or investments, he typically looses in much of his trading or, even if he is good at it, he has too much money flowing in from the "investors" to keep up. The money just comes too fast even if he has good intentions so...
Here comes robbing peter to pay paul, in other words, paying early investors with later investors money. Its always doomed to fail because it is based on continual growth that cannot possibly be maintained. Ponzi scemes can still last for years however, depending on many factors. This book beautifully explains these things in example after example.
This book also talks about multi-level marketing and pyramid schemes in depth. Also, what should you do if you have been taken by a ponzi scheme? This book offers a number of chapters of advice.
One of the most important points this book makes is that the biggest ponzi scheme of them all is run by our own government. This is the politically untouchable program of Social Security!
Rating: 4
Summary: Interesting journey into the depths of stupidity
Comment: If you've ever wondered how pyramid schemes get started and how they unravel, this book makes an interesting read. You will be both amazed and appalled at the mass stupidity involved in getting these schemes off the ground. However, you might feel a little foolish yourself when the author points out that our very own Social Security System is a textbook Ponzi scheme.
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Title: False Profits: Seeking Financial and Spiritual Deliverance in Multi-Level Marketing and Pyramid Schemes by Robert L. Fitzpatrick, Joyce K. Reynolds ISBN: 0964879514 Publisher: Herald Press Pub. Date: October, 1997 List Price(USD): $12.95 |
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Title: Amway Motivational Organizations: Behind the Smoke and Mirrors by Ruth Carter ISBN: 0967107024 Publisher: Backstreet Publishing Pub. Date: 01 September, 1999 List Price(USD): $14.95 |
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Title: Amway: The Cult of Free Enterprise by Stephen Butterfield ISBN: 0896082539 Publisher: South End Press Pub. Date: May, 1985 List Price(USD): $14.00 |
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Title: Need and Greed: The True Story of the Largest Ponzi Scheme in American History by Stewart L. Weisman ISBN: 0815606109 Publisher: Syracuse Univ Pr (Trade) Pub. Date: November, 1999 List Price(USD): $29.95 |
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