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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Commercial law
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The Ponzi Scheme Puzzle - A History and Analysis of Con Artists and Victims (Hardcover)
Loot Price: R1,421
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The Ponzi Scheme Puzzle - A History and Analysis of Con Artists and Victims (Hardcover)
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In a Ponzi scheme, new investments are used to pay existing
investors, to cover the cost of salespersons, and to finance the
Ponzi schemer's satisfying lifestyle. Although Charles Ponzi
recruited investors in Boston in 1919 and died in 1949, his design
and mode of operation are alive and well today. Indeed, losses from
Ponzi schemes in the United States are equal to losses from
shoplifting. Ponzi schemes catch in their net highly sophisticated
individuals and institutions as well as low-income and
middle-income investors, and these schemes have attracted investors
all over the world, in Russia, England, India, Albania, Romania,
Portugal, Costa Rica, and elsewhere. Looking into the innumerable
cases of Ponzi schemes throughout the years, Tamar Frankel observes
that even though patterns began to emerge in the stories of con
artists and their victims' behavior, the main puzzles still remain:
How do con artists dazzle and lure wealthy and educated individuals
and representatives of large institutions to hand over huge sums of
money? How do con artists divert investors' attention from the soft
spots of their stories? And while there are so many books and
articles about Ponzi schemes, their warnings and constant advice on
how to detect and avoid con artists go unheeded. In The Ponzi
Scheme Puzzle, Frankel explores con artists' fascinating power of
persuasion and deception, and analyzes their subtle signals that
mimic truth and honesty. She identifies the reasons for the local
and global success and longevity of such schemes and seeks to
understand the nature of the con artists and their victims. She
combines the many stories of Ponzi schemes, derived mostly from
court cases and newspaper articles, to show the patterns of such
frauds, the nature of the con artists, and character of their
victims. These patterns tell us much about human nature, about our
society, and about ourselves. The book first analyzes the design
and pattern of the con artists' attractive offers and how they hide
deceptions, then deals with the ways in which schemes are
advertised and sold. Next, it focuses on the core of con artists'
success, then discusses the characters of con artists and their
victims. Finally, Frankel offers a number of observations on the
lessons we can learn from these stories and analyses. She concludes
that our attitude to con artists is ambivalent and uncertain
perhaps because their behavior is so close to the behavior of
honest people; or perhaps because they act like the social leaders
with whom they are likely to mingle, or perhaps their actions are
necessary to shake up a complacent society. Therefore, she writes,
self-protection from charming, dangerous con artists must involve
self-examination: once we recognize our own tendencies we can
better protect ourselves from their toxic attraction.
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