_scheming
I have to admit, when I first heard the term Ponzi Scheme I had to go to Wikipedia to see what one was. Here is what I found there:
A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from profit.
Today as I watched Bernie Madoff move from the court house to his car and then to his apartment I was struck by just how ordinary a fellow he is. He doesn’t look evil. He doesn’t sound evil. The fact he is pleading guilty on 11 counts which will lead to up to 150 years in prison would indicate that, while he may not be evil, he is certainly of questionable character.
Still, I can’t help but think there is a lesson for all of us here. Perhaps it is in what my Grandma used to say, “Jackie, you can’t judge a book by its cover.” Now I wasn’t hurt by the Madoff ponzi scheme, but I think now I understand what she meant. I wonder how many other types of schemes we will learn about as time goes on in this economic crisis…
