Thursday, October 26, 2006

What the **** is a Ponzi?

I was wondering the same thing as I read a post at LBO about a pyramid scheme that operated under the guise of a BPO...later on the article offered an explanation:

"A Ponzi is a variation of a pyramid scam where the people who joined first is rewarded with the money taken from those who join later.

They are named after Charles Ponzi an Italian immigrant in the United States who offered high returns for investing in a business which in traded postal coupons.

Sri Lanka's central bank recently disbanded a special investigation unit that was investigating financial scams under controversial circumstances."

The alleged masterminds (two Indian nationals) behind the operation have now fled the country, along with millions of rupees.

Some people never learn, do they?!

UPDATE 10/30 - Police want international help to catch the Ponzi's


Anonymous said...

I cannot help but agree with you. It is a shame what has happened to the Central Bank.
I read your link as well.
I wonder what the governor is saying now.

Pissu Poosa said...

It has always been a feature of our glorious past that a lot of attention is paid after a tragedy rather than taking measures to prevent it.