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"I do not anticipate that another Charles Ponzi will ever appear in the financial world"

On July 23, 1920, Charles Ponzi hired former Boston Post journalist William H. McMasters as his publicist, who quickly realized that his new client was defrauding the public. Just ten days later, McMasters wrote an exposé published in the Post that led to Ponzi's ultimate downfall. The newspaper won a Pulitzer. McMasters was The Man Who Time (Almost) Forgot (Via) [more inside]
posted by zarq on Aug 10, 2011 - 11 comments

Scam:

Scam: From 1920 to 1933, Oscar Merrill Hartzell bilked thousands and thousands of people out of millions and millions of dollars in the midst of a Great Depression. But when he was forcably returned to the US to face trial, the "common man" hailed him as a hero and savior. As the author of (the highly recommended) Drake's Fortune notes, confidence artists are a perverse echo of the classic Horatio Alger story, as swindlers build wealth by dint of ingenuity, perseverence, and breath-taking chutzpah. Perhaps that is why we love to read books and see films of their exploits. But it doesn't explain why we keep falling for the same ruses over and over again.
posted by Shadowkeeper on Jul 17, 2002 - 6 comments

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