|
|
| Information |
|
|
What is a Ponzi Scheme?
This is for those who don't believe me when I talk about the dangers of "mystery money" schemes. The terms "pyramid scheme" and "Ponzi scheme" are used almost interchangeably. However, the scheme for which Charles Ponzi is most remembered was not a pyramid. If you aren't aware of the story of Ponzi, you'll likely find it familiar. This man promised to double your money in 90 days, and he kept his promise -- until the day he was arrested for fraud. He had created such a personal mystique that he continued to receive money from new investors while in prison. How could someone with so many satisfied customers end up in prison? Because fraud is fraud no matter the results. Ponzi claimed to be investing peoples' money and giving them the proceeds. What he was actually doing was giving peoples' money to people who had previously "invested" in order to make it seem like everything was OK. Meanwhile, he was living a lavish lifestyle while he was millions of dollars in debt. He had no trouble getting the ever-increasing numbers of opportunity-seekers necessary to fund his business. He probably would have kept it up for many years if the government hadn't stepped in. Therefore, the lessons learned by those who wished (and wish) to follow in Ponzi's footsteps are... * Hide the money trail better. * Improve the illusion of selling a real product or service. * Don't promise anything. It's very difficult to prove that a chain letter originated with a certain person. Many pyramid schemes are organized in such a way as to conceal who is at the top. If there is an actual product or service being sold, it's difficult to prove that the main purpose of being in an organization is to recruit others (and their money). Finally, hype it up, but don't get too specific. You can't get sued for disappointing someone. Are these the lessons that should be learned from Ponzi? No. If Ponzi was good at anything it was lying. A lesser con artist trying to do what he did would have been run out of town long before millionaire mode set in. Also, things are different now. If you want to set up your own Ponzi operation, you have a lot of competition and a very savvy audience for your sales pitch if you choose to do it online. A simple Google-based investigation of your Internet trail can allow a scambuster to publish your entire history of crime on his home page for the world to see. Also, the Internet provides ways of making Ponzi amounts of money legally and with less effort. Let's all just stop giving out money to the scammers and trying to emulate them. Make the Web a better place. Mike Jolley is a writer and programmer who recently turned to Internet marketing and publishing full time, with a big focus on business ethics. Find him and his other articles at http://www.onlinehonesty.com
Latest News:Site: Yahoo! News Search Results for news Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. Help News pick Stadium's greatest moment (New York Daily News) The News is marking the countdown to the final game at The House That Ruth Built by reflecting on Yankee Stadium's greatest moments - and we're asking you - the reader - to help us pick out the best of the best. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. News Corp says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) News Corp. executive Mark Williams has taken over as chief executive of German pay-TV broadcaster Premiere in an interim capacity, News Corp. said after the move led to renewed takeover speculation. Site: news - Google News New Voices in Congress Will Change the Tone of the Democratic Majority - New York Times
MORE RESOURCES: Site: Yahoo! News Search Results for ethics Charges against Queens assemblyman amplifies calls for ethics reform (Rochester Democrat and Chronicle) In the wake of charges by a federal prosecutor that a Queens assemblyman solicited $500,000 in bribes from people trying to influence state government, reform groups Thursday renewed their calls for tougher state ethics laws. Ethics panel clears Gibbons (Reno Gazette-Journal) A Nevada Ethics Commission panel concluded Thursday that there's no evidence to support a claim by a state Democratic Party official that Republican Gov. Jim Gibbons pressured a county assessor to get an unwarranted property tax break. Charges against assemblyman spur call for tighter ethics laws (The Journal News) Following charges by a federal prosecutor that an assemblyman from Queens solicited $500,000 in bribes from people trying to influence state government, reform groups yesterday renewed their calls for tougher state ethics laws. Ethics complaint filed against Loux over salary hikes (Las Vegas Review-Journal) Assembly Minority Leader Heidi Gansert, R-Reno, filed an ethics complaint today against Nevada Nuclear Projects Agency chief Bob Loux. The complaint alleges that Loux improperly used his position to ?grant unwarranted privileges? to himself in violation of state ethics laws. House overrides ethics veto, 110-3 (Herald & Review) SPRINGFIELD - The Illinois House on Wednesday voted overwhelmingly to override Gov. Rod Blagojevich's veto of a major campaign ethics bill. The question of whether to outlaw so-called pay-to-play politics now rests with the state Senate. Ethics complaint filed in pay raise flap (The Fresno Bee) The head of Nevada's anti-nuclear dump agency was hit Thursday with an ethics complaint filed by a legislative leader irate that the official gave himself and other staffers pay increases far above authorized amounts. Read comments Judge tells ethics luncheon 'Ethics is hard work' (Midland Reporter-Telegram) By Mella McEwen Oil Editor Ethics was the topic of Thursday's luncheon during the West Texas Geological Society's annual Fall Symposium. Ethics committee meets in secret (The Auburn Citizen) ALBANY - The New York Assembly's ethics committee met behind closed doors in an unannounced session Thursday involving a disciplinary case. Members wouldn't say if it concerned a colleague now facing federal charges of taking $500,000 in illegal payments, another accused of an extramarital affair with a legislative employee or a third accused of sexually harassing a woman. Ligon cleared of state ethics complaint (The Woodlands Villager) Attorney Brett Ligon, who defeated incumbent District Attorney Michael McDougal for the Republican nomination in the April runoff election, has been cleared of any wrongdoing regarding a complaint filed against him with the Texas Ethics Commission shortly before the runoff. Pelosi taps Va. Rep. Bobby Scott for ethics panel (Richmond Times-Dispatch) NEWPORT NEWS -- Virginia Representative Bobby Scott has been appointed to the House Ethics Committee. The Newport News Democrat said yesterday he was appointed by House Speaker Nancy Pelosi to the committee, formally known as the House Committee on Standards of Official Conduct. He will succeed Representative Stephanie Tubbs Jones, the Ohio Democrat who died Aug. 20. Site: ethics - Google News Ethics Overhaul Sought in Massachusetts - New York Times
|
|
|
|
RELATED ARTICLES
Business Ethics: An Oxymoron An oxymoron: the juxtaposition of contradictory words or concepts. That is what we have with the term "Business Ethics". Tales from the Corporate Frontlines: Diversity And Success, In The Workplace This article relates to the Diversity in the Workplace Competency, commonly evaluated in employee satisfaction surveys. This competency explores whether your organization provides understanding and supports interaction among diverse population groups while respecting individuals' personal values and ideas. Brain Development and Due Process DUE PROCESSAfricans, especially Nigerians are stereotyped on the internet and offline in foreign countries as corrupt, cheats and thieves.Whenever I have to introduce myself to foreign contacts, whether online or offline, I must make visible effort to prove my contact wrong, because he or she instantly sees me as a scammer-419, another Nigerian cheat or thief. MacDonalidisation: Braverman, Taylor & Mayo Background:George Ritzer defined McDonaldization as ".. Minding Your Global Manners To say that today's business environment is becoming increasingly more global is to state the obvious. Meetings, phone calls and conferences are held all over the world and attendees can come from any point on the globe. The Everyday Business Ethics Crisis Or Im Mad as Hell and Not Going to Take it Anymore Breaking news may feature the Enron debacle, WorldCom activities, or accounting problems but we live our everyday business life making ethical choices that affect our employment and businesses. Consider the ethical choices made in these situations:-A restaurateur hired a firm, used the firm's ideas, benefited from them and refused to pay for the services rendered. The Three Schools of Business Ethics G. Richard Shell, author of Bargaining for Advantage: Negotiation Strategies for Reasonable People, identifies three primary schools of ethics in negotiation. The Armaments Industry and Holy (?) Roman Emperors "The time for fixing every essential right on a legal basis is while our rulers are honest and ourselves united. From the conclusion of this war we shall be going down hill. Communicable Corporate Diseases Hurting Business Sexcess! Enron Executive goes to prison for 10 years, Martha Stewart is under house arrest, and Bill Clinton averages $150,000 per speaking engagement.It all comes down to decisions on the fly, no pun intended. Laws and Ethics?. Who's Kidding Who? Years ago I read an article by a renowned psychologist wherein he wrote his studies found one percent of all human beings would never lie, cheat or steal. One percent would always lie, cheat or steal and given the right set of circumstances, the rest of us would likely lie, cheat and/or steal. What is a Ponzi Scheme? This is for those who don't believe me when I talk about the dangers of "mystery money" schemes.The terms "pyramid scheme" and "Ponzi scheme" are used almost interchangeably. Work Ethics - A Paradigm Shift Work ethics is a hot topic in today's business and educational worlds. Yet, how do we define this hybrid phrase with the word work meaning more than a specific outcome and the word ethics being more than the values that enhance that outcome?When we say we are going to work, work becomes the place of employment. Selling Truth as a Differentiator The last few years have been a period of heightened scrutiny and scandal for the financial services industry. Most recently, the SEC issued a report on pension consultants regarding conflicts of interest and the objectivity of advice given to retirement plan sponsors. Ethics in Business - Please Have Some Is your business ethical?What I mean is "Does your business do the rightthing when faced with that decision?" It's asimple question, which many businesses strugglewith. I just don't understand the struggle part?I have worked for companies that believed they wereethical, and really have no clue. Ethics In The Workplace Workplace Ethics is a subject that we have all heard of. In fact, the subject of Ethics in general is something that most people are familiar with. How To Build A Business Ethics Program Recent corporate financial scandals have highlighted the importance of business ethics and legal compliance. Yet a recent National Association of Corporate Directors (NACD) survey of 280 corporate CEOs and directors found that "only one of three directors felt that they were highly effective in ensuring legal compliance". Dont Hate Them Because Theyre Beautiful Tonight I'm going out with two extremely impressive ladies who I am introducing to one another. They are both GORGEOUS, in their mid 20s and both incredibly intelligent. Is Your Management Style Lead By Intimidation? So many women make the mistake of thinking that they have to be these big mean diva bosses, to get respect and cooperation from their staff and colleagues. They walk around the office huffing and puffing, never showing satisfaction at the work their staff does. Vice of Buggery at FTC At the Federal Trade Commission we have seen attorneys who suffer from the vice of buggery get promoted to higher and more important international divisions. Now then, are these attorneys who have personal sexual problems and are breaking the laws of sodomy not wanted in the main group of Federal Trade Commission Employees? Is the FTC worried about sexual harassment laws? Are they worried about on-the-clock Men's Restroom "Quickies" and the possibility of the need for an unflattering in-house employee investigation becoming public? Is the Federal Trade Commission afraid to fire these buggerists, for some employee unlawful termination suit? Is buggery so pervasive that the FTC has to invent new titles for these guys so they can be moved up in rank to other divisions? If so why doesn't the FTC adopt a "Don't Ask, Don't Tell Policy" to prevent special treatment of those who suffer from buggery? Can't the FTC get psychological help for these men who thrust their penis up another man's rectum? Obviously these human organs were not set up to do that. The Views of Karl Marx VS Max Weber Compare and contrast the views of Karl Marx and Max Weber with regards as to what motivates people to work.Karl Marx:[1] Exploitation[2] Proletariat have to sell their labour-power[3] The machines of the industrial revolution eliminate creativity require only the workers own labour, work is alienated, workers alienated.
|
| Home | Site Map | Resource Links |
