International Reply Coupons in a Ponzi Scheme

There was an article today in the newspaper about Charles Ponzi, who ran a
Ponzi scheme based on International Reply Coupons. It is a fascinating
story.

Tony

http://home.nycap.rr.com/useless/ponzi

I guess it's been so long that people today forget Ponzi. When I was growing up
everyone knew what a "Ponzi scheme" was. Today they are more likely to be
called pyramid scams. Names may change; crooked deals don't.

All those people, invested all that money, only to get a 37 cent return on
the dollar.

Sounds like, stamp collecting - no?

- al

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"A.E. Gelat" wrote in message
...
There was an article today in the newspaper about Charles Ponzi, who ran a
Ponzi scheme based on International Reply Coupons. It is a fascinating
story.

Tony

http://home.nycap.rr.com/useless/ponzi

At that time (1922, I believe, the international reply coupon was worth 6
cents, but it cost about one cent in the overseas country, hence the profit.

Tony

"Albumen" wrote in message
...
All those people, invested all that money, only to get a 37 cent return on
the dollar.

Sounds like, stamp collecting - no?

- al

--

Reply? Not to above.
Use

"A.E. Gelat" wrote in message
...
There was an article today in the newspaper about Charles Ponzi, who ran
a
Ponzi scheme based on International Reply Coupons. It is a fascinating
story.

Tony

http://home.nycap.rr.com/useless/ponzi

Back then, that would mean the return is a measly 15-16% or so - where
37-cents on the dollar these days is quite good... and if you can
repeat the scheme often enough, like three times in a month at 36c or
37c on the dollar, that's double your money in 30 days, and 12x your
investment in a year. Who coul refuse a deal like that???

LN


On Sat, 29 May 2004 00:10:55 -0500, "A.E. Gelat"
wrote:

At that time (1922, I believe, the international reply coupon was worth 6
cents, but it cost about one cent in the overseas country, hence the profit.

Tony

"Albumen" wrote in message
...
All those people, invested all that money, only to get a 37 cent return on
the dollar.

Sounds like, stamp collecting - no?

- al

--

Reply? Not to above.
Use

"A.E. Gelat" wrote in message
...
There was an article today in the newspaper about Charles Ponzi, who ran
a
Ponzi scheme based on International Reply Coupons. It is a fascinating
story.

Tony

http://home.nycap.rr.com/useless/ponzi

"Dave Kent" wrote in message
...
I guess it's been so long that people today forget Ponzi. When I was
growing up
everyone knew what a "Ponzi scheme" was. Today they are more likely to be
called pyramid scams. Names may change; crooked deals don't.

Ponzi's scheme is for sure a tool of crooked deals. One of its less known,
but largely spread and perfectly legal variants seems to be the Social
Security scheme, one that uses for many years, in so many countries, the
same basic principle (one gives less to some and gets more from others).

More on this subject can be found in the article "At Least Ponzi Didn't
Threaten Violence":
http://www.fee.org/~web/0303iolpdf/feat3.pdf

There are several stamps that were issued to honor the Social Security
institution, but I don't remember anymore where I have seen them.

Victor Manta

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