Episode 61 • • 1:33:23 - 1:36:03
61: One Big Ponzi Scheme
Charles Ponzi, Multi-Level Marketing, Pyramid Schemes
The history of the Ponzi scheme is traced back to Charles Ponzi in 1920. The hosts distinguish between legitimate multi-level marketing and illegal pyramid schemes, noting that Bernard Madoff's ability to sustain a $50 billion fraud for 40 years was built entirely on a false reputation of being a "great trader."