You've heard of the scheme. Now comes the man behind it. In Mitchell Zuckoff's exhilarating book, the first nonfiction account of Charles Ponzi, we meet the charismatic rogue who launched the most famous and extraordinary scam in the annals of American finance.It was a time when anything seemed possible-instant wealth, glittering fame, fabulous luxury-and for a run of magical weeks in the spring and summer of 1920, Charles Ponzi made it all come true. Promising to double investors' money in three months, the dapper, charming Ponzi raised the "rob Peter to pay Paul" scam to an art form and raked in millions at his office in downtown Boston. Ponzi's Scheme is the amazing true story of the irresistible scoundrel who launched the most successful scheme of financial alchemy in modern history-and uttered the first roar of the Roaring Twenties.
Before Charles Ponzi (1882-1949) sailed from Italy to the shores of America in 1903, his father assured him that the streets were really paved with gold-and that Ponzi would be able to get a piece. As journalist Zuckoff observes in this engaging and fast-paced biography, Ponzi learned as soon as he disembarked that though the streets were often cobblestone, he could still make a fortune in a culture caught in the throes of the Gilded Age. Zuckoff deftly chronicles Ponzi's mercurial rise and fall as he conjured up one get-rich-quick scheme after another. Charming, gregarious and popular, Ponzi devised and carried out the scheme that carries his name in 1920 in the open (and with a brief period of approval from Boston's newspapers and financial sector). Many investors did indeed double their investments, as Ponzi would use money of new investors to pay old investors, and Ponzi himself became a millionaire. Eventually, Zuckoff shows, the Boston Post uncovered this "robbing Peter to pay Paul" system (as it was then known), and Ponzi's life unraveled. Zuckoff provides not only a definitive portrait of Ponzi's life but also insights into immigrant life and the social world of early 20th-century Boston. (On sale Mar. 8) Copyright 2005 Reed Business Information. -- PUBLISHERS WEEKLY.
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March 07, 2005
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