Inside Look: Ponzi Scheme
By Barry Ritholtz - December 16th, 2008, 10:15AM
Hedge Fund Regulation – More Perspective on Madoff’s Alleged $50 Billion Ponzi Scheme
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Macro Notes
US$ rally continuesPeter Boockvar
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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December 16th, 2008 at 11:01 am
Cancelled my limit order and went short starting right now. IWM $55 Put Jan bought at $9.50 limit sell at $10.70 GTC.
December 16th, 2008 at 11:15 am
I advocate SEC registration and regulation of all Ponzi schemes.
Next to be regulated is a Detroit-based Ponzi which has been promising “steady and safe” 10% returns to noteholders.
When I asked how they made their money they said “we pay our workers $10 an hour more than the competition and sell our products for a $3,000 discount!”
December 16th, 2008 at 11:20 am
P.S. There is already a scheme in the gov’t thats a Ponzi. It’s called the Fed – treasuries in printed money out.
December 16th, 2008 at 12:07 pm
Can somebody give me the symbol for Ponzi? Is it on the Big Board or OTC. I tried PONZ and PNZ. No luck.
December 19th, 2008 at 5:25 am
Funny, I thought the Federal Reserve was running the biggest Ponzi scheme on Earth. When is that little man behind the curtain finally going to be revealed???