Yesterday's New York Times took a long look at the phenomenon. Hard to write much new about the urge to get rich quick and the costly consequences. Still, it's good to be reminded of the basics:
• Ponzi's heirs can tailor a scheme to trap people from any walk of life or education level.
• Many Ponzi schemes are "affinity frauds," perpetrated in clubs, churches or other groups where one "client" will quickly tell friends about the chance for easy money.
• Victims of Ponzi schemes never heard of diversification. If they have a $125,000 inheritance or $575,000 needing investment, it all goes to the scheme. All of it!
Carlo Ponzi, your name will live on until human nature changes.
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