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Ponzi's Scheme: The True Story of a Financial Legend
Synopses & Reviews
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.
Ponzi may have been a charlatan, but he was also a wonderfully likable man. His intentions were noble, his manners impeccable, his sales pitch enchanting. Born to a genteel Italian family, he immigrated to the United States with big dreams but no money. Only after he became hopelessly enamored of a stenographer named Rose Gnecco and persuaded her to marry him did Ponzi light on the means to make his dreams come true. His true motive was not greed but love.
With rich narrative skill, Mitchell Zuckoff conjures up the feverish atmosphere of Boston during the weeks when Ponzi?s bubble grew bigger and bigger. At the peak of his success, Ponzi was taking in more than $2 million a week. And then his house of cards came crashing down — thanks in large part to the relentless investigative reporting of Richard Grozier?s Boston Post.
In Zuckoff's hands, Ponzi is no mere swindler; instead he is appealing and magnetic, a colorful and poignant figure, someone who struggled his whole life to attain great wealth and who sincerely believed — to the very end — that he could have made good on his investment promises if only he?d had enough time. Ponzi is a classic American tale of immigrant life and the dream of success, and the unexpectedly moving story of a man who — for a fleeting, illusory moment — attained it all.
"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)" Publishers Weekly (Copyright Reed Business Information, Inc.)
"Though unquestionably a con artist, Ponzi comes off as more appealing than many of his tormentors....A well-told portrait of a would-be titan — and a cautionary history for our own era." Kirkus Reviews
"[A] snappy, diligently researched account of Ponzi's rise and rapid fall." William Grimes, The New York Times
While it lasted, Ponzi's scheme made some people rich beyond their wildest dreams, most of all Ponzi himself. When it ended, it rocked the nation with a spectacular fiscal explosion. Ponzi's Scheme is the first nonfiction account of the irresistible scoundrel who launched the most successful bit of financial alchemy in history.
In 1920, Charles Ponzi raked in millions of dollars by promising people he would double their investments in three months. Only later did anyone realize he was paying old investors with money from new ones, a trick known as robbing Peter to pay Paul. While it lasted, Ponzi's scheme made some people rich beyond their wildest dreams, most of all Ponzi himself. When it ended, it rocked the nation with a spectacular fiscal explosion. Ponzi is the first nonfiction account of the irresistible scoundrel who launched the most successful bit of financial alchemy in our history--and uttered the first roar of the Roaring Twenties. In Zuckoff's hands, Ponzi is no mere swindler; instead he is appealing and magnetic, a colorful and poignant figure. Ponzi is a classic American tale of immigrant life and the dream of success, and the unexpectedly moving story of a man who --for a fleeting, illusory moment--attained it all.
About the Author
MITCHELL ZUCKOFF is a professor of journalism at Boston University. He is co-author of Judgment Ridge, which was a finalist for an Edgar Award, and author of Choosing Naia, a Boston Globe bestseller and winner of the Christopher Award. As a reporter with The Boston Globe, he was a Pulitzer Prize finalist and winner of numerous national honors, including the 2000 Distinguished Writing Award from the American Society of Newspaper Editors. He lives outside Boston with his wife and two daughters.
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