It started out without the pyramid, but it got out of hand & he shifted to the standard Ponzi format.
On Tue, Feb 27, 2007 at 06:29:45AM -0800, Jim Devine wrote: > On 2/26/07, Perelman, Michael <[EMAIL PROTECTED]> wrote: > > Charles Ponzi began by arbitraging Italian stamps, but then he went on > > to bigger things. > > as I understand it, that arbitrage was the promised basis for the > returns in his famous scheme. But of course, the actual basis was > selling new shares to new marks. > > -- > Jim Devine / "The truth is more important than the facts." -- Frank Lloyd > Wright -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
