I learned something fascinating from the New York Times on-line today.
Before he developed the financial fraud which made his name infamous,
Charles Ponzi tried to make a bundle by speculating in the
predecessors of IRCs :
"Born in Italy in 1882, he arrived in 1903 and made his way to
Montreal, where he served three years for check forgery. He
eventually returned to Boston and devised a novel scheme to build a
financial empire based on prepaid coupons that nations issued for
postal replies. By buying the coupons at a fixed rate, he could
exploit international currency fluctuations by redeeming them at a
higher price. But after offering depositors high interest rates,
Ponzi never really dealt in postal coupons, which turned out to be too
unwieldy for large-scale speculation"
I knew there had to be SOME use for them!
John, NT5C.
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