WIKI OF THE DAY 03/18/2009: PONZI SCHEME

Anyone who hasn't been hiding under the proverbial rock in the last 3 months has heard the term Ponzi scheme used dozens of times. It is the primary term used to describe Bernard Madoff's massive $50 Billion scam. Unlike St. Patrick's Day, I did have a lay person's understanding of what a Ponzi Scheme was prior to wikiing it. However, I thought it very important for me to get a better understanding of what it is and also

Most of us consider ourselves way too smart to be fooled by scam artists. The Madoff scandal should offer us an opportunity to reevaluate our intelligence and accept our ignorance. Madoff fooled some of the brightest, most experienced, and most conservative investors and regulators that he was running a legitimate operation. One of the principles I live my life by is: ABA- ALWAYS BE AWARE. So take the time, click the link, and educate yourselves on what a Ponzi scheme is and key warning signs to pay attention for. In an economy like this one, new Ponzi schemes are being cooked up by both the desperate and those looking to take advantage of the desperate.

HERE'S THE LINK:
WIKI OF THE DAY 03/18/09:PONZI SCHEME