Showing posts with label Charles Ponzi. Show all posts
Showing posts with label Charles Ponzi. Show all posts

PostHeaderIcon Teary-eyed, Imelda Marcos swears on poverty anew

6/12/2009 | Posted by mesiamd | Edit Post


In a tragi-comic declaration, Imelda R. Marcos, the ageing widow of strong-man dictator Ferdinand Marcos asked the Sandiganbayan to spare her from “persecution” citing she is old and poor. The well-known extravagant lady complains of having to pay a P750,000 travel bond in her recent trip abroad.

Insisting on her innocence and protesting the sluggishness of the judicial rulings on the corruption charges she was accused of since the 1980’s, the 79 year-old pompous former first lady, said,

"Why is this taking so long? When they filed these cases in 1986, I was only 56 years old. In three weeks I will be 80! Justice delayed is justice denied. Ano bang kasalanan ko? Maawa naman kayo sa akin… I did so many projects … Heart Center, Lung Center, Kidney Center… and I am being punished for it.

Bakit hanggang ngayon kinakastigo ako. Ganito ba talaga ang judicial system sa ating bansa? Bakit ako ginaganito? Ano ba ang naging kasalanan ko? Minahal ko kayong lahat," she said. Malaya (06/12/09, Tabingo, P.)

It's unclear whether her audience is taking her seriously.

In April 6, 2009, GMANews.TV reported that Imelda came out in Newsweek magazine's most greedy people of all time along with Marcus Licinius Crassus, Genghis Khan, Pope Sixtus IV, William Vanderbilt, Willam Tweed, Empress Dowager Cixi, Charles Ponzi, Ivan Boesky, Dennis Kozlowski, and Bernard Madoff.

The flamboyant lady traveled to Singapore last June 2, 2009 for eye treatment. She appeared in Sandiganbayan to comply with the stipulations of her travel permit that she presents herself before the Clerk of Court within five days of her return. She said her travel was paid for by her children. (Photo Credit: ReikoChan) =0=

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PostHeaderIcon Getting to know Charles Ponzi

1/13/2009 | Posted by mesiamd | Edit Post
Charles Ponzi (1882-1949) was a US immigrant from Lugo, Italy who swindled thousands of New Englanders in a postage-stamp scam in the 1920s. He popularized an investment which paid returns to investors out of the money paid by those who followed them rather than from profit. This illegal money operation was named after him. The Ponzi scheme as it is known today, evolved with many variations. Disregarding some differences in the swindling method, Ponzi had been sometimes referred to as the "pyramid scam."

Promising 40% investment return against that which was offered by savings banks with only 5% yield, Ponzi convinced thousands of investors that he could make astounding profits on a buy and sell of international mail coupons. His scheme worked for sometime on the principle of “rob Peter to pay Paul.” Basically, it was a set-up of cash pay-off and distribution without real investment---http://www.sec.gov/answers/ponzi.htm

Ponzi’s fast money and high rate of return was too good to resist and many were snared into the fake investment operation. He became an instant millionaire who diverted the money of new investor-recruits to pay for those who invested earlier until the operation collapsed.

At the end of his financial fraud, only a third of the duped investors’ money was returned. Investors’ losses amounted to about $3 million to $7 million (about $75 million today)in those days. Ponzi was convicted for mail fraud and embezzlement, put to jail, and later deported. (Photo Credit: Wikipedia) =0=
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