Charles Ponzi and the Ponzi Scheme
The History and Legacy of 20th Century America's Most Famous Con Artist
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Narrated by:
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Bill Hare
About this listen
“I went looking for trouble, and I found it.” (Charles Ponzi)
Though few people are familiar with the story of his life, Charles Ponzi’s name is almost instantly recognizable thanks to the famous financial scandal named after him. This is somewhat ironic because, while his last name has become synonymous with financial scandal and many recognize how a Ponzi scheme works, some have argued that Ponzi really did not know what he was doing while it was taking place. When reading many of the books and articles written about him, it does seem as though Ponzi believed he would be able to pay back his investors at one point or another.
In fact, the scheme that Ponzi created was not a new one - it was historically known as “robbing Peter to pay Paul” - but Ponzi became famous for it because he was able to create a scam in this way on a massive scale. When he was finally caught, it led to the investigation and collapse of several estates and banks, and Massachusetts subsequently found itself in a banking crisis. Moreover, one of the most interesting aspects of the affair is that people from many different social backgrounds and classes were affected by Ponzi’s scandal. He took money from teenagers who had savings as low as $20, and he also took millions from New York City’s elite.
Ponzi’s scheme involved scamming investors by promising them a bigger return on their investments than was actually possible. Every investor’s money would just be put into a large pool to pay back past investors, and while Ponzi was hardly the first person to engage in such a scheme, the 1920s were ripe for this kind of financial conning. The Roaring Twenties became famous for frivolity, flappers, and Prohibition. Famously depicted in F. Scott Fitzgerald’s The Great Gatsby, life after World War I in America was a time of great spending, and people believed that it as possible for them to make great fortunes, no matter what their social background was. The rich wanted to be richer, and the poor believed that they could also attain a quick rags-to-riches story. This kind of climate was ripe for individuals such as Ponzi to make their mark on history, for better and worse.
Charles Ponzi and the Ponzi Scheme: The History and Legacy of 20th Century America’s Most Famous Con Artist looks at the elaborate fraud designed by one of America’s most notorious criminals. You will learn about Ponzi like never before.
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Not A Nice Man, But A Smart One!
- By AlTonya on 07-28-17
By: Shane White
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Kleptopia
- How Dirty Money Is Conquering the World
- By: Tom Burgis
- Narrated by: Tom Burgis
- Length: 10 hrs and 58 mins
- Unabridged
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In this real-life thriller packed with jaw-dropping revelations, award-winning investigative journalist Tom Burgis weaves together stories that reveal a terrifying global web of corruption. Glimpses of this shadowy world have emerged over the years. In Kleptopia, Burgis connects the dots. He follows the dirty money that is flooding the global economy, emboldening dictators, and poisoning democracies. From the Kremlin to Beijing, Harare to Riyadh, Paris to the White House, the trail shows something even more sinister: the thieves are uniting. And the human cost will be great.
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Lazy Journalism in long narrative form
- By Jeremy on 02-14-21
By: Tom Burgis
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Bad Paper
- Chasing Debt from Wall Street to the Underworld
- By: Jake Halpern
- Narrated by: Qarie Marshall
- Length: 6 hrs and 37 mins
- Unabridged
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Jake Halpern introduces us to a former banking executive and a former armed robber who become partners and go in quest of "paper" - the uncollected debts that are sold off by banks for pennies on the dollar. As Halpern shows, the world of consumer debt collection is a wild and unregulated shadow land, where operators may misrepresent a debtor's situation, make illegal threats, and even lay claim to debts that are not theirs to collect in the first place.
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An Examination of Bad Debts; its Buyers & Sellers
- By Darwin8u on 08-22-16
By: Jake Halpern
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Iceland's Secret
- The Untold Story of the World's Biggest Con
- By: Jared Bibler
- Narrated by: Jared Bibler
- Length: 9 hrs and 57 mins
- Unabridged
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Born in Massachusetts, Jared Bibler relocated to Iceland in 2004 only to find himself in the middle of an unprecedented financial crisis a handful of years later. Personally wiped out and seeking to uncover the truth about a collapse that brought the pastoral country to its knees, he became the lead investigator into some of the largest financial crimes in the world. This work helped Iceland to famously become the only country to jail its bank CEOs in the wake of the 2008 crisis.
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Excellent description of Icelands finacial crash
- By CJF on 08-19-24
By: Jared Bibler
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The Money Culture
- By: Michael Lewis
- Narrated by: Alexander Cendese
- Length: 6 hrs and 52 mins
- Unabridged
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The 1980s was the most outrageous and turbulent era in the financial market since the crash of ’29, not only on Wall Street but around the world. Michael Lewis, as a trainee at Salomon Brothers in New York and as an investment banker and later financial journalist, was uniquely positioned to chronicle the ambition and folly that fueled the decade. In these trenchant, often hilarious true tales we meet the colorful movers and shakers who commanded the headlines and rewrote the rules.
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Not the normal great Michael Lewis
- By Me on 05-12-12
By: Michael Lewis
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The Oligarchs
- Wealth and Power in the New Russia
- By: David Hoffman
- Narrated by: Steve Coulter
- Length: 22 hrs and 50 mins
- Unabridged
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A brilliant investigative narrative: How six average Soviet men rose to the pinnacle of Russia's battered economy. David Hoffman, former Moscow bureau chief for
The Washington Post, sheds light onto the hidden lives of Russia's most feared power brokers: the oligarchs. Focusing on six of these ruthless men Hoffman reveals how a few players managed to take over Russia's cash-strapped economy and then divvy it up in loans-for-shares deals.
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Supreme Chronicle of Murky Times
- By ivan on 03-01-14
By: David Hoffman
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Homewreckers
- How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions out of Their Homes and Demolished the American Dream
- By: Aaron Glantz
- Narrated by: Paul Bellantoni
- Length: 10 hrs and 10 mins
- Unabridged
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In the spirit of Evicted, Bait and Switch, and The Big Short, a shocking, heart-wrenching investigation into America’s housing crisis and the modern-day robber barons who are making a fortune off the backs of the disenfranchised working and middle class - among them, Donald Trump and his inner circle.
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Amazing book - I hope it changes things and mobilizes people to take action!
- By WeaverDreams on 10-20-19
By: Aaron Glantz
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Once in Golconda
- A True Drama of Wall Street 1920-1928
- By: John Brooks
- Narrated by: Johnny Heller
- Length: 11 hrs and 5 mins
- Unabridged
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Once in Golconda is a dramatic chronicle of the breathtaking rise, devastating fall, and painstaking rebirth of Wall Street in the years between the wars. Focusing on the lives and fortunes of some of the era's most memorable traders, bankers, boosters, and frauds, John Brooks brings to vivid life all the ruthlessness, greed, and reckless euphoria of the '20s bull market, the desperation of the days leading up to the crash of '29, and the bitterness of the years that followed.
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A must read for investors
- By Brad Gillespie on 06-07-15
By: John Brooks
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Rainbow's End: The Crash of 1929
- Oxford University Press: Pivotal Moments in US History
- By: Maury Klein
- Narrated by: Sean Crisden
- Length: 11 hrs and 45 mins
- Unabridged
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The first major history of the Crash in over a decade, Rainbow's End tells the story of the stock market collapse in a colorful, swift-moving narrative that blends a vivid portrait of the 1920s with an intensely gripping account of Wall Street's greatest catastrophe. The book offers a vibrant picture of a world full of plungers, powerful bankers, corporate titans, millionaire brokers, and buoyantly optimistic stock market bulls.
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Plenty of fine detail, especially of the 1920s
- By Philo on 04-18-13
By: Maury Klein
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Why Wall Street Matters
- By: William D. Cohan
- Narrated by: Rob Shapiro
- Length: 4 hrs and 14 mins
- Unabridged
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William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He's one of America's most respected financial journalists and the progressive best-selling author of House of Cards. He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent 17 years as an investment banker on Wall Street, he is an expert on its inner workings as well.
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An Inch Deep and A Mile Wide
- By Doug Sheridan on 04-26-17
By: William D. Cohan
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The Mark Inside
- A Perfect Swindle, a Cunning Revenge, and a Small History of the Big Con
- By: Amy Reading
- Narrated by: Richard McGonagle
- Length: 11 hrs and 14 mins
- Unabridged
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In 1919, Texas rancher J. Frank Norfleet lost everything he had in a stock market swindle. He did what many other marks did - he went home, borrowed more money from his family, and returned for another round of swindling. Only after he lost that second fortune did he reclaim control of his story. Instead of crawling back home in shame, he vowed to hunt down the five men who had conned him. Through Norfleet's ingenious reverse-swindle, Amy Reading reveals the mechanics behind the scenes of the big con.
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Confusing Premise Makes for A Tough Read
- By Grumpy S. Monkey on 06-19-12
By: Amy Reading
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The Asylum
- The Renegades Who Hijacked the World's Oil Market
- By: Leah McGrath Goodman
- Narrated by: Robert Fass
- Length: 16 hrs and 34 mins
- Unabridged
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They were a band of outsiders unable to get jobs with New York's gilded financial establishment. They would go on to corner the world's multitrillion-dollar oil market, reaping unimaginable riches while bringing the economy to its knees. Meet the self-anointed kings of the New York Mercantile Exchange. In some ways, they are everything you would expect them to be: a secretive, members-only club of men and women who live lavish lifestyles; cavort with politicians, strippers, and celebrities; and blissfully jacked up oil prices to nearly $150 a barrel while profiting off the misery of the working class.
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A far better book than its come-on implies
- By Philo on 01-05-14
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Tokyo Underworld
- The Fast Times and Hard Life of an American Gangster in Japan
- By: Robert Whiting
- Narrated by: Oliver Wyman
- Length: 12 hrs and 14 mins
- Unabridged
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In the ashes of postwar Japan lay a gold mine for certain opportunistic, expatriate Americans. Addicted to the volatile energy of Tokyo's freewheeling underworld, they formed ever-shifting but ever-profitable alliances with warring Japanese and Korean gangsters. At the center of this world was Nick Zappetti, an ex-marine from New York City who arrived in Tokyo in 1945 and whose restaurant soon became the rage throughout the city and the chief watering hole for celebrities, diplomats, sports figures, and mobsters.
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A Man with a fork in a world of soup
- By Kindle Customer on 09-01-20
By: Robert Whiting
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The Up Side of Down
- Why Failing Well Is the Key to Success
- By: Megan McArdle
- Narrated by: Mia Barron
- Length: 10 hrs and 38 mins
- Unabridged
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Most new products fail. So do most small businesses. And most of us, if we are honest, have experienced a major setback in our personal or professional lives. So what determines who will bounce back and follow up with a home run? If you want to succeed in business and in life, Megan McArdle argues in this hugely thought-provoking book, you have to learn how to harness the power of failure. McArdle has been one of our most popular business bloggers for more than a decade, covering the rise and fall of some the world' s top companies and challenging us to think differently about how we live, learn, and work.
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Good Book
- By Ray on 05-21-14
By: Megan McArdle
What listeners say about Charles Ponzi and the Ponzi Scheme
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Kindle Customer
- 03-16-22
1 Hour
Can't believe I blew a credit on a 1 hour audio book. I thought it was 11!
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