By
– August 31, 2011
David Sarna, author of the sad, unfortunate saga of the history of Ponzi schemes, shares a basic rule with his readers: If it sounds too good to be true, it probably is too good to be true — a rule we should all take to heart.
Some of the tales Sarna tells in History of Greed are bone chilling, others are merely harrowing. Charisma and charm are the hallmarks of a good schemer. Elegant attire and fine manners are de rigeur. Charitable giving is a plus. They are the keys that allow Ponzi scheme masterminds to enter into the hearts, minds, and pockets of otherwise smart and savvy people and to dupe them out of their hard earned life savings.
Unfortunately, so many of the schemers described in this book were Jewish — many of the victims were, too — that the book could almost be re-named “From Gannuf to Gannuf”— but financial fraud is not the exclusive domain of Jews. Sarna devotes a chapter to explaining how fraudsters in general, not merely Jewish fraudsters, target and then take advantage of people from similar backgrounds.
The details of each story are compelling. The shame of it is that scammers, until caught, live life in the public eye inspiring respect and admiration when what they are really doing is reeling in their prey, driving more and more people to invest in their paper pyramids.
The worst part of it all is that almost no one described in this book, almost no perpetrator of financial fraud, showed any remorse for their crimes.
Some of the tales Sarna tells in History of Greed are bone chilling, others are merely harrowing. Charisma and charm are the hallmarks of a good schemer. Elegant attire and fine manners are de rigeur. Charitable giving is a plus. They are the keys that allow Ponzi scheme masterminds to enter into the hearts, minds, and pockets of otherwise smart and savvy people and to dupe them out of their hard earned life savings.
Unfortunately, so many of the schemers described in this book were Jewish — many of the victims were, too — that the book could almost be re-named “From Gannuf to Gannuf”— but financial fraud is not the exclusive domain of Jews. Sarna devotes a chapter to explaining how fraudsters in general, not merely Jewish fraudsters, target and then take advantage of people from similar backgrounds.
The details of each story are compelling. The shame of it is that scammers, until caught, live life in the public eye inspiring respect and admiration when what they are really doing is reeling in their prey, driving more and more people to invest in their paper pyramids.
The worst part of it all is that almost no one described in this book, almost no perpetrator of financial fraud, showed any remorse for their crimes.
Micah D. Halpern is a columnist and a social and political commentator. He is the author of What You Need To Know About: Terror, and maintains The Micah Report at www.micahhalpern.com.
