Need and Greed: The True Story of the Largest Ponzi Scheme in American History [Hardcover]

Stewart L. Weisman (Author)

Editorial Reviews

From Library Journal

Weisman, an attorney currently specializing in corporate investigations, bankruptcy, and employment discrimination, was General Counsel to the Bennett Companies from 1984 to its demise in 1996. He traces how a small office-equipment leasing company located in Syracuse, NY, became a conglomerate of resorts, hotels, and gambling casinos without adequate finances. By using new investors' money to pay off earlier investors as well as unethical and illegal business practices, they were able to stay afloat for many years. Finally, in 1996, after investors lost their money, the Securities and Exchange Commission (SEC) shut them down, forcing bankruptcy and filing charges against the Bennett family. Weisman's meticulously detailed but readable narrative includes the finances, personalities involved (including his own), and methods used to defraud many investors. A fine case study for business and law collections.ASteven J. Mayover, Free Lib. of Philadelphia
Copyright 1999 Reed Business Information, Inc.

Product Details

• Hardcover: 377 pages
• Publisher: Syracuse Univ Pr (Sd) (November 1999)
• Language: English
• ISBN-10: 0815606109
• ISBN-13: 978-0815606109
• Product Dimensions: 9.3 x 6.3 x 1.4 inches
• Shipping Weight: 1.7 pounds (View shipping rates and policies)
• Average Customer Review: 3.0 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #1,011,948 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

7 of 8 people found the following review helpful:

4.0 out of 5 stars greed overrides all morals, March 4, 2000

By 

BOBBEY (NEW YORK) - See all my reviews

This review is from: Need and Greed: The True Story of the Largest Ponzi Scheme in American History (Hardcover)

FASCINATING STEP-BY-STEP INSIGHT INTO A FAMILY OF HIGH SOCIETY WANNA BE'S & THE DEPTHS OF OUTRIGHT BUSINESS FRAUD TO WHICH THEY WENT TO REACH THE TOP.SOME ACCOUNTS OF ACTUAL SKULLDUGGERY WHICH WAS A LITTLE BIT MUCH FOR ME BUT STILL HIGHLY READABLE.THE INSIDERS VIEWPOINT IS LIGHTENED CONSIDERABLY BY SOMETIMES AMUSING AND SOMETIMES SARDONIC CHAPTER HEADINGS.TOUCHING POIGNANT FINISH.

1 of 1 people found the following review helpful:

4.0 out of 5 stars Entertaining, Informative, Biased, November 30, 2003

By A Customer

This review is from: Need and Greed: The True Story of the Largest Ponzi Scheme in American History (Hardcover)

The author does a commendable job of making what could have been a dry story of a financial scheme rather entertaining and very fact-filled. As the General Counsel and corporate Secretary for the fraudsters, the author's claims that he was an unwitting dupe ring hollow, however. This is a fascinating story of thousands of greedy people...some simply greedier than others. At the top of the list was Patrick Bennet, his family, and the indicted co-conspirators. Further down the "Greedy List" are the bankers, the accountants, the lawyers, and the "investors" who allowed their greed to overcome the fear and common sense. There ain't no free lunch grandma...you taught me that your self. Stop crying and eat your cat food.

4 of 8 people found the following review helpful:

1.0 out of 5 stars Go To The Library Instead, April 1, 2000

By 

Linda (Virginia) - See all my reviews

This review is from: Need and Greed: The True Story of the Largest Ponzi Scheme in American History (Hardcover)

In what could have been one of the most fascinating stories in US history, the reader instead is mired in a convoluted and confusing rendition of the Bennett family's rise to power and position on the backs of trusting investors. As one integrally involved in the unfolding story, Mr. Weisman would appear to have been in a position to illuminate not only the methods and means by which the largest Ponzi scheme in US history took place, but also the very character of the principals involved - a seemingly ordinary family living in a small city in Central New York. Instead the reader is treated to a frequently disjointed and, at times, self-serving story line which has one asking "how did I get here" and "how does this relate to anything?" As a product of the sixties, it has been a long time since I have seen the word "kharma" used with such frequency in print. I wish mine had told me to wait for the paperback edition.