Ponzi's Scheme: The True Story of a Financial Legend (Hardcover)

~ (Author) "The huge blue car moved slowly through the crooked streets of the old city, its owner sitting on the wide rear seat, his bottom comforted..." (more)
Key Phrases: matured notes, bank commissioner, postal coupons, Securities Exchange Company, Hanover Trust, School Street (more...)

Editorial Reviews

From Publishers Weekly

Before Charles Ponzi (1882â€"1949) sailed from Italy to the shores of America in 1903, his father assured him that the streets were really paved with gold - and that Ponzi would be able to get a piece. As journalist Zuckoff observes in this engaging and fast-paced biography, Ponzi learned as soon as he disembarked that though the streets were often cobblestone, he could still make a fortune in a culture caught in the throes of the Gilded Age. Zuckoff deftly chronicles Ponzi's mercurial rise and fall as he conjured up one get-rich-quick scheme after another. Charming, gregarious and popular, Ponzi devised and carried out the scheme that carries his name in 1920 in the open (and with a brief period of approval from Boston's newspapers and financial sector). Many investors did indeed double their investments, as Ponzi would use money of new investors to pay old investors, and Ponzi himself became a millionaire. Eventually, Zuckoff shows, the Boston Post uncovered this "robbing Peter to pay Paul" system (as it was then known), and Ponzi's life unraveled. Zuckoff provides not only a definitive portrait of Ponzi's life but also insights into immigrant life and the social world of early 20th-century Boston.
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From Bookmarks Magazine

A journalism professor at Boston University, Zuckoff has written a solid biography of a great American legend. Zuckoff, who mined archival newspapers, almanacs, letters, and photographs, recreates intriguing characters. Greed may have driven Ponzi, who led a comfortable life in Italy, and yet the great schemer emerges as charismatic, clever, and even strangely lovable. The efficient narrative, despite some digressions, focuses on Ponzi’s story and largely ignores the era’s social and political milieu. At the same time, a parallel tale of young Boston publisher Richard Grozier competes for attention. Flaws aside, Ponzi’s Scheme captures a compelling story. After all, wrote the Boston Post at the time, "Of all the get-rich-quick magnates … Ponzi is the king." In this day and age, that is quite an accomplishment.

Copyright © 2004 Phillips & Nelson Media, Inc.

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Product Details

• Hardcover: 416 pages
• Publisher: Random House (March 8, 2005)
• Language: English
• ISBN-10: 1400060397
• ISBN-13: 978-1400060399
• Product Dimensions: 9.2 x 6.1 x 1.4 inches
• Shipping Weight: 1.4 pounds
• Average Customer Review: 4.6 out of 5 stars  See all reviews (30 customer reviews)
• Amazon.com Sales Rank: #643,172 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

17 of 17 people found the following review helpful:

5.0 out of 5 stars An Incredible Page Turner!, March 15, 2005

By	Martin Caney (Boston, MA) - See all my reviews (REAL NAME)

Having just finished the book in the span of two evenings, I have to say it is an incredibly well written account of the meteoric rise and rapid decent of Charles Ponzi. This was one of my quickest cover to cover reads ever. My highest recommendations to anyone interested in learning about the inner workings of this complex,spellbinding man, his love for his wife and how he mesmorized the masses. Guaranteed to get any reader 50% more pleasure than what the book costs you(inside joke once you've read the book)!

17 of 18 people found the following review helpful:

5.0 out of 5 stars The Friendly Thief, April 4, 2005

By	R. Spell "raspell" (Memphis, TN USA) - See all my reviews (TOP 1000 REVIEWER)    (REAL NAME)

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We've all heard of the Ponzi Scheme, what they referred to in that era as "robbing Peter to pay Paul". But this well researched book traces the tragic story of how Charles Ponzi came to America, what he did before the Ponzi scheme and what happened to him afterwards. It would make a great movie! Situated in Boston, he ran ads for great returns and when many middle class people invested, publicity soon followed with various members of the media warning that it was a scam. No common criminal, he took the press on and argued the opposite winning much public support.

It is a fascinating tale! The side story of the faithful wife who only wanted her husband at home without the money and the final outcome of their marriage is also heartwarming and tragic.

I like business biographies and this certainly qualifies although I wouldn't consider him the classic success story. This book offers so much more with detailed history of that time period and the roles regulators, politicians and media played in society at that time. And the story itself is charming in many ways. Charles Ponzi was a common man that on the surface became wealthy and everyone rooted for him. But it only lasted so long. If you have interest in finance you will like this book. If you have interest in the history of the early 1900s in this growing country you will be interested. If you like novels and good character growth I think this will also be of interest as it reads like a novel as he develops his scheme.

9 of 9 people found the following review helpful:

5.0 out of 5 stars Great telling of the story behind a household name, August 1, 2005

By	M. Strong (Milwaukee, WI USA) - See all my reviews (TOP 1000 REVIEWER)

I love books that tell the story behind a well-known phrase with a little-known background, so Ponzi's Scheme was a natural selection for me. Turns out it was a great choice. The story of Charles Ponzi, an Italian immigrant to America, is a fast-moving rollercoaster of a tale told with skill by Zuckoff.

The result is a very readable book with a combination of good lessons for its reader about too-good-to-be-true propositions, great characters, good history, financial lessons, and a tradgedy of Shakesperean proportions.

Highly recommended for history buffs, fans of character-driven stories, people in financial markets, and anyone who's curious to know the story behind the phrase "Ponzi Scheme."