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

by Mitchell Zuckoff

Book Overview

You've heard of the scheme. Now comes the man behind it. In Mitchell Zuckoff's exhilarating book, the first nonfiction account of Charles Ponzi, we meet the charismatic rogue who launched the most... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0812968360
• ISBN13: 9780812968361
• Release Date: January 2006
• Publisher: Random House Trade
• Length: 416 Pages
• Weight: 0.75 lbs.
• Dimensions: 0.9" x 5.2" x 8.0"

Customer Reviews

Great telling of the story behind a household name

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."

Ponzi: Seductive Scam Artist

Zuckoff has written a first-class biography of Charles Ponzi. His writing style keeps the reader deeply engrossed in the story and wanting to know what happens next. Zuckoff recounts various communications between the main characters, all of which he says comes from letters, newspaper accounts, etc. He also does a very nice job paralleling the lives of the scam artist, and the newspaper publisher who finally exposes the scam. Although he was hardly the first to come up with the con game, Ponzi will forever be associated with pyramid schemes and "robbing Peter to pay Paul" schemes. The way he did it was brilliantly simple: Come up with a way of making money that seems completely legal and is relatively easy to explain. Market that scheme to folks that are in the same boat as you (e.g., same industry, ethnicity, religion, neighborhood, etc.) Pay the astronomical returns to the initial investors. Then let their word of mouth recommendations bring in additional investors. Repeat the process and watch the money pour in. It is difficult to read this book and not empathize with Ponzi. Even though the reader knows that many of Ponzi's "investors" will become victims of the fraud, Ponzi's amazingly seductive personality is able to win over most people. The question that lingers throughout most of the book is whether Ponzi ever actually intended to pay off the investors with a legal - and feasible - money-making idea, or whether he simply wanted to scam the victims out of their life savings. The answer is finally provided by Ponzi himself towards the end of his life. This book - and Ponzi's story - serves as a great reminder of the old adage that if something sounds too good to be true, then it probably is. But what is truly amazing is that these same Ponzi-type schemes continue even today, whether it is stock "pump and dump" scams, late-night infomercials on how to get rich quick, or large-scale Enron-like frauds. By appealing to people's instinctive desire to make money, the end result of these schemes is usually the same: the investor becomes a victim. This book makes for a great read, as well as a great life lesson.

Best book I've read this year!

I needn't write a lengthy review as some of my fellow armchair critics included here have done. I will only second what the majority of them have said. Even J. Edgar Hoover would have had a difficult time disliking this guy!. I'm sure if one had actually been there and suffered personal losses as too many did, he would see it much differently, but from the perspective of this author, Ponzi was a most likeable person and you can't help rooting for him, and poor loyal Rose) until the bitter end! Buy this book! You'll be glad you did.

Engaging and Entertaining

In a very engaging account of the arguably the "best" financial scam (before Enron days atleast), Zuckoff narrates the fascinating story an Italian immigrant to the US and his seemingly unending tale of woe, charm, financial trickery - all combined! As the plot (even though this is an actual account of real events, it reads as if it were one of the best written thriller!) develops, one cannot but imagine if any other person could have survived the events Ponzi had to suffer through. Using a brilliant narrative technique, the author develops the main actors' roles in a systematic manner, most notably those of Charles Ponzi, his wife, and Gozier (publisher). Each chapter also includes a reproduction of a relevant photograph obtained from the famed Post, Boston Library and other sources. Those pictures are so well chosen that they capture the essence of the ensuing chapter very well. As can be expected from a professor of journalism, the book is well documented with plenty of detailed notes and bibliography for any serious reader. It should be pointed out that the Epilogue should not be forgotten at all. The unravelling of the "plot" happens mostly in the epilogue and contains numerous twists and turns associated with the fascinating life of Charles Ponzi. An excellent read, but make sure you have cleared out an entire day or weekend for it, because once you start reading it, you wont stop until you are at the last page!

An Incredible Page Turner!

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)!