Ponzi Scheme discussed on Daily Show
A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from any actual profit earned.
On March 4, 2009 John Stewart included a clip about Sir Allen Stanford whose business was showing remarkable gains in a shrinking economy which originally aired on CNBC on May 13, 2008. Stanford was, at the time, ranked number 605 on the world billionaire ranking list, managing over $50 billion.
It was later found out that Stanford was stealing investment money rather than actually investing it, which is why his "business" was unaffected by the crashing economy. Stanford stole over $8 billion from investors and says that, "yes, it is fun being a billionaire."
And as the great John Stewart put it, "Fuck-you!"
Fuck-you indeed.
To see the clip fast-forward to 7:07...
On March 4, 2009 John Stewart included a clip about Sir Allen Stanford whose business was showing remarkable gains in a shrinking economy which originally aired on CNBC on May 13, 2008. Stanford was, at the time, ranked number 605 on the world billionaire ranking list, managing over $50 billion.
It was later found out that Stanford was stealing investment money rather than actually investing it, which is why his "business" was unaffected by the crashing economy. Stanford stole over $8 billion from investors and says that, "yes, it is fun being a billionaire."
And as the great John Stewart put it, "Fuck-you!"
Fuck-you indeed.
To see the clip fast-forward to 7:07...
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