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what is a ponzi scheme ?
a ponzi scheme is a fraud where the previous investors are paid off from the deposits made by the fresh investors
a bank is a legal ponzi – it has the license to take money from anyone and pay off the previous depositors
but if an individual ( like bernie madoff ) does it – it becomes illegal – funny isn’t it ? how an institution with a license can get way with even a ponzi scheme while others cannot
bernie madoff was an ex-chairman of the nasdaq stock change in the usa – so he definitely had some insider knowledge on how things work …
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