Ponzis are among the most ubiquitous and least understood phenomena of economic life. They acquired a certain salience with the global financial crisis of 2008 and the crash of Bernie Madoff’s celebrated Ponzi scheme. This paper explains the structure of Ponzi schemes and goes on to argue that what makes this such a troubling phenomenon is its ability to be camouflaged amidst legitimate practices. It is shown, for instance, that the common practice...
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详细
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2014/07/01
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政策研究报告
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WPS6967
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1
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1
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2014/07/16
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Disclosed
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Ponzis : the science and mystique of a class of financial frauds
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stock option