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

von Mitchell Zuckoff

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2399112,165 (3.95)20
Biography & Autobiography. Business. True Crime. Nonfiction. HTML: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 famous and extraordinary scam in the annals of American finance.

It was a time when anything seemed possible–instant wealth, glittering fame, fabulous luxury–and for a run of magical weeks in the spring and summer of 1920, Charles Ponzi made it all come true. Promising to double investors’ money in three months, the dapper, charming Ponzi raised the “rob Peter to pay Paul” scam to an art form and raked in millions at his office in downtown Boston. Ponzi’s Scheme is the amazing true story of the irresistible scoundrel who launched the most successful scheme of financial alchemy in modern history–and uttered the first roar of the Roaring Twenties.

Ponzi may have been a charlatan, but he was also a wonderfully likable man. His intentions were noble, his manners impeccable, his sales pitch enchanting. Born to a genteel Italian family, he immigrated to the United States with big dreams but no money. Only after he became hopelessly enamored of a stenographer named Rose Gnecco and persuaded her to marry him did Ponzi light on the means to make his dreams come true. His true motive was not greed but love.

With rich narrative skill, Mitchell Zuckoff conjures up the feverish atmosphere of Boston during the weeks when Ponzi’s bubble grew bigger and bigger. At the peak of his success, Ponzi was taking in more than $2 million a week. And then his house of cards came crashing down–thanks in large part to the relentless investigative reporting of Richard Grozier’s Boston Post.

In Zuckoff's hands, Ponzi is no mere swindler; instead he is appealing and magnetic, a colorful and poignant figure, someone who struggled his whole life to attain great wealth and who sincerely believed–to the very end–that he could have made good on his investment promises if only he’d had enough time. Ponzi is a classic American tale of immigrant life and the dream of success, and the unexpectedly moving story of a man who–for a fleeting, illusory moment–attained it all.
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This was the 3rd book I've read by this author and again, it was a delight. Before reading this book, I had a very vague idea what a Ponzi scheme was, but now I'm well versed. Ponzi was right up there with Bonnie and Clyde, a despicable person who robbed innocent individuals of their life savings, but for some teeny tiny reason the reader weakly roots for Ponzi. While this was an excellent book, the topic grew old with me very quickly and I read this book in fourths over the course of about a year. Although a work of non-fiction, the narratives reads as smoothly as a work of fiction. 416 pages ( )
  Tess_W | Jul 24, 2023 |
I listened to the abridgement but I still wanted more. This did what a good book does, satisfies but leaves you wondering what happened next. I don't know if it was because of the abridgement or just the book, but I wanted to know what happened to his family after his last imprisonment. What were the legal changes. The postal regulations changed, but what about banking regulations. It seems it took the crashes 1929 to do that, but it shouldn't have. There had been plenty of runs before then to see what happened. What about trading regulations? That seemed to wait until the crash as well. They could have learned from Ponzi!!! Ug! Anyway, this was a well written book that blended well the person and the era. Well done Mithcell Zuckoff. ( )
  nab6215 | Jan 18, 2022 |
Ponzi, Charles (Subject)
  LOM-Lausanne | Apr 30, 2020 |
Decent chronicle of life and acts of Ponzi. At times it feels too detailed and takes effort to complete. ( )
  _RSK | Mar 7, 2016 |
5151. Ponzi's Scheme The True Story of a Financial Legend, by Mitchell Zuckoff (read 15 Apr 2014) I decided to read this book because I was so impressed by the author's 2011 book "Lost in Shangri-La", which I read 4 Apr 2014. This book on Charles Ponzi (born 3 March 1882 in Lugo, Italy-died Jan 17, 1949, in Rio de Janeiro, Brazil) is carefully researched and tells well the amazing story of Ponzi's scheme by which he induced thousands of gullible folk to give him money which he promised to return to them in 45 days plus 50% interest, thereby adding his name to the English language. His scheme had little substance but it induced people to believe it could be valid. Ponzi had a personality and demeanor which inspired trust in many eager to get money without earning it. Zuckoff did research in Italy and mined Boston newspapers and legal records and I found the book far better reading than many a novel. And I confess that when Ponzi failed as he so richly deserved to I felt compassion for him. He had a great talent but it was devoted to satisfying his and others' greed rather than a nobler aim. ( )
1 abstimmen Schmerguls | Apr 15, 2014 |
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Biography & Autobiography. Business. True Crime. Nonfiction. HTML: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 famous and extraordinary scam in the annals of American finance.

It was a time when anything seemed possible–instant wealth, glittering fame, fabulous luxury–and for a run of magical weeks in the spring and summer of 1920, Charles Ponzi made it all come true. Promising to double investors’ money in three months, the dapper, charming Ponzi raised the “rob Peter to pay Paul” scam to an art form and raked in millions at his office in downtown Boston. Ponzi’s Scheme is the amazing true story of the irresistible scoundrel who launched the most successful scheme of financial alchemy in modern history–and uttered the first roar of the Roaring Twenties.

Ponzi may have been a charlatan, but he was also a wonderfully likable man. His intentions were noble, his manners impeccable, his sales pitch enchanting. Born to a genteel Italian family, he immigrated to the United States with big dreams but no money. Only after he became hopelessly enamored of a stenographer named Rose Gnecco and persuaded her to marry him did Ponzi light on the means to make his dreams come true. His true motive was not greed but love.

With rich narrative skill, Mitchell Zuckoff conjures up the feverish atmosphere of Boston during the weeks when Ponzi’s bubble grew bigger and bigger. At the peak of his success, Ponzi was taking in more than $2 million a week. And then his house of cards came crashing down–thanks in large part to the relentless investigative reporting of Richard Grozier’s Boston Post.

In Zuckoff's hands, Ponzi is no mere swindler; instead he is appealing and magnetic, a colorful and poignant figure, someone who struggled his whole life to attain great wealth and who sincerely believed–to the very end–that he could have made good on his investment promises if only he’d had enough time. Ponzi is a classic American tale of immigrant life and the dream of success, and the unexpectedly moving story of a man who–for a fleeting, illusory moment–attained it all.

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