CNBC Million Dollar Portfolio Challenge
Squawk Box
Question: What verb phrase does Carmen Wong Ulrich use in her Monday article on Ponzi scheme protection?
Answer: take a hike
Subscribe to EF Hutton via Email
Follow EF Hutton on Twitter
Ponzi Schemes: Know How to Protect Yourself
Posted By: Carmen Wong Ulrich
Whether you’re a billionaire, a millionaire or a couple-hundred-aire, a pyramid scheme is a pyramid scheme is a pyramid scheme and Bernard Madoff’s mega wheel and deal was only a few steps away from the mass of insidious multi-level marketing scams out there.
Here’s a reminder as to where Madoff may have drawn his inspiration: In 1921, Charles Ponzi managed to pilfer millions from New England’s best all based on the purchase of $30 of international mail coupons. There is no protection offered by class or size-of-wallet when it comes to Ponzi’s protégés, but what separates those who have been had vs. those who are and were immune is knowing when to let your brain do the talking and when to tell greed do the walking.
If someone offers you returns that the market doesn’t support, tell ‘em to take a hike.
© 2008 CNBC, Inc. All Rights Reserved
URL: http://www.cnbc.com/id/28239456/
No comments:
Post a Comment