I'm sure everyone has heard by now of Bernard Madoff's $50 billion Ponzi Scheme, which is being described as the biggest scam in Wall Street history
. It's already old news. So here are some other scam-related links:
• Slate offers a brief Guide to Financial Scams
, explaining the difference between a Ponzi Scheme and a Pyramid Scheme. (Ponzi schemes funnel money to a single person; pyramid schemes distribute the money among a larger group of people.)
• The Wall Street Journal tells the story of the Ponzi Scheme that wiped out the fortune
of President Ulysses S. Grant.
• It doesn't compare to Madoff, but a payroll manager has been accused of embezzling $3 million
by depositing wages into the accounts of non-existent employees.
• A California woman had a website on which she was offering bargain rates for advertising space in the New York Times and Wall Street Journal. But it wasn't that much of a bargain considering the ads never appeared
in either publication.