Charles Ponzi's scheme (plus a new scam)
Planet Money
- Published
- October 7, 2026
- Duration
- 25:30
- Summary source
- description
- Last updated
- Oct 21, 2026
Discusses Charles Ponzi was down on his luck. In 1919, the Italian immigrant had spent a decade and a half in …
Summary
Charles Ponzi was down on his luck. In 1919, the Italian immigrant had spent a decade and a half in the U.S. He was looking for a way to get rich and tried his hand at everything — including bookkeeping, sign painting, grocery clerk, dishwasher, and librarian.He caught a lucky break in August, when he received a letter from Europe. In the envelope was an …
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Show notes
Charles Ponzi was down on his luck. In 1919, the Italian immigrant had spent a decade and a half in the U.S. He was looking for a way to get rich and tried his hand at everything — including bookkeeping, sign painting, grocery clerk, dishwasher, and librarian.He caught a lucky break in August, when he received a letter from Europe. In the envelope was an International Reply Coupon, a clever way to prepay for international postage. Ponzi realized he might be able to use these coupons to make his