Keyword: ponzi

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  • Ponzi: Treasury Issues $1T in New Debt in 8 Weeks—To Pay Old Debt

    11/28/2014 5:30:08 PM PST · by xzins · 45 replies
    CNS ^ | November 28, 2014 | Terence P. Jeffrey
    The Daily Treasury Statement that was released Wednesday afternoon as Americans were preparing to celebrate Thanksgiving revealed that the U.S. Treasury has been forced to issue $1,040,965,000,000 in new debt since fiscal 2015 started just eight weeks ago in order to raise the money to pay off Treasury securities that were maturing and to cover new deficit spending by the government. During those eight weeks, Treasury took in $341,591,000,000 in revenues. That was a record for the period between Oct. 1 and Nov. 25. But that record $341,591,000,000 in revenues was not enough to finance ongoing government spending let alone...
  • Charlie Crist to Scott Rothstein: "We Love You"

    06/27/2014 1:07:17 PM PDT · by SoFloFreeper · 3 replies
    NEW TIMES ^ | 1/21/11 | BOB NORMAN
    Former Gov. Charlie Crist was apparently a little closer to Scott Rothstein than we knew. Or maybe not. They blew out the candles on Crist's birthday cake a couple of years ago after giving the governor $52,000 (a grand for each candle).
  • Russia Dumps 20% Of Treasury Holdings, Mystery "Belgium" Buyer Adds Another $40 Billion

    05/15/2014 10:02:41 AM PDT · by tcrlaf · 22 replies
    Zerohedge ^ | 5-15-2014 | Tyler Durden
    Back in mid-March, there was a brief scare after the start of the Ukraine conflict, when Fed custody holdings plunged by a record $104.5 billion (if promptly bouncing back the following week), leading many to believe that Russia may have dumped its Treasurys, or at least change its bond custodian. We noted that we wouldn't have a definitive answer until the May TIC number came out to know for sure how much Russia had sold, or if indeed, anything. Moments ago the May TIC numbers did come out, and as expected, Russia indeed dumped a record $26 billion, or some...
  • Bitcoin Price Move Below $600 Continues

    03/22/2014 12:31:38 PM PDT · by Errant · 42 replies
    Market Oracle, UK ^ | 22 March 2014 | Mike_McAra
    Cutting right to the chase: we don't think going short is a good idea yet. Just when you would think the situation with Mt. Gox couldn't get any stranger, it has. Apparently, the exchange "found" almost BTC 200,000 in one of its old wallets this month. The coins would be currently worth approximately $115 million. A statement published yesterday on the exchanges website reads: MtGox Co., Ltd. had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins. Following the application for commencement of a civil rehabilitation proceeding, these wallets were rescanned...
  • Macro Energy Shares Soar on Australian Stock Exchange Following Bitcoin Deal

    03/15/2014 4:26:19 PM PDT · by TsonicTsunami08 · 7 replies
    CoinDesk ^ | March 14, 2014 | Nermin Hajdarbegovic
    Shares of Australian investment firm Macro Energy gained 42% yesterday, after news emerged that it plans to enter the bitcoin space and raise A$9.1m ($8.2m) in funding.
  • Bitcoin refuses to flip: Virtual currency stays strong despite bankruptcies, gyrating rates

    03/09/2014 2:03:34 PM PDT · by Errant · 21 replies
    The Washington Post ^ | 8 March 2014 | Craig Timberg
    Future generations of Bitcoin billionaires may someday look back on 2014 with knowing smiles. Here was a year when thefts spread, exchanges collapsed, rates gyrated like a teenager’s moods. And yet the buying of bitcoins showed no signs of abating. The past week was particularly extreme. The apparent suicide of an American business executive in Singapore was investigated for possible ties to her Bitcoin investments. A California man fingered as the currency’s mysterious inventor reacted to his sudden fame by asking that journalists buy him lunch. After finishing his meal at a sushi restaurant, he went on to deny any...
  • Bitcoin Is Not Real Money

    03/01/2014 7:33:41 AM PST · by Kaslin · 123 replies
    Townhall.com ^ | March 1, 2014 | Larry Kudlow
    Just before the bankruptcy of the Mt. Gox bitcoin digital-money (or virtual-currency) exchange, Japanese finance minister Taro Aso predicted the inevitable failure. “No one recognizes them as a real currency,” he told reporters. “I expected such a thing to collapse.” I totally agree with Mr. Aso. For weeks and weeks I have been tweeting and broadcasting that bitcoin is not real money. It is not a reliable medium of exchange, nor is it a reliable store of value. It has no central-bank regulation, network operations, or even centralized issuance. And because of its wild price fluctuations, bitcoin can never...
  • Bitcoin exchange's collapse is probed by U.S. and Japanese regulators

    02/27/2014 5:38:34 AM PST · by Errant · 14 replies
    LA Times ^ | 26 February 2014 | Chris O'Brien
    U.S. and Japanese regulators are investigating the collapse of the world's largest exchange for trading bitcoins, the virtual currency that has grown in popularity among technophiles for buying products and services online. The separate investigations were launched Wednesday as supporters of the virtual currency insisted that the shutdown of Mt. Gox was only a temporary setback for the novel monetary system. The failure of the Tokyo exchange, which may have included the theft of almost 750,000 bitcoins worth more than $300 million, was seen by critics as derailing prospects for the virtual currency. But several high-profile bitcoin investors came forward...
  • Bitcoin Bank Run

    02/09/2014 4:00:24 PM PST · by BfloGuy · 15 replies
    Mises Economics Blog ^ | 2/8/14 | David Howden
    Ever wonder what a digital bank run looks like? Nearly one million Mt. Gox users are finding out first hand.The Tokyo-based exchange, popular amongst currency traders, has risen in prominence by offering its customers storage services in a variety of currencies. This effectively makes it act as an online bank. One such “currency” that it allows accounts to be denominated in is bitcoin.Yesterday the exchange halted withdrawals of the digital currency, citing a technical malfunction. It promises to reopen for business on February 10th. What many news sources are missing is that this is not a particularly new development –...
  • Obama to launch government-backed retirement savings program

    01/29/2014 3:12:07 AM PST · by Red in Blue PA · 101 replies
    WASHINGTON, Jan 29 (Reuters) - The Obama administration is scheduled on Wednesday to launch a retirement savings vehicle called "myRA," aimed at enrolling more Americans in a government-backed investment option. In details provided by the White House on Wednesday, the retirement savings proposal would be similar to a Roth Individual Retirement Account, but with holdings backed by the U.S. government like savings bonds. "MyRA guarantees a decent return with no risk of losing what you put in," President Barack Obama said in introducing the program on Tuesday night in his State of the Union Speech.
  • The Serious Disadvantages of Bitcoin

    01/04/2014 8:13:19 AM PST · by narses · 27 replies
    The Wall Street Pit ^ | 1/1/2014 | Anthony Alfidi
    You’ve all heard about Bitcoin. No one knows who created it, although some writers have made very educated guesses about the identity of the pseudonymous creator. I have sometimes wondered whether Bitcoin is the product of some transnational criminal organization or rogue state that wants to undermine developed economies by casting their payment systems into doubt. I am less concerned with Bitcoin’s origin than with its flaws. I shall enumerate those flaws forthwith. Bitcoin enables fraud and other criminal activities. This is absolutely the single most salient feature of Bitcoin’s anonymity. Conventional currencies are indeed subject to laundering and counterfeit....
  • Bitcoin is Gold 2.0: But how can it be regulated?

    12/28/2013 10:41:57 AM PST · by SeekAndFind · 24 replies
    American Thinker ^ | 12/28/2013 | Chriss Street
    Bitcoin is the name of a group of peer-to-peer payment networks that serve as an open-source form of digital currency that was originally introduced in 2009 by a software developer with the alias of 'Satoshi Nakamoto." Bitcoin currency is created as rewards to "miners" for providing the computing power to solve difficult math problems to maintain the "blockchain" of internet transactions in the currency. Unlike online credit cards and PayPal systems that allow buyers to claim their money back, bitcoin permanently transfers value. The bitcoin cyber-economy compassed of merchants, users, service providers, and startup enterprises has flourished for the past...
  • Giant US Retailer to Accept Bitcoin

    12/20/2013 10:16:42 AM PST · by Errant · 130 replies
    Zero Hedge ^ | 12/20/2013 | George Washington
    Overstock.com – the American internet retailer with over a billion dollars per year in sales – will accept Bitcoin starting in 2014. As Overstock CEO Patrick Byrne told the Financial Times: I think a healthy monetary system at the end of the day isn’t an upside down pyramid based on the whim of a government official, but is based on something that they can’t control. If there’s going to be some part of the population which adopts it… I think that we’ll get that business. And the people who switch to it will respect that we started adopting it. Europe...
  • Bitcoin Drops 50% Overnight As China’s Biggest BTC Exchange Stops Deposits In Chinese Yuan

    12/18/2013 7:48:27 AM PST · by Bubba_Leroy · 23 replies
    TechCrunch ^ | December 18, 2013 | John Biggs
    China’s biggest Bitcoin exchange, BTCChina, has stopped accepting deposits in Chinese yuan. The shutdown has sent the currency into a downward spin, stripping it of half its value overnight. It is trading at $572 on Mt.Gox, down from a high of about $1,200 last week.
  • This Senate hearing is a Bitcoin lovefest

    11/19/2013 3:10:23 AM PST · by pluvmantelo · 31 replies
    Washington Post ^ | November 18, 2013 | TIMOTHY B. LEE
    The Senate Committee on Homeland Security and Governmental Affairs, chaired by Sen. Tom Carper (D-Del.), is holding the first congressional hearing on the future of Bitcoin. The first panel features senior figures from the Obama administration. And their comments about Bitcoin have been remarkably positive.
  • Florida Democratic congressman (Grayson) loses $18 million in (Ponzi) scheme

    12/09/2013 7:20:53 PM PST · by Zakeet · 48 replies
    Fox News ^ | December 9, 2013
    Florida Democratic Rep. Alan Grayson lost $18 million in a scheme by a Virginia man that involved over a 100 victims, the congressman’s office confirmed Monday. [Snip] The scheme worked like this: clients would turn over their stocks to Chapman as collateral for a loan, and Chapman would let customers borrow about 90 percent of the stocks' value. If the stocks did badly, borrowers could walk away and keep the money they were loaned. But if the borrowers' stocks did well, they would repay the loan with interest, and Chapman was supposed to return the stocks to the investor at...
  • Will there Be Social Security Left for You? Inequity in Entitlement Payouts

    11/04/2013 5:54:25 AM PST · by William Tell 2 · 222 replies
    MainStreet.com ^ | 11-4-13 | Michael P. Tremoglie
    According to a recent report by the Congressional Budget Office (CBO), different generations have paid and will continue to pay disparate amounts of Medicare and Social Security payroll taxes, and they will also receive dissimilar amounts of Medicare and...
  • Suzanne Somers: The Affordable Care Act Is a Socialist Ponzi Scheme

    10/28/2013 12:38:14 PM PDT · by Impala64ssa · 97 replies
    WSJ online ^ | 10/28/13
    <p>First of all, let’s call affordable health care what it really is: It’s socialized medicine.</p> <p>I’ve had an opportunity to watch the Canadian version of affordable health care in action with all its limitations with my Canadian husband’s family. A couple of years ago, I was startled to see the cover of Maclean’s, a national Canadian magazine, showing a picture of a horse lying on an MRI table with the headline, “In Canada a horse gets better treatment than you.” It went on to say that young Canadian medical students have no incentive to become doctors to humans because they can’t make any money. Instead, there is a great surge of Canadian students becoming veterinarians. That’s where the money is. A Canadian animal can have timely MRIs, surgeries and any number of tests it needs to receive quality health care.</p>
  • IS OBAMACARE A DEMOCRAT PONZI SCHEME TO BYPASS CONGRESS ?

    10/03/2013 9:08:56 AM PDT · by Graewoulf · 22 replies
    Graewoulf | October 3, 2013 | Graewoulf
    The dictionary definition of the phrase: "PONZI SCHEME" is as follows: " 1.) An investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks." Have the Democrats pulled a fast one on us by using a Ponzi Scheme to generate insurance premium dollars for their expanding social engineering plans to keep on buying more votes from low information voters?
  • Young and healthy needed to make Obamacare mandate work (MSM worried Obamacare will fail)

    10/01/2013 8:12:09 PM PDT · by tobyhill · 19 replies
    cnn ^ | 10/1/2013 | By Jen Christensen
    Lauren Zanardelli and Graham Foster are the kind of customers the government needs to make Obamacare work. The chefs own and operate a bright orange hipster magnet called the Neue Southern Food Truck. The farm-to-table vehicle stands out in Greenville, South Carolina, even among the new gastropubs that dot the city's charming Main Street. Today Zanardelli and Foster are zooming around their rented kitchen on the edge of town, preparing deep-fried Brussels sprouts, Ramen with seaweed and pumpkin sweet rolls. They won't have time after their 12-hour work day to explore the new health insurance marketplaces that opened this morning,...
  • Georgia's biggest hospital announces it will lose $45 million a year because of Obamacare

    10/01/2013 8:54:08 PM PDT · by dokester · 56 replies
    WSBTV News in Atlanta ^ | October 1st, 2013
    Grady Memorial, Georgia's biggest hospital, announced today it will lose $45 million dollars a year because of Obamacare.
  • Pakistan, IMF agree to $5.3 billion bailout [more Jizya to pay down the 2007 Jizya]

    07/04/2013 8:47:57 AM PDT · by Antioch · 1 replies
    Yahoo Finance ^ | July 4, 2013 | Sebastian Abbot
    Pakistan and the International Monetary Fund have reached an initial agreement on a bailout of at least $5.3 billion to stave off an economic crisis as the country's foreign reserves dip perilously low, officials said Thursday. The announcement should help calm fears of financial instability in Pakistan, a nuclear-armed nation of 180 million people that Washington is relying on to combat Islamic militants and negotiate an end to the war in neighboring Afghanistan. The agreement comes less than six years after Pakistan's last IMF bailout, and the driving need for the money this time around was to repay the institution...
  • The Biggest Ponzi Scheme In The History Of The World

    06/24/2013 12:40:28 PM PDT · by lbryce · 14 replies
    The Economic Collapse ^ | June 23, 2014 | Michael
    Did you know that you are involved in the most massive Ponzi scheme that has ever existed? To illustrate my point, allow me to tell you a little story. Once upon a time, there was a man named Sam. When he was younger, he had been a very principled young man that had worked incredibly hard and that had built a large number of tremendously successful businesses. He became fabulously wealthy and he accumulated far more gold than anyone else on the planet. But when he started to get a little older he forgot the values of his youth. He...
  • Bitcoin, the nationless electronic cash beloved by hackers, bursts into financial mainstream

    04/11/2013 11:38:29 PM PDT · by Ernest_at_the_Beach · 28 replies
    Foxnews ^ | April 11, 2013 | Associated Press
    NEW YORK –  With $600 stuffed in one pocket and a smartphone tucked in the other, Patricio Fink recently struck the kind of deal that's feeding the rise of a new kind of money -- a virtual currency whose oscillations have pulled geeks and speculators alike through stomach-churning highs and lows. The Argentine software developer was dealing in bitcoins -- getting an injection of the cybercurrency in exchange for a wad of real greenbacks he handed to a pair of Australian tourists in a Buenos Aires Starbucks. The visitors wanted spending money at black market rates without the risk of...
  • US Begins Regulating BitCoin, Will Apply "Money Laundering" Rules To Virtual Transactions

    03/21/2013 8:23:52 PM PDT · by 2ndDivisionVet · 13 replies
    Zero Hedge ^ | March 21, 2013 | Tyler Durden
    Last November, in an act of sheer monetary desperation, the ECB issued an exhaustive, and quite ridiculous, pamphlet titled "Virtual Currency Schemes" in which it mocked and warned about the "ponziness" of such electronic currencies as BitCoin. Why a central bank would stoop so "low" to even acknowledge what no "self-respecting" (sic) PhD-clad economist would even discuss, drunk and slurring, at cocktail parties, remains a mystery to this day. However, that it did so over fears the official artificial currency of the insolvent continent, the EUR, may be becoming even more "ponzi" than the BitCoins the ECB was warning about,...
  • St. Paul woman, 3 others charged in Social Security fraud (SSA employee)

    11/17/2012 5:24:24 AM PST · by TurboZamboni · 9 replies
    PIONEER PRESS ^ | 11-17-12 | John Welbes
    Four Twin Cities residents -- including a Social Security Administration employee in St. Paul -- have been indicted in a scheme that generated real Social Security cards with fake identities. The conspiracy's start date was unknown, but it went back to at least May 2001 and ended in 2010, the indictment claimed. Dianne Josephine Chess, 49, of St. Paul, was a service representative for the SSA whose responsibilities included inputting data provided by applicants seeking a number and a card.
  • Peregrine Financial CEO Indicted On 31 Charges

    08/13/2012 9:00:41 PM PDT · by Kartographer · 7 replies
    ZeroHedge ^ | 8/13/12 | Tyler Durden
    Is it good that Wasendorf is going away, most likely for the rest of his life? Of course- the man is a sociopathic criminal. But the problem is that the incentives, the controls, and the "processes" that PFG engaged in to cheat thousands of clients out of their life savings are pervasive throughout the US financial system. It is this, and not an individual appeals court case which incidentally has no impact on a completely standalone bankruptcy process and whose outcome can be appealed under any other jurisdiction, that US investors, or what's left of them, should be worried about....
  • Peregrine Files For Bankruptcy After $215M Goes Missing, Where Were The Regulators?

    07/12/2012 12:02:34 AM PDT · by STARWISE · 21 replies
    Forbes ^ | 7-11-12 | Halah Touryalai,
    *snip* The accusations began on Monday when Peregrine’s front-line regulator, the National Futures Association (NFA), hit the firm with an enforcement action prohibiting it from doing any more business after finding that it failed to meet key financial requirements. Yesterday the CFTC, a U.S. regulator, got involved and sued Peregrine for fraud by misappropriating customer funds, violated customer fund segregation laws, and made false statements in financial statements filed with the Commission. This isn’t just another firm going bust because for the second time in less than a year customer funds that should have been protected have gone missing amid...
  • Obamacare's Medicare Scam

    05/13/2012 8:26:49 AM PDT · by Kaslin · 28 replies
    Townhall.com ^ | May 13, 2012 | Susan Brown
    America's senior citizens deserve to enjoy their golden years in security rather than be faced with the uncertainty of having their beloved Medicare benefits yanked away thanks to provisions within the Democratic Party's darling, Obamacare. Mathematicians Congressional Democrats are not. Democrats failed to inform seniors nearly half of Obamacare's cost would be funded initially by taking more than $500 billion from Medicare. When this information was made public, Democrats promised the cost-shifting would not in any way lead to benefit cuts. In addition, they were told Obamacare would reduce the deficit and were told everyone could keep their doctors. If...
  • Pastor Sentenced to Forty Months in Prison for Ponzi Scheme (Seattle)

    04/27/2012 2:26:27 PM PDT · by Larry381 · 7 replies
    Dept Of Justice ^ | April 27, 2012 | U.S. Attorney’s Office Western District of Washington
    A Seattle area pastor who defrauded two dozen victims, some of them his own parishioners, out of more than $1.8 million was sentenced today in U.S. District Court in Seattle to 40 months in prison, three years of supervised release, and $1,843,932 in restitution for wire fraud and money laundering, announced U.S. Attorney Jenny A. Durkan. Anthony C. Morris, 48, the pastor of New Covenant Christian Center, pleaded guilty in January 2012, admitting that his fraud was a Ponzi scheme where early investors were paid off from the money taken from later investors. At sentencing U.S. District Judge Richard A....
  • Buddy Fletcher: Financial Genius — or a Fake?

    03/05/2012 10:30:48 AM PST · by reaganaut1 · 13 replies
    Boston Magazine ^ | March 2012 | RICHARD BRADLEY
    EVEN IN THE DAKOTA, the storied apartment building on New York’s Upper West Side, home to such cultural icons as Yoko Ono and Lauren Bacall, Buddy Fletcher stood out. African American, fantastically accomplished, and wealthy, Fletcher had grown up in modest circumstances, gone to Harvard, and graduated as “first marshal” of his class in 1987. From there he hit Wall Street, earned millions before he turned 25, and started his own firm, Fletcher Asset Management. By the time he was 30, the company was operating as a hedge fund and boasting of triple-digit returns. Fletcher made multimillion-dollar donations to Harvard,...
  • TD Bank ordered to pay $67M in Florida Ponzi case (Big advertiser in Miami; media tries to ignore)

    01/19/2012 6:35:48 AM PST · by Recovering_Democrat · 6 replies
    biz journals ^ | 1/17/12
    A jury has ordered TD Bank to pay $67 million after a Miami trial where it was accused of aiding a Ponzi schemer, sister publication the South Florida Business Journal reports here. Says the SFBJ: “TD Bank [NYSE:TD] spokeswoman Rebecca Acevedo wrote in an email that they are disappointed with the jury’s decision and considering all of their options.”
  • Alleged Mastermind behind billion dollar ponzi scheme may have amnesia (Hillaryitis?)

    12/23/2011 8:17:14 AM PST · by Libloather · 7 replies · 1+ views
    KXXV ^ | 12/22/11 | Brandon Hartman
    Alleged Mastermind behind billion dollar ponzi scheme may have amnesiaby Brandon Hartman Posted: Dec 22, 2011 2:53 PM EST MEXIA - A native of Mexia that allegedly swindled investors out of $7 billion dollars claims he can't remember any of the events that led to his arrest. R. Allen Stanford was supposedly beaten by another inmate while being locked away in Conroe's Joe Corley Detention Center on September 24th 2009. His attorneys claim that since the event, he has been unable to answer even the most basic questions.
  • House agrees payroll tax deal as Republicans cave in to Obama

    12/22/2011 2:32:54 PM PST · by MinorityRepublican · 216 replies · 3+ views
    The Guardian ^ | Thursday 22 December 2011 | Ewen MacAskill
    House speaker John Boehner is set to sign an offer from Obama to accelerate negotiations. Republicans in the House of Representatives have capitulated in the showdown over the payroll tax, handing Barack Obama an important victory going into election year. Under pressure from other senior Republicans for blocking a bill that would extend tax cuts to millions of Americans, the House speaker, John Boehner, is backing away from his insistence that any deal must cover a full year. A deal agreed by Republicans and Democrats in the Senate on Saturday covers two months, to allow further negotiations in January. It...
  • Father, son used Mormon connections to commit $220M Ponzi scheme

    12/19/2011 7:48:49 AM PST · by Colofornian · 59 replies · 1+ views
    KSL.com ^ | Dec. 16, 2011 | Christian Probasco
    FOUNTAIN GREEN, Sanpete County — FBI agents closed a prominent real estate management business here Thursday and began removing documents pertaining to the investigation of what the U.S. Securities and Exchange Commission calls a “$220 million Ponzi scheme.” The SEC claims Wendell and Allen Jacobson used their LDS Church membership to gain the trust of investors. SEC agents also removed documents from the home of Wendell Jacobson, 58, owner of Management Solutions, who lives across the street from the company’s headquarters. Federal Judge Bruce S. Jenkins granted an SEC request for a restraining order against Jacobson, and its request that...
  • Triple Lutz Report–The Last Ponzi Scheme

    12/18/2011 6:28:44 AM PST · by appeal2 · 5 replies
    KerryLutz.com ^ | 12/18/2011 | Kerry Lutz
    Those who do not learn from the past (and lets face it that’s most of us) are condemned to repeat it. When I was 15 years old my parents made me read the biography of Charles Ponzi. They felt that if I learned about this scammer it would help protect me in the future, when I would hopefully make my fortune. What I learned from that book, is that if something is too good to be true, it generally is. While I can’t say that I’ve never been scammed, I will say that I haven’t been scammed too badly, other...
  • "The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Obama Cronyism

    11/17/2011 1:03:10 PM PST · by frithguild · 53 replies
    Zero Hedge ^ | 11/17/2011 | Ann Barnhardt through Tyler Durden
    Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management, It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator. The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their...
  • Gingrich calls Obama student loan proposal a 'Ponzi scheme'

    10/28/2011 7:10:29 AM PDT · by Libloather · 6 replies · 1+ views
    The Hill ^ | 10/28/11 | Justin Sink
    Gingrich calls Obama student loan proposal a 'Ponzi scheme'By Justin Sink - 10/28/11 08:15 AM ET Newt Gingrich said that President Obama's recently announced student loan proposal was a "Ponzi scheme." Obama's plan would allow for easier consolidation of outstanding student loans, and would forgive outstanding balances on federal loans after 20 years of payments, rather than 25. Federal loan repayments would also be capped at 10 percent of a borrower's income, lowering payments, down from 15 percent now. The president would also begin implementing the changes next year, rather than 2014 as was currently planned. But Gingrich says that...
  • Broke Again?

    10/13/2011 11:14:35 AM PDT · by Razzz42 · 4 replies
    When you get to look behind the curtain, sometimes you wish you never did. When I say we NEED a major reform of the MONETARY SYSTEM, I do not use those words lightly. I am also not a street hawker who feels I have to yell like one of those used-car salesmen to sell you something you don’t want nor need driven by a little old lady who never dies. I hate to bring this up but it appears that we have little hope of saving Europe and the whole shift away from the mark-to-market accounting that was swept in...
  • Is Social Security a Ponzi Scheme? (a no brainer )

    09/25/2011 8:32:21 PM PDT · by sickoflibs · 24 replies
    Mises Institute ^ | September 19, 2011 | Robert P. Murphy
    Ever since Rick Perry derided Social Security as a Ponzi scheme, economists and other pundits have jumped into the fray. Progressive blogger Matt Yglesias says it's "nuts" for anyone to talk like this, because Social Security merely relies on future economic growth — just like a private pension plan. Free-market economist Alex Tabarrok responded to Yglesias with links to arch-Keynesians (and Nobel laureates) Paul Samuelson and Paul Krugman, both comparing Social Security to a "Ponzi game." In the present article I have three aims: First, I will point out that the critics are right; to the extent that Social Security...
  • Solyndra execs refuse to testify at House hearing

    09/23/2011 7:55:10 AM PDT · by Dubya-M-DeesWent2SyriaStupid! · 40 replies
    abclocal.go.com ^ | September 23, 2011 | Nick Smith
    WASHINGTON (KGO) -- Two top executives at bankrupt Solyndra have invoked their Fifth Amendment rights and refused to answer questions at a House hearing Friday. The Solyndra executives have sent letters to the House Energy and Commerce committee, saying they will invoke their Fifth Amendment right to remain silent.
  • Mitt Romney's Biggest Backers: Pyramid Schemers?

    09/22/2011 12:11:20 PM PDT · by xzins · 24 replies
    Mother Jones ^ | 15 Sep | —By Stephanie Mencimer
    The execs who set up shell companies to funnel millions to a pro-Romney PAC are connected to the same Utah firm that regulators have sued for scamming consumers. Mitt Romney is probably best known for his work at the private equity firm Bain Capital. But the former Massachusetts governor and current GOP presidential contender also has close ties to a Utah-based company —one that doesn't have quite the cachet of the Wall Street power broker Bain. Instead, some of Romney's most loyal financial backers hail from a Provo, Utah-based company called Nu Skin that has had repeated run-ins with federal...
  • Daniels echoes Perry criticism of Social Security as 'Ponzi scheme'

    09/20/2011 2:36:22 PM PDT · by Qbert · 42 replies
    The Hill ^ | 09/20/11 | Justin Sink
    Indiana Governor Mitch Daniels defended his description of Social Security as a "Ponzi scheme" Tuesday, wading into a debate about the popular entitlement program that has enveloped the Republican primary. Daniels describes the program as such in his yet-to-be-released book, Keeping the Republic, echoing a critique that Texas Gov. Rick Perry made in his own book last year. Leading Perry challenger and former Massachusetts Gov. Mitt Romney has seized on the "Ponzi scheme" comments , arguing that Perry needlessly "scared seniors" by describing the program in that way.  But Daniels sought to downplay the significance of the descriptor Tuesday morning...
  • Feinstein Swindled

    09/19/2011 8:42:15 AM PDT · by Cincinatus' Wife · 41 replies
    The American Spectator ^ | September 19, 2011 | Peter Hannaford
    Some 200 California Democrat clients have fallen victim to a Madoff in their midst. Could it turn the state light blue? It's said that word-of-mouth advertising is the best kind. It certainly worked for Ms. Kinde Durkee for more than 12 years. It would still be working if she hadn't helped herself to some of her clients' bank accounts once too often. Durkee's nearly 200 clients weren't stores and small factories. They were California Democratic office holders, candidates, and committees. For all those years she was the go-to person to be treasurer for any Democrat's campaign accounts. Campaign treasurers serve...
  • In Galveston, an Alternative to the "Ponzi Scheme"

    09/19/2011 5:27:08 AM PDT · by Cincinatus' Wife · 27 replies
    National Journal ^ | September 19. 2011 | Becca Aaronson
    GALVESTON — Gov. Rick Perry has repeatedly called Social Security a “Ponzi scheme” and said that people ought to control their own retirement money. But if the social safety net program created in 1935 were eliminated — something President Eisenhower once said would be a politically stupid move — what might take its place? Perry does not have to look far to see how a privatized Social Security plan might work. Government employees in Galveston, Brazoria and Matagorda counties have controlled their private retirement plan for 30 years. They opted out of Social Security before Congress changed the law in...
  • "Ponzi Scheme" Doesn't Quite Cover the Evils of Social Security

    09/16/2011 2:07:03 PM PDT · by Retired Greyhound · 11 replies
    The Republican primary context has become a referendum on Social Security, with Texas Governor Rick Perry standing by his earlier statements denouncing the program as a Ponzi scheme, and Mitt Romney seeking to revive his presidential bid by defending Social Security. With Perry as the runaway front-runner, and only gaining in the polls, it looks like this will be a preview of the general election battle. So is Social Security a Ponzi scheme? Yes it is, in its own way, but that doesn't quite cover it. In reality, Social Security is much worse than a Ponzi scheme. The analogy to...
  • A Ponzi scheme that should be fixed

    09/16/2011 4:28:54 AM PDT · by MontaniSemperLiberi · 22 replies
    washingtonpost ^ | September 15, 2011 | Charles Krauthammer
    The Great Social Security Debate, Proposition 1: Of course it’s a Ponzi scheme. In a Ponzi scheme, the people who invest early get their money out with dividends. But these dividends don’t come from any profitable or productive activity — they consist entirely of money paid in by later participants. This cannot go on forever because at some point there just aren’t enough new investors to support the earlier entrants. Word gets around that there are no profits, just money transferred from new to old. The merry-go-round stops, the scheme collapses and the remaining investors lose everything. Now, Social Security...
  • ‘Scaring seniors’ with simple truths

    09/15/2011 7:04:29 AM PDT · by KeyLargo · 12 replies · 1+ views
    Chicago Sun-Times ^ | Sep 14, 2011 | JACOB SULLUM
    ‘Scaring seniors’ with simple truths JACOB SULLUM jsullum@reason.com Last Modified: Sep 14, 2011 09:40AM At the Republican presidential debate in Tampa, Fla., on Monday night, Mitt Romney said Rick Perry has needlessly “scared seniors” by calling Social Security “a Ponzi scheme.” Romney, more sensitive to the anxieties of retirees, prefers to say “the American people have been effectively defrauded out of their Social Security” (as he puts it in his 2010 book No Apology) because Congress has spent the program’s surplus revenue instead of saving it to pay for future benefits — the sort of crime for which bankers “would...
  • Flashback 2007: Tim Russert and Chris Matthews Agree Social Security Is 'A Bad Ponzi Scheme'

    What should be interesting to participants and pundits alike is that during the last presidential campaign, on November 5, 2007, the late Tim Russert, and Chris Matthews, while talking about the Democrat candidates on an episode of MSNBC's "Hardball" broadcast exactly one year before America elected its first black president, agreed that Social Security was "a bad Ponzi scheme" (video follows with transcript and commentary.
  • Democrat: Gov't Has No Contractual Obligation to Pay Social Security Benefits

    09/14/2011 2:38:29 PM PDT · by Nachum · 168 replies
    Cybercast News Service ^ | 9/14/11 | Matt Cover
    Blue Dog Democrat Rep. Jim Cooper (D-Tenn.) said that most Americans do not understand that federal entitlements are not “bank account” programs that hold their money, adding that Social Security is not even a legal guarantee -- "Legally, they're not even promises." Cooper, asked about potential reforms to Medicare and Medicaid, said that the core problem was that the public does not understand the true nature of entitlements. “Many Americans don’t really realize that Medicare is a government program,” Cooper said at a press conference with fellow Blue Dogs on Wednesday.