https://verdict.justia.com/2019/01/31/ponzi-schemes-how-they-work-and-what-we-can-learn
Who operates Ponzi schemes, and why?
The operators of Ponzi schemes are con artists, and often are characterized as narcissists. They may have an inflated sense of self-importance, a sense of entitlement, and an inability to empathize. Some analyze them as people who have self-loathing, counterbalance by extreme self-indulgence. They externalize sources of blame, deny wrongdoing, and blame others. They blame the government—for shutting them down when they otherwise could have turned business around.
They blame the victims for greed and sometimes for stupidity: “How could they believe me?” They believe that fraud is fair, because “everyone does it.” They believe they offset the fraud by doing good elsewhere, such as by donating or helping their communities.
Social Security has a longer shelf life than I do. I’ve drawn for seven years. It’s all gravy for me now.