The peer to peer Chinese lender, Ezubao, insinuated it had government connections in order to become one of the biggest online investment platforms in China.
The company managed to raise the equivalent of $7.6 billion from a million Chinese investors before the whole thing came apart Monday. Authorities arrested its founder and 19 others for running a Ponzi Scheme.
So, that would the equivalent of what? “Ten Americans” being taken in by a scheme?
I wonder who was the first to say; Some ting wong.
Damn Pronzi scream!
Well, since it’s the Financial Times, I can’t get around the popup without it going to another unrelated page.
So. . .. How does this compare with the Bernie (Feel The Bern!!) Madoff ponzi scandal?
Well the dream always has been to get $1.00 from each Chinese citizen and retire to Formosa!
Somewhere North of $50 billion for Madoff
Prease to fastern your seatberts…….Yes, I know I’m going to hell.
Ling to a non-FT article about the same thing:
http://davidstockmanscontracorner.com/slouching-toward-the-dark-side/
Their entire economy is a ponzi scheme. Margin trading, with the earnest money borrowed from family members, etc..
China is going to implode. They can’t prop it up much longer, and when it goes, it will make the Great Depression in the US look mild in comparison.
The Bernie Madoff clients were of the “if it’s too good to be true, it probably is” crowd. I can’t muster much sympathy for them.
I’m of the age now that I’m getting a little something back from the Social Security ponzi scheme. There is a considerable number of people out there that aren’t going to be so lucky.
That’s okay….there’s been millions more taken-in by the American government ponzi since 1913.
Pretty soon we’ll be paying the banks for the privilege of having them hold our bank deposits – how stupid of us is that?
It’s called “negative interest rates”.
It’s called the Government reaching into our pockets and stealing the money from us and calling it “negative interest”.
It’s also called the Øbamboozler pissing on our heads and telling us it’s just raining!
See also: Greece
What a mixed up world we’re living in. ChiCom’s getting taken in by a capitalistic Ponzi scheme, and America’s youth voting for Bernie Sanders.