Charles Ponzi promised investors 50% in 45 days, and Boston lined up to hand him millions in 1920. Learn how the original Ponzi scheme worked, how journalist Clarence Barron did the math that exposed it, and the lesson for investors: the red flag almost everyone still misses.
0:00 Intro: 50% in 45 days
0:51 Montreal 1907: the bank that taught Ponzi
2:10 Boston 1919: the reply coupon idea
3:21 Securities Exchange Company and the Boston police
5:21 Clarence Barron does the math
7:16 The $61 answer and the fallout
8:37 Three lessons from the people in this story
9:53 The red flag almost everyone misses
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