Ponzi scheme

John Steele Gordon | November 1994

It went to Russia along with capitalism, but its greatest players worked over here.

Several million Russians learned about the downside of capitalism this summer when they were caught in a classic swindle. An outfit calling itself MMM and operating as an investment company offered fantastic returns on investments, upward of 3000 percent a year.

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Featured Authors

Ambrose, Stephen E.

Stephen E. Ambrose (1936-2002) was a historian and professor who wrote on military history, presidential history, and American expansion and foreign policy. Ambrose has been praised for his biographies of Presidents Eisenhower and Nixon, and for helping to galvanize interest in World War II.

Atkinson, Rick

Rick Atkinson is the author of dozens of best-selling books on American military history, including The Long Gray Line, a narrative saga about the West Point class of 1966; Crusade, a narrative history of the Persian Gulf War, and In the Company of Soldiers, an account of his time with General David H. Petraeus and the 101st Airborne Division during the invasion of Iraq in 2003. He has also written a three-part narrative history of the U.S.

Bird, Kai

Kai Bird is a historian and Executive Director of Leon Levy Center for Biography at the City University of New York. He is best known for writing about the bombings of Hiroshima and Nagasaki, the Vietnam War, US-Middle East relations and biographies of political figures. Bird is the author of American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer, for which he won a Pulitzer Prize, and The Good Spy: The Life and Death of Robert Ames, a New York Times bestseller. His most recent book is The Outlier: The Unfinished Presidency of Jimmy Carter.

Blight, David W.

David W. Blight is the Class of 1954 Professor of American History and Director of the Gilder Lehrman Center for the Study of Slavery, Resistance & Abolition at Yale University. Recently, Blight has written A Slave No More: Two Men Who Escaped to Freedom, Including Their Narratives of Emancipation, and Race and Reunion: The Civil War in American Memory, which won the Bancroft Prize, the Abraham Lincoln Prize, and the Frederick Douglass Prize.

Brands, H. W.

H. W. Brands is a best-selling author, historian, and the Jack S. Blanton Sr. Chair at the University of Texas at Austin. He has written thirty books, including The Zealot and the Emancipator, a dual biography of the abolitionist John Brown and President Abraham Lincoln, as well as The First American and Traitor to His Class, both finalists for the Pulitzer Prize and the Los Angeles Times Prize.