Russia's "Bernie Madoff" has been pulling a multi-billion dollar scam for decades, and his victims love him

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He literally called his financial advice radio show “The Pyramid”? A little on the nose don’t you think?

Also, that 230 million user figure is bullshit.


So a $4700 investment will bring me $19 million after one month? But I only want $1 million-- how about I give you the $1 in bitcoin, and you give me $1 million in US dollars, and you keep the rest? Pretty good deal for you right?


Apparently in Albania people knew that pyramid schemes didn’t work, but they thought that the government were all invested in them too and would bail them out when they collapsed. I suspect that many Russians thought the same.

Madoff on the other hand seemed to work on in-group; such intelligent people, who belonged to the same synagogue/golf club/country club were Madoff investors. Perhaps he had discovered an ingenious scam - but then better to get on the bandwagon while it’s still good!

There are different reasons why people delude themselves. One of my in-laws was almost persuaded to invest money in a property development scheme which offered high rates of returns. The people in charge were solicitors [transactional lawyers] and chartered surveyors. What could possibly go wrong? I told him a couple of my father’s horror stories about crooked lawyers.
The scheme collapsed when the apparently respectable professionals went to prison for fraud.


Calculator of happiness? Didn’t anybody tell this guy money can’t buy happiness? How happy does President Trump look?


The Elvis suit / Pee Wee Herman Bowtie fashion mash-up is nothing short of genius.

If you’re going to go, go big!

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It’s not just Nigeria. MMM has been operational in South Africa for years, at large scale – and has even drawn a warning from the local communist party.

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If I recall correctly MMM’s ads were among of the first ads to run on Russian TV. In contrast to slick productions for consumer products they made it into something like a mini-series featuring the lovable everyman, Mr. Golubkov. A dude you could relate to. Apparently hugely successful.

Hmm… the concept of stokvel sounds a bit weird?

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