any English word
for its translation !
Your choice was correct!
b) an investment swindle
"Rice said he agreed with the SEC that Herl and May were operating a Ponzi scheme in which proceeds from newly sold notes are used to pay interest on older notes."
(Jim Bohman, Limits set on USA Financial, Dayton Daily News, Feb 4, 1999)
Did you know?
Wordwise: If something sounds too good to be true, it probably is. A Mr. Ponzi offered to double his investors' money in a very short time. Behind his promise of grandiose returns there was no engine of industry to harness human potential and generate revenue. It was all a facade, using the money of new investors to pay off the previous ones. Soon the bubble burst, and with that Ponzi's name was forever etched in contemporary language as a term for such schemes.
Charles Ponzi (1882?-1949) Italian-born speculator who organized such a scheme in 1919.
Today's Learning Tip (5):
Children learn very effectively through stories, so can you. Create a mini-story for those words you have the most trouble remembering.
more learning tips
Building your English day by day...
Let others enjoy One-Word-A-Day too!
OWAD is a free English training programme run by enthusiastic people who
support open communication and personal growth. Please do spread the word
and recommend us to a colleague or friend:
Recommend it now!