The 70-year-old Madoff was arrested Thursday on charges of running what amounted to an old-fashioned Ponzi scheme: reporting illusory profits and paying off one set of investors with cash raised from others. [Emphasis mine]
Remind you of some government program? I thought so.
I love it when the media use “Ponzi scheme” because it allows me to refer to Social Security. Maybe I should set up an alert on one of the search engines.