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Ponzi's Scheme_ The True Story of a Financial Legend - Mitchell Zuckoff [142]

By Root 455 0
Life and Times of William Howard Taft: A Biography. Farrar & Rinehart, Inc., 1939, pp. 627–36. Also Ponzi, pp. 31–32.

49

“the most brutal”: Ibid., p. 628.

50

false medical claims against coal-mining companies: Ponzi, pp. 33–34.

51

Truman H. Aldrich: Charles E. Adams, “The Great West Blocton Town Fire of 1927,” Alabama Heritage, Summer 1998.

51

“a brotherhood of common interests”: Ponzi, p. 35.

52

“Something always happens!”: Ibid.

52

Pearl Gossett: The story of Ponzi’s donation of skin can be traced to A. C. Aderhold, his boss at the Atlanta prison, who shared the newspaper clipping of the account with reporters in 1920. See “ ‘Ponci’ of Great Help in Federal Prison,” Boston Globe, August 12, 1920, p. 10. Ponzi provides his own account in his autobiography, pp. 36–38.

54

S.S. Tarpon: Ponzi, p. 39.

54

“Librarian Wanted at the Medical College”: “A Leaf out of Ponzi’s Past: ‘Fired’ from $30 a Month Mobile Job in 1915,” Boston Globe, August 5, 1930, p. 1. Gus Carlson Jr. is quoted extensively in the story, along with Mrs. T. C. White. Also Ponzi, pp. 39–43.

56

New Orleans: In his autobiography, Ponzi tells an interesting but largely unverifiable story about his time in New Orleans (see pp. 44–50). In it, he claims the following: Following a string of unsolved murders, he and a minister took it upon themselves to improve the reputation of the city’s Italian community. The two men went to the editor of the New Orleans States newspaper claiming to represent a secret society of prominent Italians that in truth existed only in their minds. Insisting on anonymity, they told the editor that “the better element of the Italian colony have decided to take matters into their own hands and put an end to all these killings.” To do so, the society would gather information about everyone suspected of involvement, and that information would be turned over to the police. They reasoned that the public announcement of such a society would slow the killings because the killers would fear that “they might be secretly denounced by persons whose identity they could not establish.” The States ran a story about the society, Ponzi claimed, after which other newspapers poured reporters into the city’s Italian enclave, hoping to learn more; of course they could not, because no such society existed. The upshot of Ponzi’s story was that the editor of the States arranged a secret meeting between Ponzi, the minister, the mayor of New Orleans, and the chief of police, at which the mayor supposedly offered Ponzi and the minister thirty thousand dollars to help the society in its investigation. Ponzi claimed that he and the minister realized they had gone too far; had they been identified as the originators of a law-and-order society they would have faced danger from the killers. But if their society was shown to be a ruse, they might face charges from the authorities. Their only choice was to leave town, separately, which Ponzi insisted they did. “We were just a couple of madcaps,” he wrote. “Not swindlers.” Although the story cannot be confirmed and may well be fanciful, it is reasonable to think that there are several grains of truth to it. Mostly, it is consistent with Ponzi’s trademark brand of impetuous scheming in which a seemingly clever idea gets him in over his head.

56

Wichita Falls: Historical information found online at www.wichitafalls.org/index.htm. Also Ponzi, pp. 51–52.

56

a sixteen-dollar-a-week clerk: “Arrest in Ponzi Case May Be Made Today,” Boston Post, August 12, 1920, p. 1.

57

Italy was seeking emigrants as reservists: “Ponzi’s Career Is Spectacular,” Boston Globe, August 13, 1920. Also “Ponzi Relates Story of His Life,” Boston Post, August 9, 1920, p. 16; “Arrest in Ponzi Case May Be Made Today,” Boston Post, August 12, 1920, p. 1.


Chapter Five: “As restless as the sea”

59

“There were many times”: Keene Sumner, “A Great Editor Tells What Interests People,” American, January 1924, p. 122.

59

guest at his dinner table: Ibid., p. 120.

59

“The bulk of the work”: “Editor of Post

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