Ponzi's Scheme

The True Story of a Financial Legend

By: Mitchell Zuckoff

Narrated by: Grover Gardner

Length: 9 hrs and 57 mins

Publisher's summary

You’ve heard of the scheme. Now comes the man behind it. In Mitchell Zuckoff's exhilarating book, the first nonfiction account of Charles Ponzi, we meet the charismatic rogue who launched the most famous and extraordinary scam in the annals of American finance.

It was a time when anything seemed possible - instant wealth, glittering fame, fabulous luxury - and for a run of magical weeks in the spring and summer of 1920, Charles Ponzi made it all come true. Promising to double investors’ money in three months, the dapper, charming Ponzi raised the “rob Peter to pay Paul” scam to an art form and raked in millions at his office in downtown Boston. Ponzi’s Scheme is the amazing true story of the irresistible scoundrel who launched the most successful scheme of financial alchemy in modern history - and uttered the first roar of the Roaring 20s.

Ponzi may have been a charlatan, but he was also a wonderfully likable man. His intentions were noble, his manners impeccable, his sales pitch enchanting. Born to a genteel Italian family, he immigrated to the United States with big dreams but no money. Only after he became hopelessly enamored of a stenographer named Rose Gnecco and persuaded her to marry him did Ponzi light on the means to make his dreams come true. His true motive was not greed but love.

With rich narrative skill, Mitchell Zuckoff conjures up the feverish atmosphere of Boston during the weeks when Ponzi’s bubble grew bigger and bigger. At the peak of his success, Ponzi was taking in more than $2 million a week. And then his house of cards came crashing down - thanks in large part to the relentless investigative reporting of Richard Grozier’s Boston Post.

In Zuckoff's hands, Ponzi is no mere swindler; instead he is appealing and magnetic, a colorful and poignant figure, someone who struggled his whole life to attain great wealth and who sincerely believed - to the very end - that he could have made good on his investment promises if only he’d had enough time. Ponzi is a classic American tale of immigrant life and the dream of success, and the unexpectedly moving story of a man who - for a fleeting, illusory moment - attained it all.

©2005 Mitchell Zuckoff (P)2005 Books on Tape, Inc.

Critic reviews

"Zuckoff...tells Ponzi's story amicably and briskly, and keeps the complicated financial intricacies understandable." (The New York Times Book Review)

"Zuckoff's biography of Ponzi is meticulously accurate, based on memoirs and newspaper accounts of the day, weaving the story of the rise of this small-time Italian immigrant with that of Richard Grozier, second-generation editor of the Boston Post." (Booklist)

“For Charles Ponzi, a poor Italian immigrant with big dreams and grand schemes, the streets of America truly were paved with gold. In Mitchell Zuckoff’s hands, the get-rich-quick saga of Ponzi is a portrait of America in the Roaring Twenties - a time of innocence and greed, of rogues, rascals, and reformers. It’s hard not to root for Ponzi as he tiptoes along a financial high wire of his own creation, high above his immigrant investors cheering him on and the Boston Brahmins hoping for him to fall. Zuckoff spins a tale rich in intrigue, corruption, betrayal - and love. It is a story that resonates today, in an age of financial scandals ranging from Enron to Martha Stewart.” (Mike Stanton, author of The Prince of Providence)

An Odyssey, a Love Story, a Comedy and a Tragedy

An odyssey read by one of the best, portrays a figure larger than fictitious heros and more tragic than being in the wrong place at the wrong time.
If you like incredulity that is true, a love story that is always just out of reach and an ending that begs the question, “what if”, then this is a no miss for you. Happy listening!

Fascinating!

This book was such a good read. I really didn't know what to expect, you actually feel quite sorry for Ponzi in the end. He had such good intentions, but you know what they say about "good intentions".
From start to finish I just couldn't put this book down.

Actually made a human out of Ponzi.

What made the experience of listening to Ponzi's Scheme the most enjoyable?

The way Mitchell Zuckoff takes these characters who you believe to be secondary or tertiary in nature to the story and develps them as if they were major players. The research that was presented in the book was scrupulousw and masterful. It takes you from having Ponzi being a poor immigrant bon-vivant with dreams and ambitions much larger than life to an enterprising businessman/scoundrel that still has a heart of gold. I still don't understand his donation of skin to someone he did not know... almost as if he was buying "postal coupons" for heaven. All I had heard or read about Ponzi to date has been negative, this book opened up a human window into the person.

Who was your favorite character and why?

The reporters and editors of the Post, who believed enough on themselves to risk embarrassment and finacial ruin exposing Ponzi.

Which scene was your favorite?

Ponzi discovering the International Postal reply coupons and the follow up scheme.

Was there a moment in the book that particularly moved you?

If there was, I suppose the arrival of Ponzi's mom at Boston.

Any additional comments?

An excellent, well researched book Thank you Mr. Zuckoff.

Interesting

Everyone has heard of the term Ponzi Scheme, and this book details his life. Very entertaining, great reader. Ponzi was a nut.

Surprise yourself! Sympathize with a crook!

Where does Ponzi's Scheme rank among all the audiobooks you’ve listened to so far?

About the second or thrid best book I've listened to.

Who was your favorite character and why?

It is hard not to sympathize with Charles Ponzi, who had a brilliant idea put forgot to put the paperwork in the mail. And forgot to do the real work too. But by selling his efforts as "Helping the little man", became everyone's hero.

What about Grover Gardner’s performance did you like?

His reading speed is brilliant, and the subtle way in which he emphasizes important quotes makes listening very easy and entertaining.

Was this a book you wanted to listen to all in one sitting?

Yes.

Loved It

I always like reading about how certain phrases or actions get into society. This one was very intriguing and at times I felt sorry for Ponzi. He started out with honest motives but got in over his head. An interesting story that puts a friendly face on one of the most ridiculed ways of thievery.

Mitchell Zuckoff does it again - Great Listen

The first book I read by Mr. Zuckoff was "13 Hours in Benghazi." By coincidence I next read "Lost in Shangri-La." I then picked up a third book entitles "Frozen in Time." It was at this point I look at the author's name and realize that I had just read three of Zuckoff's books in succession... by accident. He is a wonderful writer and is able to bring which story to life in a way that is rather poetic. His work flows from one chapter to the next and makes you want to continue on in discovery of what comes next. When starting this latest book "Ponzi's Scheme," I was wondering how he could possibly hit 4 home runs in a row. Well, he didi. I listen to the book in less than 3 days, sometimes repeating chapters because of so much information. I can't wait to see what he releases next. In a very short time, he has become one of my top 3 authors. Bravo. and very well done.

Excellent if you like history and business

This book is excellent. As this book provides the color of the 1900 - 1920's in Boston, it provides an entertaining account of the flawed optimist Charles Ponzi rags to riches to rags story. Nicely written and well read.

A Business Biography that Reads Like Novel

I really enjoyed listening to this book. The author doesn't overdo the coverage on any part of Ponzi's life, or spend time going over pointless antidotes that don't serve the purpose of illustrating either a pivotal moment or the character of Ponzi. As a result, the story moves along at a really nice pace and is never too slow or boring.
The narration was also really good - as good as it gets in my opinion. Some narrators are really boring to listen to, but this guy (Grover Gardner) did such a great job I felt that his narration added to the interest of the story. Some narrators sound like they just got woken up from a nap to do a reading, but Gardner's treatment is upbeat and lively.
I felt listening to this book was time well spent and worth the purchase/credit.

Overly Kind Story of Ponzi

I enjoyed this story of the infamous Ponzi. His name is, of course, associated with financial scams. The author gives a gentler view of Ponzi. He doesn't make excuses for the fraud that is perpetrated, but he glosses over the real harm caused to Ponzi's victims. Instead of spending time discussing the horrible impact on those who lost money, he instead gives a few humorous quips from those who managed to find some hint of humor in their loss. It seems obvious from the book that the author wants to make Ponzi a fallible human rather than an evil mastermind. The narrator does an excellent job taking us back in time and I would love to hear more readings from him. He definitely adds to this audio book's value.