1/03/2009

Ponzi's Scheme: The True Story of a Finincial Legend by Mitchell Zuckoff




A car trip of over 5 hours can be pretty boring. That's why whenever I make the trek to visit family, I listen to the radio quite a bit. But eventually that gets pretty boring too, even without having to channel jump to keep getting a station with a clear signal.

This year, I decided to try a book on CD. After all it would make the time go by just as easily. And, as an added bonus, I could get a book "read" while driving.

My choice was Ponzi's Scheme. This being my first book on CD, and the first time in many years for audio books of any kind (back in the day, there were no CDs yet and my books were audio on cassette tapes), I didn't quite know what to expect. I found out right off, that due to CD capacity, the book was unabridged, meaning I got to hear the whole book, not just an edited down version, as was the case with the cassettes of old.

The book was read by Grover Gardner. A few words on the quality of the reading is in order. I thought the monotone delivery was a little dry. Hardly any emotion comes through on the reading. That much I remember from the old days. I imagine it is a standard in the industry, because I have never heard an audio book with much emotion in the reading.

That said, the story was quite interesting. With the exception of one chapter that was devoted to the life and politics of former Boston mayor, James Michael Curley, I thought the story went rather well. The fact that Curley does not seem to be a major player in the rest of the story was the cause for me to find this section out of place. At least with the case of Edwin and Richard Grozier, publishers of the Boston Post, there was a constant link to the story, so delving into their lives did not cause any comment.

What the story boils down to, in case you are not familiar with it, an Italian immigrant, Carlo (Charles) Ponzi, ran an illegal racket in which he claimed to be dealing in postal reply coupons, buying them in one country that had a cheap rate, and selling them for a higher value to another country. Investors were guaranteed a 50% interest on their investments, but what it really came down to was a "robbing Peter to pay Paul" scheme in which he used later investors money to pay off previous investors.

Knowing all this does not in the least take away from the enjoyment of the book, whether read by you or by the audio reader. I know, because I was fairly well knowledgeable on the subject beforehand, and still got enjoyment from it.

I rate the book 7 stars, but I rate Gardner's audio version only 5. I think you would find it more enjoyable just taking the time to read it yourself.

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