From Little Everywhere and Pushkin Industries, and hosted by Jane Marie, comes the third season of The Dream. Past seasons of this award-winning investigative podcast looked at pyramid schemes and the world of wellness. This season we're getting to know the gurus and life coaches who claim they know the secret to living our best lives. Is it all in our mindset? Or our privilege? Or are we all under a spell? Find out this September.
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The Fraudster's Guide to Magic Money from Cautionary Tales
Sam Israel had a problem. The investors in his hedge fund, Bayou Capital, were expecting spectacular returns. Sam himself had spent years proclaiming the fund's brilliant results. In reality, Sam had been marking his own homework, publishing fraudulent accounts and using these to lure in new investors.
What to do? Well, the logical thing of course: wait around for an extraordinary profitable streak, and in the meantime keep up the ruse...
We're bringing you an episode of Cautionary Tales with Tim Harford. This episode was recorded live at the Bristol Festival of Economics and studies three incredible investment scams. How do pyramid and ponzi schemes snowball out of control, flattening victim and fraudster alike?
For a full list of sources, see the show notes at timharford.com.
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