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so early investors take $50 billion from late investors, minus madoff’s company costs, philanthropy and what he took out for himself

the early investors in ponzi schemes give them their credibility
others are then let in on their profits and their cache

jamaica has been similarly hit, with ponzi schemes styled for both rich and poor, olints and cash plus

poor people put their savings in because they have no other way to make money
same with rich people, sort of

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