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ArtikelThe King of Con-men; Financial Crime  
Oleh: [s.n]
Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 405 no. 8816 (Dec. 2012), page 103-106.
Topik: Fraud; Financial Crime; Ponzi Scheme
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Isi artikelGlengyle house was built in the early 17th century by the clan MacGregor, a family made famous by Rob Roy, born there in 1671. Rob's debt-dodging antics have made him very popular in Scotland (his creditors were rich landowners). He features in two Hollywood films, an operetta and a cocktail. Gregor MacGregor, born at Glengyle in 1786, is less well known. He deserves more attention: he pulled off the greatest confidence trick of all time. MacGregor's biggest swindle raised Pounds 200,000. Over his lifetime, his bond-market frauds ran to Pounds 1.3m (as a share of Britain's economy, around Pounds 3.6 billion today). It is true that more recent scams have raised more. Bernie Madoff, a New York-based fraudster caught out in 2008 ran a scheme 20 times bigger, at $65 billion. In cash terms alone Mr Madoff trumps MacGregor. But fraud is about creating false confidence, and making people believe in something that does not exist. For some, like Mr Madoff, it is the belief in the trickster's shamanic stock-picking skills. For others, like Charles Ponzi, it is a fail-safe mathematical scheme. MacGregor was far more ambitious: he invented an entire country. He was, he claimed, the "Cazique" or Prince of this land--Poyais--located near the Black River, in modern-day Honduras
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