What Was Ponzi's Problem?
I have spent the past several days trying to figure out exactly what was wrong with Charles Ponzi. At last, I believe I have developed a working hypothesis. Ponzi, in my admittedly not-even-a-little-bit-professional opinion, did not understand the concept of delayed gratification. This man worked ten times harder at the concept of getting rich quick than the amount of effort that would have been required to just go to college, get a degree, and start working a respectable job. His turnaround for both sky-high levels of success and crashing, crushing failure were all remarkably fast. He spent less than a year – only around eight months – as an influential financial mind before his own hubris and the fundamentally-unsustainable nature of his scheme collapsed around his ears. That’s the most dramatic example, but Ponzi’s lack of ability to use even a tiny degree of patience and self-control is also eviden...