Curiouser and Curiouser

In a Ponzidom far far away, there lived a King who amassed a great fortune, to the tune of 64 billion, by defrauding his loyal subjects. Then the great civil war started and the king was dethroned and thrown into jail and the accountants took control of the land and started to calculate the King’s fortune to divide it back to the people. Only they made a fatal mistake in calculating the fraud based on a newfound accounting theory which showed the loses to be 21 billion. Soon the people revolted again, but this time they took the heads of the chief accountant, who was soon charged of operating a reverse Ponzi. And they lived happily ever after. OK boys, it’s late now, go to sleep.

“The sum of all of those individual account balances was more than $64 billion. By contrast, Mr. Picard has said that the eligible losses in the fraud, by his formula, total just over $21 billion”