Charles Ponzi’s name will be forever associated with the financial fraud scheme he elevated to a way of life. After some minor financial crimes and brief times in jail, in early 1920 he began offering investors a 50 percent return on their money in 45 days and a 100 percent return in 90 days. Although it seemed too good to be true, the money poured in. Ponzi used money from new investors to pay prior investors to pay prior investors and fund his lavish lifestyle. By the time his fraud was discovered in August 1920, investors had lost 20 million dollars and five banks had failed. Ponzi spent 3 years in prison, was later deported to Italy, and died penniless in 1949 at the age of 66.
The Old Testament book of proverbs frequently contrasts the reputations of wise and foolish people: “The memory of the righteous is blessed, but the name of the wicked will rot…He who walks with integrity walks securely, but he who perverts his ways will become known”. Solomon sums it up by saying, “A good name is to be chosen rather than great riches, loving favor rather than silver and gold”
We seek a good name, not to honor ourselves but to glorify Christ our Lord whose name is above all names.
From the book “Our Daily Bread”.