Ponzi Watch

If there\’s anyone out there with an awful lot of time on their hands they might want to try looking through all of those websites and adverts for offshore banking. See if they can spot others like this:

Millennium Bank, a Caribbean-based institution, shares some attributes with Stanford International Bank,……Millennium, based in St. Vincent and the Grenadines, offers five-year CDs with interest rates of 6.5 percent to 7.75 percent on deposits of $100,000 or more.

Best bit though, how they generate those returns?

On its site, Millennium explains it can offer high rates of return because "deposits in most countries are protected by a form of deposit insurance. Deposits in international private banks are not."

Or, we may be crooks but you\’re not protected!

2 thoughts on “Ponzi Watch”

  1. So Much For Subtlety

    See – now that is research.

    I assume that most depositors don’t think it is a ponzi scheme.

    I bet they think they are funding Colombian drug deals. Good profits there I expect.

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