The word “ponzimonium” (Ponzi scheme + pandemonium) was coined by Bart Chilton, a commissioner on the United States Commodity Futures Trading Commission (CFTC), in March 2009. Chilton warned of “rampant Ponzimonium” as the CFTC investigated hundreds of possible financial scams (many of them “Ponzi schemes") in the aftermath of the Bernard Madoff financial scandal.
“Ponzimonium” (usually capitalized) has had infrequent use since 2009.
What Does Ponzimonium Mean?
After Bernard Madoff’s $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium refers to the tremendous growth rate in the number of people under investigation by the Securities Exchange Commission for suspected similar fraudulent behaviors.
Free Merriam-Webster Dictionary
Pon·zi scheme noun \ˈpän-zē-\
Definition of PONZI SCHEME
: an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks
Origin of PONZI SCHEME
Charles Ponzi †1949 American (Ital.-born) swindler
First Known Use: 1973
Free Merriam-Webster Dictionary
Pan·de·mo·ni·um noun \ˌpan-də-ˈmō-nē-əm\
Definition of PANDEMONIUM
1: the capital of Hell in Milton’s Paradise Lost
2: the infernal regions : hell
3not capitalized : a wild uproar : tumult
Origin of PANDEMONIUM
New Latin, from Greek pan- + daimōn evil spirit — more at demon
First Known Use: 1667
Wikipedia: Bart Chilton
Bart Chilton (born May 1, 1960) is a commissioner on the United States Commodity Futures Trading Commission (CFTC). Chilton has been a vocal supporter of position limits in commodities markets. He has exposed manipulation practices in commodities markets and gone on record as wanting to prosecute violations of law, which he believes have taken place in the silver market.
CFTC fears market ‘Ponzimonium’
By Javier Blas, Commodities Correspondent
Published: March 20 2009 19:35 | Last updated: March 20 2009 19:35
US federal regulators have warned of a “rampant Ponzimonium” as they disclosed they are investigating “hundreds” of possible scams in the aftermath of the $50bn fraud allegedly perpetrated by Bernard Madoff.
U.S. regulator probing “Ponzimonium”
By Jason Szep
Fri Mar 20, 2009 11:41pm GMT
BOSTON (Reuters) - Hundreds of people in the United States are under investigation for financial scams, many involving Ponzi schemes, a U.S. regulator said on Friday, calling the phenomenon “rampant Ponzimonium.”
Ponzimonium, Ponzipalooza, Ponzimania
on March 27, 2009 in Fraud
There is “rampant Ponzimonium.” Or is there a “virtual Ponzipalooza”?
Bart Chilton, a commissioner at the Commodities Futures Trading Commission coined these terms in his speech on March 20 before American Bar Association’s Committee on Derivatives and Futures Law Students.
Personally, I prefer Ponzimania.
Fund manager, author of Gold: the Once and Future Money (2007)
Posted: March 31, 2010 10:13 AM
It’s Ponzimonium in the Gold Market
We’ve had a string of amazing revelations recently regarding the world’s precious metals market. This is important stuff for anyone (like me) who holds gold as a means to avoid currency turmoil and counterparty risk.
New York City • Banking/Finance/Insurance • (0) Comments • Sunday, August 14, 2011 • Permalink