Wednesday, December 17, 2008

The Financial Expert

I must have read The Financial Expert by R K Narayan ages ago. It is a delightful little novel set in Malgudi. The 'hero' of the novel Margayya is the financial expert of Malgudi. He hatches a scheme where by he accepts deposits from the town people at a huge interest and manages (for some time at least ) by paying the first set of depositors from the money he gets from the next set and so on. Till time catches up, of course.

It all came rushing back when I read about Madoff and his Ponzi scheme. Only that it is no longer funny.

I suspect more such fraudulent schemes will come tumbling out triggered by the financial crunch. So watch out!

PS: Was R K Narayan inspired by Charles Ponzi?

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