August 23: ON THIS DAY IN HISTORY
ON THIS DAY IN 1920, the Brooklyn Daily Eagle reported, “A list of investors in the [Charles] Ponzi scheme — persons who trusted in the ability of the overnight financier to make riches for them in a month or two – looked like a cross section of the community when it was printed today. All walks of life were there — men and women of the professions, of business and of labor. It is estimated that thirty thousand in all placed their money in the scheme which is now in receivership and of these about one-half withdrew it with or without the 50 percent interest which Ponzi paid before the crash. The others are relying on federal receivers to recover what is left.”
***
ON THIS DAY IN 1935, the Eagle reported, “WASHINGTON (A.P.) — Budget Bureau officials and the President’s Economic Security Committee estimated today that 10,000 persons will be employed to administer the new social security law. The new agency will be ‘one of the largest in Washington,’ one high-ranking Budget Bureau official said.”