The Indicator from Planet Money Exposing Charles Ponzi
21 snips
Feb 12, 2025 
Darius Raffian, founding producer of The Indicator podcast, shines a light on Simon Swig, an unsung hero who exposed Charles Ponzi’s infamous scheme. The conversation dives into Swig’s radical banking approach, his commitment to social justice, and the complexities of trust in finance. They discuss the turmoil following Ponzi's arrest and Swig's own financial struggles, revealing the fragility of legacies in the banking world. The podcast wraps up with a poignant tale of kindness rooted in history, emphasizing the impact of positive legacies.
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Bar Story
- Darius Raffian learned about Simon Swig from Kent Swig in a bar.
- Kent revealed his great-grandfather exposed the first Ponzi scheme.
Swig's Rise
- Simon Swig, a Lithuanian immigrant, rose from poverty to build a business empire.
- His "People's Bank" catered to those excluded from traditional finance.
Exposing Ponzi
- Swig, suspicious of Ponzi's activities, ordered him to close his accounts.
- He then publicly denounced Ponzi, contributing to his downfall.