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Article: In Russia, capitalism booms and busts Collapse of MMM pyramid scheme reveals dangers in postcommunist culture
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- July 31, 1994
- Author:
CopyrightCopyright 1994 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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MOSCOW -- With last week's collapse of the MMM Co., Russia's
largest mutual fund, the country has decisively entered the era of
Early Capitalism, replete with both boom and bust.
MMM, it turns out, was a pure "pyramid scheme," paying old
customers dividends from the revenue of new customers' investments.
Those who got in early and pulled out in time, made big profits;
those who stayed in too long, lost everything.
Two days ago, MMM's 10 million shareholders lost nearly everything.
From February until last week, the price of an MMM share skyrocketed
from $1 to $50. Then, on Friday, after panic-selling took hold and
the pyramid collapsed, its price nosedived to just under 50 cents.
Such ...
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... ... degrees in October 1999. Jeff Allen, MD, MMM, CPE, sold his practice and was on sabbatical ... a new urgent care center in Burlington. MMM impact: The most useful courses were the ... the finance courses. Mark Katlic, MD, MMM, left the practice he owned and took a ...
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