Spanish translation: de nombre rimbombante/presuntuoso
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English to Spanish translations [PRO] Bus/Financial - Business/Commerce (general)
English term or phrase:august-sounding
“Ponzi scheme” is named. A Ponzi
scheme is a business set-up in which interest or dividend payments
exceed cash flows and are made out of capital. Of course, all Ponzi
schemes come to grief sooner or later. Ponzi, a 42-year-old former vegetable
dealer, forger and smuggler, launched his something-for-nothing,
get-rich-quick scheme in Boston in September 1919. Offering no collateral,
he promised to pay $15 for every $10 left with him for 90 days. He
told lenders that his firm, the august-sounding Old Colony Foreign
Exchange Company, would use the funds to buy and sell International
Postal Union reply coupons, profiting from differences in currency rates
(although it never really did).