Sir, – Full Tilt Poker is being prosecuted in the US for owing clients $390 million while apparently only having $60 million in its accounts (Business Today, September 24th). It was, however, still disbursing handsome payments to its board. The US prosecutors are calling it an elaborate “Ponzi scheme”.
Could someone please point out the material difference between this and the balance sheets of most of the banks in the western world at the moment? – Yours, etc,