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California / Pyramiding #65635

ABC Evening News for Thursday, May 22, 1980
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(Studio) Rel. between incring. unemployment and questionable means of earning an income noted; shortages at major banks in California from current enthusiasm for "pyramid" scheme reported.
REPORTER: Max Robinson

(Los Angeles, California) Chain-letter scheme during the Great Depression recalled; photos shown. [MAN - explains his investment in pyramid.] "Pyramid," or business list concept, currently played in California explained. [PEOPLE - explain why they're involved.] Sec. precautions taken at pyramid mtgs. due to illegality of game in California noted. [Alameda Cnty. deputy district attorney Greg GIBESON - comments on scheme.] Support for game outlined. [Lola RADER - comments.] Inevitable losses involved in game outlined.
REPORTER: Royal Kennedy

Reporter(s):
Kennedy, Royal;
Robinson, Max
Duration:
00:02:50

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