Crisis management: The case of the MMM financial pyramid
Keyword(s):
The paper considers MMM, one of the world?s most famous financial pyramids that worked during the last decade of the 20th century. The author shows that financial pyramids were not the result of the transition process. They have been a regular phenomenon in the most developed economies (The Netherlands France, England etc) during the earlier periods. The short history of the pyramid MMM is given, and then in the key part of the article the functioning of the Crisis Management Group that help MMM to survive the crisis period in the middle of the year 1994. At this manner, MMM became perhaps the only pyramid in history that continues to work successfully after the financial collapse.