I have heard a lot about the evils of this Ponzi Scheme. The NHS Pension Scheme is run on similar lines since there is no fund of investments. If it is alright for a Government to run such a scheme then maybe it is not so bad for one to be run privately.
U.S. Democratic Senator Merkley airs support for Iran nuclear deal (Reuters)
from the article: Bernard Madoff's brother gets 10-year sentence