I think you miss the point. Ponzi schemes can be run by multiple organizations, and agreeing to a scheme together without signing legal formalities.
The big example of this would be the 2008 banking crisis where CDO's were bought and sold by multiple banks, but ended up being worth less than the pieces of paper they were printed on -- even though the banking industry should have known this were the case.
Once it was known, they sought to protect themselves first -- "Too big to fail", TARP were common terms of the time.
The big example of this would be the 2008 banking crisis where CDO's were bought and sold by multiple banks, but ended up being worth less than the pieces of paper they were printed on -- even though the banking industry should have known this were the case.
Once it was known, they sought to protect themselves first -- "Too big to fail", TARP were common terms of the time.