In 1923, nine of the world's most successful financiers met at Chicago's Edgewater Beach Hotel. Financially, they literally "held the world by the tail" -- anything that money could buy was within their grasp -- they were rich -- rich -- rich! Hear their names and the high position each held:
1. Charles Schwab, the president of the largest steel company.
2. Samuel Insull, the president of the largest electric utility company.
3. Howard Hopson, the president of the largest gas company.
4. Arthur Cutten, the great wheat speculator.
5. Richard Whitney, the president of the New York Stock Exchange.
6. Albert Fall, the Secretary of Interior in President Harding's Cabinet.
7. Jesse Livermore, the greatest "bear" on Wall Street.
8. Ivar Kreuger, head of the world's greatest monopoly.
9. Leon Fraser, president of the Bank of International Settlements.
A tremendously impressive group -- right? Would you like to change positions with one of them? Before you decide, let's look at the picture 25 years later -- in 1948:
1. Charles Schwab was forced into bankruptcy and lived the last five years before his death on borrowed money.
2. Samuel Insull not only died in a foreign land, a fugitive from justice, but was penniless.
3. Howard Hopson was insane.
4. Arthur Cutten became insolvent and had died abroad.
5. Richard Whitney had just been released from Sing Sing prison.
6. Albert Fall had been pardoned from prison so he could die at home--broke.
7. Jesse Livermore had died a suicide.
8. Ivar Kreuger took his own life.
9. Leon Fraser also committed suicide.
1. Charles Schwab, the president of the largest steel company.
2. Samuel Insull, the president of the largest electric utility company.
3. Howard Hopson, the president of the largest gas company.
4. Arthur Cutten, the great wheat speculator.
5. Richard Whitney, the president of the New York Stock Exchange.
6. Albert Fall, the Secretary of Interior in President Harding's Cabinet.
7. Jesse Livermore, the greatest "bear" on Wall Street.
8. Ivar Kreuger, head of the world's greatest monopoly.
9. Leon Fraser, president of the Bank of International Settlements.
A tremendously impressive group -- right? Would you like to change positions with one of them? Before you decide, let's look at the picture 25 years later -- in 1948:
1. Charles Schwab was forced into bankruptcy and lived the last five years before his death on borrowed money.
2. Samuel Insull not only died in a foreign land, a fugitive from justice, but was penniless.
3. Howard Hopson was insane.
4. Arthur Cutten became insolvent and had died abroad.
5. Richard Whitney had just been released from Sing Sing prison.
6. Albert Fall had been pardoned from prison so he could die at home--broke.
7. Jesse Livermore had died a suicide.
8. Ivar Kreuger took his own life.
9. Leon Fraser also committed suicide.