WS History
This Week in Wall Street History November 8th
A financial stampede for the exits spun out of control following a sprint to clear the Knickerbocker Trust Co.’s vaults. Dubbed the “Rich Man’s Panic,” the havoc wrecked on the U.S. banking and monetary systems crested this week on Nov. 9, 1907. From greed to fear, economic structures wobbled as a lawless regulatory wild west [...]
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This Week In Wall Street History: October 18th
Oct. 18 – Cackling, “Whoever has the most when he dies, wins,” Danny DeVito’s market-driven, corporate-raider character, Lawrence “The Liquidator” Garfield, lit up screens in the dark comedy, “Other People’s Money,” released this week in 1991. The plot, based on a bitterly satiric, off-Broadway play, has tough-guy Garfield prowling for the next big score. He soon focuses [...]
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This Week in Wall Street History September 27th
Playing for high stakes, Michael Lewis tossed aside a chest-beating bond sales position at the “Law of the Jungle”-cultured Salomon Brothers for the wilds of financial journalism. He hit the jackpot with his semi-autobiographical novel, “Liar’s Poker, Rising Through the Wreckage of Wall Street,” arriving on bookstore shelves this week on Oct. 1, 1989. Known [...]
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This Week In Wall Street History September 20th
The aftermath of the 2008 financial collapse of some of Wall Street’s largest financial institutions was apparent in September of that year. The month, riddled with bank failures, included seemingly endless talks and heated debate over whether government action and financial supporting of the banks was necessary to mend the Wall Street woes. Sept. 20- [...]
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This Week In Wall Street History September 6th
New York Stock Exchange traders protectively toiled under a roof years before they moved into their current 18 Broad St. home — unlike the New York Curb Exchange, later known as the American Stock Exchange, that braved the elements until 1929. Yet, the decision to build a pricey (for that time) $4 million, light-filled, air-conditioned establishment [...]
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This Week In Wall Street History August 30th
August 30th – Known for his folksy charm, frugality, prized annual shareholders’ letter, and immense wealth, the “Oracle Of Omaha” Warren Buffett celebrates his birthday, this week on Aug. 30. Revealing a knack for making shrewd business decisions since grade school, the ole’ cornhusker’s well-chronicled career soared “as high as an elephant’s eye” following a [...]
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This Week In Wall Street History August 23rd
Taking a look back during what is traditionally one of the quietest weeks on Wall Street: August 23rd – Dow Jones index reaches an interim record high of 3,638.96 points in 1993. August 23rd – In 1961, East Germany imposed new curbs on travel between West and East Berlin, further intensifying the nation’s separation. 29 years [...]
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This Week In Wall Street History August 16th
Whether having committed an iconic prank of disgusting defiance or hilarity, instigators “George Metesky and friends” better known as Abbie Hoffman, Jerry Rubin, Stew Alpert and other members of the Youth International Party (Yippies) swarmed the NYSE visitors gallery on August 24th, 1967 – and tossed dozens of dollar bills over the railing onto the trading floor below. [...]
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This Week In Wall Street History August 9th
Marking the triumphant return of World War II soldiers, the NYSE closed for business on August 15th-16th, 1945 in honor of the nation’s V-J Day and joined in the glorious parade up the hallowed “Canyon of Heroes” in the financial district. New York’s swirling blizzard-worthy tradition of dumping shredded office paper and stock ticker tape out building windows in honor of persons [...]
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This Week in Wall Street History August 2nd
The United States survived an early crucial test of its new centralized authority, and Constitution, when nearly 13,000 troops were called in to quell rioting farmers in the “Whiskey Rebellion” of western Pennsylvania, this week in August 1794. Unrest among farmers began in response to a 1791 federal excise tax devised by Secretary of the [...]
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This Week in Wall Street History July 26th
July 30th – After raging fraudulent activity and misconduct by management and accounting groups at publicly-listed firms – such as Enron, WorldCom, Tyco International, Adelphia, and Peregrine Systems – had a crippling effect on Wall Street, Congress sought to enhance the accountability and transparency of listed firms with the the Oxley bill, proposed by Rep. Michael Oxley, R-Ohio, in April [...]
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This Week in Wall Street History July 19th
July 19th – The aftermath of a major Cabinet Secretarial smack down yielded Federal Reserve Chairman G. William Miller’s nomination for Treasury’s top spot by the economically challenged President Jimmy Carter — this week on July 19, 1979. Short in stature but long in energy, Miller was a successful lawyer and corporate chief executive at Textron [...]
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This Week in Wall Street History July 12th
July 12th – 1861 Jay Cooke notified Secretary Chase that his company, in partnership with Drexel & Company, would immediately open “a first class Banking Establishment” in Washington DC to manage and sell an interest bearing loan portfolio for the Federal government. In turn, the Philadelphians would receive commission fees for their services. Fortunately, Cooke [...]
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This Week In Wall Street History July 5th
July 7th – Proving that necessity breeds invention, Secretary of the Treasury Salmon P. Chase persuaded Philadelphian banker Jay Cooke to commandeer the North’s financial front for the Civil War, this week in 1861. Post Lincoln’s Presidential election, an already depressed stock market offered very limited, if any, monetary resources to fund the Nation’s costly efforts. [...]
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