FYI: On October 28th, the day before Black Tuesday, the crescendo moment of the Crash of 1929, Time Magazine had a financier on its cover. At that time, virtually everyone in the international community had known his name all too well, although investors today probably wouldn’t recognize it. He was a confidant of kings and princes, dictators and captains of industry, a noted companion to the international movie star Greta Garbo and the close personal friend of President Herbert Hoover.
Little did anyone suspect that he was also destined to be be revealed as the biggest fraud in the history of Wall Street.
The more you read about financial history (and the more of it you live through), the more you start picking up on repeating patterns. This is not because the markets never change. They absolutely do. But people…people don’t change.
Regards,
Ted
http://thereformedbroker.com/2018/07/09/the-nine-essential-conditions-to-commit-massive-fraud/
