Wheels of Fortune: The History of Speculation from Scandal to Respectability - Hardcover

Geisst, Charles R.

Hardcover

ISBN 10: 0471212229 ISBN 13: 9780471212225

Publisher: Wiley, 2002

Synopsis

An intriguing history of the futures market and speculation
From Jay Gould's attempt to corner the gold market in the 1860s to the Hunt brothers' scandalous efforts to control the silver market in the 1980s, Wheels of Fortune traces the rich, colorful history of the futures market on its quest for respectability and profit. This comprehensive account shows readers why the markets have been grabbing headlines for over 100 years as both respectable economic institutions and hotbeds of gambling activity and scandal. Charles Geisst brings the personalities and strategies behind the futures market and speculation in general to life, against a backdrop of American life that begins prior to the Civil War.

About this title

From the Inside Flap:

For over 150 years, speculation in the financial markets, especially the futures markets, has contributed to both celebrated and infamous moments in this country's financial history-from Benjamin Hutchinson's corner of wheat in the 1860s to the Hunt brothers' cunning efforts to control the silver market in the 1980s. But from the very beginning, even after the economic value of futures was confirmed, the men who traded them and their motives have constantly been questioned.

Wheels of Fortune is an engaging and original story that traces the rich, colorful, and often scandalous history of the U.S. futures market in its quest for respectability and profit. Set against a backdrop that begins prior to the Civil War and continues through the twentieth century, renowned business historian and bestselling author Charles Geisst takes you on an incredible journey that brings the personalities and strategies behind the futures markets and speculation in general to life.

You will discover how daring nineteenth-century traders such as "Old Hutch," P. D. Armour, and Jay Gould set the standard for speculation with their bold attempts to corner the wheat and gold markets, and watch as other inspired individuals, companies, and even foreign governments quickly entered this arena during the twentieth century-as fundamental commodities in society would eventually be measured in basis points, not bushels. But this is only the beginning. Wheels of Fortune swiftly moves through the decades to recount the uphill battles these markets have faced, from political pressures mounted by the Sons of the Wild Jackass, legal rulings handed down by the Supreme Court, and FBI sting operations to fiascoes such as the salad oil swindle, Ferruzzi Finanziera, Orange County (California), and Long-Term Capital Management.

The history of the futures markets, derivatives, and speculation is full of misunderstandings and false assumptions. Wheels of Fortune seeks to clarify these misconceptions by capturing the spirit of these markets from their earliest days, chronicling the events and individuals that brought scandal and skepticism into the markets, and exploring the laws and governing bodies that were established to rein them in. This lively account offers an accurate picture of how the futures and derivatives game has been played over the years and tries to answer the question: "For whom are the futures markets dealing-the public or themselves?" Ultimately, the decision is yours.

From the Back Cover:

From the very beginning, financial markets have been called everything imaginable?from gambling dens to vital centers of commerce. But the futures markets have been especially criticized for the neverending scandals and constant turmoil that have surrounded them.

Wheels of Fortune is an engaging and original story that traces the rich, colorful, and often scandalous history of the U.S. futures market in its quest for respectability and profit. Set against a backdrop that begins prior to the Civil War and continues through the twentieth century, renowned business historian and bestselling author Charles Geisst takes you on an incredible journey that brings the personalities and strategies behind the futures markets and speculation in general to life.

You will discover how legendary traders such as Benjamin Hutchinson cornered the wheat market in the nineteenth century and learn how other bold traders as well as lax regulations paved the way for twentieth-century debacles and events that would continue to tarnish the reputation of the CBOT, the CME, and other related institutions and markets.

The history of the futures markets, derivatives, and speculation is full of misunderstandings and false assumptions. Wheels of Fortune seeks to clarify these misconceptions by chronicling the events and individuals that brought scandal and skepticism into the markets, and exploring the laws and governing bodies that were established to rein them in?but lacked the power to do so.

"Geisst . . . presents a colorful gallery of rogues." --Erika Kinetz, International Herald Tribune

About this edition

• Publisher: Wiley
• Publication date: 2002
• ISBN 10: 0471212229
• ISBN 13: 9780471212225
• Binding: Hardcover
• Edition number: 1
• Number of pages: 416