Wednesday, December 7, 2016
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Investing Wit and Wisdom

"One of the greatest pieces of economic wisdom is to know what you do not know."
-- John Kenneth Galbraith

This Day In Financial Speculation History

Events

  1880 -- Ferdinand de Lesseps Compagnie Universelle du Canal Interoceanique, organized to finance construction of the Panama Canal, goes public in Paris at 500 francs ($100) a share. De Lesseps bribes the French press with more than $300,000 in slush money, so the newspapers are enthusiastic--and the public goes wild, as more than 100,000 people buy into the IPO. Within eight years the company collapses and the shares become worthless.


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