Chris Gribble

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Making money – Perspective

October 18, 2006 by Chris Gribble

In 1923 a group of the world's most successful financiers met at a Chicago hotel. Present were:

  • The president of the largest independent steel company.
  • The president of the largest utility
  • The greatest wheat speculator
  • The president of the New York Stock Exchange.
  • A member of the President's cabinet.
  • The president of the Bank of International Settlements.
  • The head of the world's greatest monopoly.

Collectively these tycoons controlled more wealth than there was in the United States Treasury, and for years the newspapers had been printing their success stories and urging the youth of the nation to follow their example. Twenty five years later, lets see what happened to them.

  • The president of the largest independent steel company -Charles Schwab- lived on borrowed money the last five years of his life, and died penniless.
  • The greatest wheat speculator – Arthur Cutten died abroad in poverty.
  • The president of the New York Stock Exchange – Richard Whitney- was in prison.
  • The member of the President's cabinet – Albert Fall- was pardoned from prison so he could die at home.
  • The president of the Bank of International Settlements -Leon Fraser – committed suicide.
  • The head of the worlds greatest monopoly – Ivan Krueger- committed suicide.

All of these men had learned how to make money, but not one of them had learned how to live.

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