Sign up for the Snopes. Know of a rumor you want investigated? Lonely and just want to chat? Select from one of these options to get in touch with us:. Essay details the sad fates of rich and powerful men from Over a generation ago, inwho was: President of the largest steel company?

President of the largest gas company? President of the New York Stock Exchange? President of the Bank of International Settlement? Wheat Bear of Wall Street? These men were considered some of the world's most successful of their day. Now, 80 years later, the history book asks us, if we know what ultimately became of them. The president of the largest steel company, Charles Schwab, died a pauper.

The president of the largest gas company, Edward Hopson, went insane. The president of the NYSE, Richard Whitney, was released from prison to die at home. The greatest wheat speculator, Arthur Cooger, died abroad, penniless. The president of the Bank of International Settlement, shot himself.

The Great Bear of Wall Street, Cosabee Livermore, also committed suicide. However, in that same year,the PGA Champion and the winner of the most important golf tournament, the US Open, was Gene Sarazen.

What became of him? He played golf until he was 92, died in at the age of He was financially secure at the time of his death. You'll live longer and be better off in the end. These eight, if they combined their resources and assets, controlled more money than the U. In that group we find such men as Charles Schwab, the president of a steel company. Richard Whitney was the president of the New York Stock Exchange.

Arthur Cutton was a wheat speculator. Albert Fall was a presidential cabinet member, personally a very wealthy man. Jesse Livermore was the greatest bear on Wall Street in his generation. Leon Fraser was the president of the International Bank of Settlements. And Ivan Krueger headed the largest monopoly in the world. Quite an impressive and ambitious group of people! Let's look at the same group of men later in life.

Charles Schwab died penniless. Richard Whitney spent the rest of his life serving a sentence in Sing Sing Prison. Arthur Cutton became insolvent. Albert Fall was pardoned from a federal prison so he might die at home.

Leon Fraser committed suicide. Jesse Livermore committed suicide. Ivan Krueger also committed suicide.

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Seven of these eight ambitious money-magnates lived lives that ended in disaster before they passed on from this life. Again I ask, are you chasing the wrong dream, my friend? This is for those folks who believe that money and power open a magic door to happiness. Look what happened to: A man who was head of one of the world's greatest monopolies. A man who was one of the most successful speculators on Wall Street. The former president of the largest independent steel company in America.

A past chairman of one of the country's largest utility companies. A former president of the largest gas company in the United States. A man who was once the president of the New York Stock Exchange. A former president of the Bank of International Settlements.

A man who was a member of President Harding's Cabinet. Here are the names that go with the "happenings. The truth was never established. Jesse Livermore, the "most wondrous of the 'boy wonders'" of Wall Street, died a suicide.

Schwab, chairman of Bethlehem Steel, died broke. Samuel Insull, chairman of Commonwealth Edison Company and other utility corporations, was acquitted on embezzlement and mail-fraud charges. He died in Paris in modest surroundings. Howard Hopson, president of the Associated Gas and Electric Utility empire, had been in prison for mail-fraud charges and died in a sanitarium.

Richard Whitney, president of the New York Stock Exchange, served time in Sing Sing for grand larceny. Leon Fraser, president of the World Bank for International Settlements, died a suicide. Albert Fall, secretary of the interior in Harding's Cabinet, served a prison term for accepting a bribe. Their success stories were published everywhere inspiring many to follow their fine examples.

Just look at who they were:.

Arthur Cutten — The greatest wheat speculator. Leon Fraser — The president of the Bank of International Settlements. Howard Hopson — The president of the largest gas company. Jesse Livermore — The greatest bear in Wall Street. Charles Schwan — The president of the largest independent steel company. Richard Whitney — The president of the New York Stock Exchange. Arthur Cutten died abroad insolvent. The penniless Albert Fall was pardoned from prison so that he could die at home.

Leon Fraser commited suicide. Howard Hopson was insane. Ivar Kreuger commited suicide. Jesse Livermore commited suicide. Richard Whitney was recently released from Sing Sing Prison. This is a vintage piece of glurge, one which appears to have been in continuous circulation since at least Over the years it has been through a variety of alterations, with names being added and dropped from the list, the fates of the various men changing in severity, and different morals being tacked onto the end.

In modern versions many. Also, as noted below, some of the entries are anachronistic in that they list men who did not yet hold the positions ascribed to them in Schwab not to be confused with the similarly-named Charles R. Schwab also served as president of United States Steel before taking over Bethlehem Steel inwhere his business acumen and perceptive risk-taking made him a millionaire many times over by Ironically, had his executors waited a little longer to liquidate his investments, the exit strategy stock options pre-war market would have increased their value sufficiently to cover all his debts.

Howard Hopson was a former New York utility regulator who, along with John Mange, bought up Associated Gas and Electric Company AGECOa conglomeration of electric and gas companies in New York, Ohio, and Pennsylvania in the early s.

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AGECO declared bankruptcy in and was reorganized after World War II as General Public Utilities GPU. His trial was delayed several times by claims of poor physical and psychological health, and he was twice sent to Bellevue hospital for psychiatric evaluations to determine whether he was mentally fit to stand trial. Although Hopson died in a sanitarium, any inference drawn from that fact would not be conclusive because such facilities treated patients for both physical and psychological illnesses.

Richard Whitney was the Harvard-educated son a Boston bank president who went forex brokers meaning work in a banking house, bought a seat on the New York Stock Exchange NYSE at age 23, became principal broker for J. This item introduces an anachronism into the list, because Whitney did not become president of the NYSE until six years after the purported meeting at the Edgewater Hotel described in the examples above.

Whitney was paroled after serving less than three and a half years of his sentence, and he lived on for another three decades before passing away at the ripe old age of 86 in Arthur William Cutten, of Guelph, Ontario, left home at the tender age of 18, hopped a train to Chicago, and found work as a bookkeeper with A.

White and Company, a brokerage firm where he learned the rudiments of grain trading. Cutten was suspected of being the ringleader of one or more insider consortiums which artificially boosted the stock market to an all-time high in the spring ofleading to the Great Crash in October of that year.

His syndicate, working with another, was reported to have fx option strategies butterfly over half the stocks bought and sold on the New York Stock Exchange on some of its heaviest trading days. He was called to appear before the Senate Committee on Banking and Currency which investigated the stock market collapse, but he professed to having a poor memory for details and was not charged with any market-related crimes.

He rose to the rank of major by the end of the war and was awarded the Distinguished Service Cross for his efforts; after the war he held a variety of administrative positions in both government and private industry, and he historical euro exchange rate dollar as a director, trustee, chairman, and treasurer for a number of businesses ftse futures brokers charitable organizations.

Fraser and another American, Gates McGarrah, served as the first two presidents current us stock market crash 1929 BISthe Bank for International Javascript select option onchange event. Fraser is another anachronism in this piece: Inwhile the year-old Fraser was president of First National Bank of Robot forex 2013 profesional.ex4 York, he shot himself in the head at his summer home in North Granville, NY.

During his three-decade career as the King of the Speculators he reportedly made and lost four separate multi-million-dollar fortunes, was the subject of a best-selling biography Reminiscences of a Stock Operator and forex 4 less the classic work How to Trade Stocks. Albert Fall was a New Mexico rancher, lawyer, prospector, miner, legislator, and after the New Mexico territory was admitted to the Union as the 47th state in a U.

He was appointed Secretary of the Interior by President Warren G. Harding inbut his tenure in that cabinet office was short-lived, as he resigned in after being implicated in the Famous new york stock brokers Dome oil fields scandal. Fall nintendogs+cats how to get money fast two government oil reserves, Teapot Dome and Elk Hills, to private oil companies.

He was released without ever big w plumpton anzac day trading hours paid his fine, presumably because he could not afford to pay it. Kreuger, like other financial crooks of his era, was essentially running a huge pyramid scheme through a complex structure of hundreds of subsidiary shell companies, hiding his manipulation by cooking the company books and insisting that financial statements not be audited.

The scandal led to the passage of laws requiring mandatory audits of all companies with listed securities. Kreuger shot himself on 12 Marchalthough rumors have persisted that his death was a case of murder and not suicide. Samuel Insull was another utilities giant, an English immigrant who served as private secretary to inventor Thomas Edison and managed the company that would become General Electric.

He was acquitted in three separate trials, but his ordeal left him in poor health. Six years after his fall, at age 78, Insull died of a heart attack in a Paris subway station with twenty cents in his pocket.

Open, the British Open, the Masters, and the PGA championship. He won 38 PGA titles altogether most of them in the s and invented the sand wedge, introducing it at the British Open in Although Sarazen did capture the PGA championship inhe did not also win the U.

Open that year as claimed in the first example above. An amateur, Robert T. Sarazen did win both the U. Open and the PGA championship inhowever. Whether one could prove any of these lessons from the examples offered is problematic, as the data have been carefully selected to establish the desired conclusions. One could just as easily draw up a very long list of wealthy and powerful men who did not lose great sums of money, who did not earn their fortunes through fraud, and who lived long, healthy, and happy lives, but none of their names appear here.

And by its very nature the list offered here is somewhat self-selecting for failure in the sense that:. Any sufficiently large list of wealthy and important men from the mids is bound to include at least some who lost large fortunes, due to the twin financial disasters of the stock market crash and the economic depression of the s especially since modern market safeguards had not yet been enacted.

Any sufficiently large list of very wealthy men from the mids is bound to include at least some who made their fortunes through now-illegal market manipulations, because much of the legislation which regulates securities, holding companies, and stock markets had not yet been enacted.

As noted above, the fallout from the spectacular collapses of some of the men on the list prompted the passage of much of this type of legislation. As with most glurge, we might scratch the surface of this one to find a darker subtext beneath: Perhaps better we not obscure the idea that happiness and misery, kindness and greed, and good works and bad deeds are within the capacities of us all, not merely a select few.

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This list appears in the financial advice bestseller Rich Dad, Poor Dad. The Life of Charles M. Rich Dad, Poor Dad. University of Chicago Press, Encyclopedia of Illustrations. The New York Times. Cutten, Grain Trader, Dies. Hopson Dead; Utilities Expert. Jun 19th, The data, collected by Deep Root Analytics, was discovered on a server that could be accessed by the public.

Updated Entering your PIN in reverse at any ATM will not automatically send an alarm to local police -- the idea is nothing more than an old and unimplemented suggestion. Updated Gangs are not using bloody car seats to lure female motorists out of their vehicles as part of a 'National Gang Week' activity.

Updated College student evades cop-impersonating rapist by dialing 77 or on her cell phone. Or is it neither? Nov 29th, Reports that millions of Muslims protested against ISIS and that the news media ignored the event are misleading. Updated A set of photographs was misleadingly used to suggest that Democratic presidential candidate Bernie Sanders had purchased an Audi R8 luxury automobile with campaign funds.

Apr 20th, There's no evidence Louise Rosealma was using a glass bottle she appeared to be holding as an incendiary device. Jan 9th, An episode of the s western TV series 'Trackdown' featured a character named Walter Trump who claimed he would build a wall in order to protect a town from the end of the world.

Apr 20th, The Trump administration's Attorney General expressed his amazement on a radio talk show. Updated Rumor holds that conservative rocker Ted Nugent evaded the Vietnam-era draft by taking drugs and acting crazy during his pre-induction physical.

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