Unfortunate Fortunes

[Collected on the Internet, 2003]

A lesson from history

The question:

Over a generation ago, in 1923, who was:
1. President of the largest steel company?
2. President of the largest gas company?
3. President of the New York Stock Exchange?
4. Greatest wheat speculator?
5. President of the Bank of International Settlement?
6. 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 answer:

1. The president of the largest steel company, Charles Schwab, died a pauper.
2. The president of the largest gas company, Edward Hopson, went insane.
3. The president of the NYSE, Richard Whitney, was released from prison to die at home.
4. The greatest wheat speculator, Arthur Cooger, died abroad, penniless.
5. The president of the Bank of International Settlement, shot himself.
6. The Great Bear of Wall Street, Cosabee Livermore, also committed suicide.

However, in that same year, 1923, 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 1999 at the age of 95. He was financially secure at the time of his death. The moral: Screw work. Play golf. You'll live longer and be better off in the end.


[Presbyterian sermon, 2003]

In 1923 at the Edgewater Beach Hotel in Chicago, Illinois, eight of the most powerful and wealthy men in the world gathered together for a meeting. These eight, if they combined their resources and assets, controlled more money than the U.S. Treasury. 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. 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?


[Ann Landers, 1989]

Dear Ann: This is for those folks who believe that money and power open a magic door to happiness. Look what happened to:

1. A man who was head of one of the world's greatest monopolies.
2. A man who was one of the most successful speculators on Wall Street.
3. The former president of the largest independent steel company in America.
4. A past chairman of one of the country's largest utility companies.
5. A former president of the largest gas company in the United States.
6. A man who was once the president of the New York Stock Exchange.
7. A former president of the Bank of International Settlements.
8. A man who was a member of President Harding's Cabinet.

Here are the names that go with the "happenings."

Ivar Krueger, head of International Match Corp. (known as the "match king"), died a suicide - or was murdered. The truth was never established.
Jesse Livermore, the "most wondrous of the 'boy wonders' " of Wall Street, died a suicide.
Charles M. 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.



[Restaurant menu, 1950s]

Just what is success?

In 1923, a group of the world's most successful financiers met at the Edgewater Beach Hotel in Chicago. These tycoons were extremely rich & altogether they controlled more wealth than there was in the US Treasury. Their success stories were published everywhere inspiring many to follow their fine examples. Just look at who they were:

1. Arthur Cutten - The greatest wheat speculator.
2. Albert Fall - The Secretary of Interior in President Harding's cabinet.
3. Leon Fraser - The president of the Bank of International Settlements.
4. Howard Hopson - The president of the largest gas company.
5. Ivar Kreuger - Head of the world's greatest monopoly.
6. Jesse Livermore - The greatest bear in Wall Street.
7. Charles Schwan - The president of the largest independent steel company.
8. Richard Whitney - The president of the New York Stock Exchange.

But 27 years later in 1948, this was what happened to them:

1. Arthur Cutten died abroad insolvent.
2. The penniless Albert Fall was pardoned from prison so that he could die at home.
3. Leon Fraser commited suicide.
4. Howard Hopson was insane.
5. Ivar Kreuger commited suicide.
6. Jesse Livermore commited suicide.
7. Charles Schwan was bankrupt & had to live on borrowed money the last 5 years of his life before his death.
8. Richard Whitney was recently released from Sing Sing Prison.

Taken from
http://www.snopes.com/glurge/fortune.asp

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