jbrelsford is currently reading DailyLit's Sci Fi Channel.
I’ve been a DailyLit member since October 09, 2008.
Books
Posts
Lombard Street: A Description of the Money Market - What did you think?
For those of us experiencing history now, this historical view of the money markets is still relevant. I quite enjoy it.
Does the following passage remind anyone of a certain bank:
"There is the astounding instance of Overend, Gurney, and Co. to the contrary. Ten years ago that house stood next to the Bank of England in the City of London; it was better known abroad than any similar firm known, perhaps, better than any purely English firm. The partners had great estates, which had mostly been made in the business. They still derived an immense income from it. Yet in six years they lost all their own wealth, sold the business to the company, and then lost a large part of the company's capital. And these losses were made in a manner so reckless and so foolish, that one would think a child who had lent money in the City of London would have lent it better."