Learned How To Make Money, But Not Live
In 1928 a group of the world's most successful financiers met at the Edgewater Beach Hotel in Chicago. The following were present: The president of the largest utility company, The greatest wheat speculator, The president of the New York Stock Exchange, A member of the President's Cabinet, The greatest "bear? in Wall Street, 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 U.S. Treasury, and for years newspapers and magazines had been printing their success stories and urging the youth of the nation to follow their examples.
Twenty-five years later, this is what had happened to these men. The president of the largest independent steel company, Charles Schwab, lived on borrowed money the last five years of his life and died broke. The greatest wheat speculator, Arthur Cutten, died abroad, insolvent. The president of the New York Stock Exchange, Richard Whitney, served a term in Sing Sing Prison. The member of the President's Cabinet, Albert Fall, was pardoned from prison so he could die at home. The greatest "bear? in Wall Street, Jesse Livermore, committed suicide. The president of the Bank of International Settlements, Leon Fraser, committed suicide. The head of the world's greatest monopoly, Ivar Drueger, committed suicide. All of these men had learned how to make money, but not one of them had learned how to live.