Greed | Judgment | Money | Self | Stewardship

MONEY MAGNATES
In 1923 at the Edgewater Beach Hotel in Chicago, Illinois, eight of the most powerful money-magnates in the world gathered for a meeting. These eight, if they combined their resources and their assets, controlled more money than the U.S. Treasury. In that group we find such men as Charles Schwab. He was the president of a steel company. Richard Whitney was the president of the New York Stock Exchange and 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. Ivan Krueger headed the largest monopoly. Quite an impressive group of people! Let’s look at the same group later in life. Charles Schwab died penniless. We find that Richard Whitney spent the rest of his life serving a sentence in Sing- Sing Prison. Arthur Cutton, that great wheat speculator, became insolvent.…