Briefings
Week InReview: January 10, 2020
- By: admin
- On: 01/10/2020 09:44:13
- In: 2020 Briefings
Jan. 9, 1790: 'This Day in Financial History'
"Insider trading gets off to a roaring start as Treasury Secretary Alexander Hamilton submits to Congress his 'Report on the Public Credit,' which proposes buying up distressed bonds to consolidate the national debt. U.S. and state bonds, which had been trading at a fraction of their value, immediately surge in price. In one of the earliest, and most shocking, cases of insider trading on record, several members of Congress hire sailboats and stagecoaches to take them south faster than the news can travel by foot. They can snap up bonds at bargain prices before Southern newspapers spread the news of Hamilton's proposals."
— The Wall Street Journal
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