Wheels of Fortune: The History of Speculation from Scandal to Respectability Book

From the very beginning, financial markets have been called everything imaginable-from gambling dens to vital centers of commerce. But the futures markets have been especially criticized for the neverending scandals and constant turmoil that have surrounded them. Wheels of Fortune is an engaging and original story that traces the rich, colorful, and often scandalous history of the U.S. futures market in its quest for respectability and profit. Set against a backdrop that begins prior to the Civil War and continues through the twentieth century, renowned business historian and bestselling author Charles Geisst takes you on an incredible journey that brings the personalities and strategies behind the futures markets and speculation in general to life. You will discover how legendary traders such as Benjamin Hutchinson cornered the wheat market in the nineteenth century and learn how other bold traders as well as lax regulations paved the way for twentieth-century debacles and events that would continue to tarnish the reputation of the CBOT, the CME, and other related institutions and markets. The history of the futures markets, derivatives, and speculation is full of misunderstandings and false assumptions. Wheels of Fortune seeks to clarify these misconceptions by chronicling the events and individuals that brought scandal and skepticism into the markets, and exploring the laws and governing bodies that were established to rein them in-but lacked the power to do so.Read More