Death by Derivatives


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Trading in derivatives has led to great losses for some speculators some of who ended their lives. This has been happening since 1848, ever since the birth of modern financial derivatives.

The unlucky Belloy was not the only early futures trader whose life ended in an unpleasant fashion. The ruined trader Nelson Van Kirk used his last few dollars to buy a cheap revolver that had to be pried from the fingers of his corpse. The trader T.C. Chisolm lost everything in a failed wheat corner, save an elevator full of corn in New York, which, it turned out, was rotten. He took a ferry to Brooklyn (no doubt noticing a magnificent new bridge still under construction), then found a remote slip where he filled his pockets with stones and plunged into the East River to drown.

The complete article

Michael Durbin — Damn Interesting

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