Cornering the Aisle: The Piggly Wiggly Short Squeeze of 1923
Groceries, Hubris, and the Vicious Wall Street Assassination of an American Retail Pioneer
Buch in deiner Nähe kaufen
Beschreibung
Discover the forgotten 1923 financial war where the inventor of the modern supermarket tried to corner his own stock and was brutally ruined by Wall Street.
How does the brilliant inventor of the modern self-service supermarket attempt to financially destroy the most powerful bankers on Wall Street, only to end up completely bankrupt and stripped of his own company? The incredible story of Clarence Saunders and the 1923 Piggly Wiggly short squeeze is a forgotten masterpiece of financial hubris.
When Wall Street short-sellers began aggressively betting against Piggly Wiggly stock to drive the price down, Saunders, furious at the manipulation, decided to fight back. Using millions of dollars of borrowed money, he quietly bought up nearly every available share of his own company, effectively cornering the market. When the short-sellers were forced to buy shares back to cover their positions, Saunders trapped them, demanding exorbitant prices. He was hours away from legally bankrupting the Wall Street elite. In response, the New York Stock Exchange simply changed its own rules mid-game, halted trading, and gave the insiders an extension, violently bankrupting Saunders instead.
This gripping financial history uncovers the absolute ruthlessness of 1920s high finance. It documents Saunders' retail genius, the mechanics of market cornering, and the terrifying reality that the house always wins when the house writes the rules.
Witness the birth of modern market manipulation. The Piggly Wiggly short squeeze proves that technological brilliance is no match for the entrenched, coordinated power of institutional capital.
Autor*in
Tanner Wyatt
Author
Themen in »Cornering the Aisle: The Piggly Wiggly Short Squeeze of 1923«
piggly wiggly short squeeze clarence saunders biography 1920s wall street history stock market manipulation retail industry history cornering the market finance new york stock exchange