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Between banks. so between 1930 and about the mid 70s, if you needed a transfer, or to wire money to someone, basically this had to happen on a telex. without getting too technical, this is how the process work. you went to the bank, business, maybe an insurance company, to about the message on the keyboard, which was transferred to a piece of tape, which was coated. then, you would use a rotary phone it to call the bank receiving your transfer. when they answered, your message went through a tape reader, the person on the other end, manually took the message down, and the rest of the transfer goes on from there. as you can imagine, this was far from a foolproof system. it was hampered by low speed and security concerns. sanders had serious crime every transaction in detail, sentences which were then interpreted and executed by someone else. it was the perfect storm for human error. then, in 1973, the swift system was created. it stands for the society for worldwide inter bank financial ....
Long before GameStop, Wall Street’s legitimacy was challenged by ‘bucket shops’ in 19th century For some, bucket shops were a ‘shadow market’. For others, a ‘financial netherworld’. Feb 03, 2021 · 07:30 pm ‘Watching the tape or watching the wheel - what is the difference morally?’, illustration by Will Crawford c.1912. | Puck Magazine/Library of Congress The gleeful manipulation of GameStop’s share price is not the first time amateur investors have created a legitimacy crisis on Wall Street. In the late 19th century, so-called “bucket shops” allowed the American public to gamble small amounts on the movement of stocks and commodities on the New York and Chicago exchanges. ....
The gleeful manipulation of GameStop’s share price is not the first time amateur investors have created a legitimacy crisis on Wall Street. In the late 19th century, so-called “bucket shops” allowed the American public to gamble small amounts on the movement of stocks and commodities on the New York and Chicago exchanges. In most cases, a bucket shop client wouldn’t own the stock they wagered on: the shop acted more like a bookmaker than a broker, with clients betting against the house that a certain stock would rise. Historian David Hochfelder describes bucket shops as a “shadow market”. For American Studies scholar Peter Knight, they were a “financial netherworld”. Some bucket shops were outright confidence tricks. The house could manipulate the telegraphic feed of stock prices or arrange “wash sales” to tank heavily-favoured stocks. ....