Twelve Classic Tales From News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The recent volatility in the price of GameStop and other stocks has been characterized rightly or wrongly as an unprecedented populist revolt by small-time traders against big hedge funds. While the offensive by users of the Reddit forum WallStreetBets against the short positions of institutional traders made for a dramatic two weeks on Wall Street, the episode wasn’t the first, or even the most remarkable, David vs. Goliath battle to animate the stock exchange. Nearly a century before, in 1923, a Southern businessman named Clarence Saunders tried to orchestrate an epic short squeeze on well-pedigreed traders all by himself. The gambit was both spectacular and disastrous, ending when the New York Stock Exchange sided with short sellers and changed the rules on him. In a short span, Saunders who would come to be known as “the boob from Tennessee” went from being feted as the conqueror of Wall Street to being bankrupt and unemployed. ....

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