In 1907, F. Augustus Heinze and Charles Morse attempted to corner the copper market by accumulating shares in a single copper company, forcing all opposing traders to buy from them at their chosen price; this scheme was enabled by the speculative boom of the early 1900s, which created conditions where such manipulative strategies could potentially succeed, ultimately threatening the entire American financial system.
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The Role of JP Morgan in 19071Added:
October 1907, New York City. Two men are about to accidentally burn the entire American financial system to the ground.
>> [music] >> Their names were F. Augustus Heinze and Charles Morse, and their plan was simple, at least on paper. Corner the copper market, buy up enough shares in a single copper company that anyone who bet against them would be forced to buy from them at whatever price they named.
But here's what you need to understand about why they thought they could get away with it.
The early 1900s were drunk on speculation. The American economy was booming. Railroad, steel, copper, oil,
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