History of Finance

The history of finance in pictures, dates and data.

[History of Finance @Finance_History]

1937, the first shipment of gold is received at the Fort Knox Bullion Depository, the USA's official gold vault.

The Treasury began construction of the depository in 1936 on land transferred to it from the military, the vault was completed in December of that year for $560,000.

[History of Finance @Finance_History]

2000, America Online (AOL) agrees to purchase Time Warner in a stock swap valued at $156 billion, driving Time Warner stock up by 39% and sending the NASDAQ 100 index up 6%.

[History of Finance @Finance_History]

1829, one of the quietest days in Wall Street history, not a single share of stock changes hands.

[History of Finance @Finance_History]

1825, the USA’s The first great nonfinancial IPO is sold, as the Delaware & Hudson Canal Co. goes public at $100 per share.

[History of Finance @Finance_History]

I’m back. Happy New Year to you all.

In this day in 1977, Apple Computer Corp. is incorporated by Steve Jobs and Steve Wozniak.

[History of Finance @Finance_History]

Happy Holidays all.

See you in 2020.

[History of Finance @Finance_History]

1994, Mexico devalues its currency and announces that the peso will be allowed to float freely in value. Stock and bond markets in emerging economies around the world collapse, and over the next six weeks, the Mexican peso loses 40% of its value.

[History of Finance @Finance_History]

The fraud saw WorldCom’s assets inflated by about $11 billion. This made the WorldCom scandal the largest accounting fraud in American history until the exposure of Bernard Madoff's $64 billion Ponzi scheme in 2008.

[History of Finance @Finance_History]

Canadian businessman Bernard Ebbers is released from US prison after serving 13 years of 25-year sentence for orchestrating the $11 bn WorldCom fraud, largest in history at the time. Ebbers, 78, was freed due to health issues; his earliest release date was previously set for 2028

[History of Finance @Finance_History]

Despite these cuts, the bill was revenue neutral; this was achieved through an increase in the alternative minimum tax and the elimination of deductions for things like rental housing, individual retirement accounts and depreciation.

[History of Finance @Finance_History]

1985, the US House of Representatives approves the Tax Reform Act of 1986. The S&P 500 drops 0.4% on worries that the nation's finances will suffer from lower tax rates. The act was designed to simplify the federal income tax code and broaden the tax base.

[History of Finance @Finance_History]

The act lowered federal income tax rates, decreasing the number of brackets and reducing the top tax rate from 50% to 38.5%. Act expanded the earned income tax credit, standard deduction, and personal exemption, removing approximately 6 m lower-income Americans from the tax base.

[History of Finance @Finance_History]

1998, Henry Blodget, an analyst at CIBC Oppenheimer, hikes his "price target" on https://t.co/0XlZ4zUr6l from $150 to $400 in one update, declaring "as with all Internet stocks, a valuation is clearly more art than science," Amazon climbs 19% that day.

https://t.co/KxoUMOSh40

[History of Finance @Finance_History]

1961, the third longest bull market on record, which began June 14, 1949 ends. The Dow Jones Industrial Average peaks at 734.9, up 0.89 points for the day and 355% for the previous 12.5 years. Within six months the Dow will bottom at 535.76, a 27% plunge.

https://t.co/gXvc8UslrY

[History of Finance @Finance_History]

1791, The United States of America's first national bank, the Bank of the United States, opens in Carpenters' Hall at the corner of Chestnut and Third Streets in Philadelphia.

[History of Finance @Finance_History]

1978, nearly $6 million in cash and jewels was stolen from the air cargo building of the German airline Lufthansa at John F. Kennedy International Airport in New York City. Later known as the Lufthansa heist, it was the largest-ever cash theft in the United States.

[History of Finance @Finance_History]

The first part of the first edition of the Encyclopædia Britannica, the oldest continuously published and revised work in the English language, was published and advertised for sale in Edinburgh in 1768.

[History of Finance @Finance_History]

1994, Orange County declares bankruptcy.

Over-leveraged in high-risk investments, Orange County suffered losses of $2 billion, and on December 6, 1994 it declared bankruptcy becoming, at the time, the largest county in America to go bankrupt.

[History of Finance @Finance_History]

NYMEX.

[History of Finance @Finance_History]

1881, the first edition of the Los Angeles Times is published.