At the height of the 1929 investment trust boom people were eager to pay $1 for the privilege of having $1 invested in their behalf by Wall Street banking houses. The extra $1 did not actually go to the investment bankers. But in the open market people scrambled to buy investment trust stocks for a price which was twice the value of the assets behind them. Assumption was that any banker worth the name could, in a trice, make at least 100% on money entrusted to his care. When it was belatedly discovered that...
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