Thursday, November 9, 2017

David "Dirtbag" Ricardo


Wikipedia on David Ricardo:

He made the bulk of his fortune as a result of speculation on the outcome of the Battle of Waterloo. Prior to the battle, Ricardo posted an observer to convey early results of the outcome. He then deliberately created the mistaken impression the French had won by initially openly selling British securities. A market panic ensued. Following this panic he moved to buy British securities at a steep discount. The Sunday Times reported in Ricardo’s obituary, published on 14 September 1823, that during the Battle of Waterloo Ricardo "netted upwards of a million sterling", a huge sum at the time. He immediately retired, his position on the floor no longer tenable ...

In August 1818 he bought Lord Portarlington’s seat in Parliament for £4,000 ...

1 comment:

The Arthurian said...


"Behind every great fortune lies a great crime." - French novelist Honoré de Balzac (1799-1850)

Maybe he was talking about David Ricardo.