Live Life

In 1923 a group of the world’s most successful financiers met at the Edgewater Beach Hotel in Chicago. Present were: the president of the largest independent steel company, the president of the largest utility company, the greatest wheat speculator, the president of the New York Stock Exchange, a member of the US cabinet, the largest bear in Wall Street, the president of the Bank of International Settlements, the head of the world’s greatest monopoly.

Collectively, these tycoons controlled more wealth than there was in the United States Treasury, and for years newspapers and magazines had been printing their success stories and urging the American youth to follow their examples.

Twenty six years later, what happened to them? The president of the largest independent steel company – Charles Schwab – lived on borrowed money the last five years of his life and died penniless. The greatest wheat speculator –Arthur Cutten – died abroad insolvent. The president of the New York Stock Exchange – Richard Whitney – was recently released from Sing Sing penitentiary.

The member of the US’ cabinet – Albert Fall – was pardoned from prison so he could die at home. The greatest bear on Wall Street – Jesse Livermore – committed suicide. The president of the Bank of International Settlements – Leon Fraser – committed suicide. The head of the world’s greatest monopoly – Ivar Kreuger – committed suicide.

All these men had learned on how to make money, but none had learned how to live.

“What good is it for a man to gain the whole world, and yet lose or forfeit his very self?”
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