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Blue Skies and Boiler-Rooms

Christopher Armstrong

4/5 ( ratings)

Blue Skies And Boiler Rooms Describes The Evolution of The Securities market in Canada; it extends from the time when the trading of stocks and bonds first began, through the boom of the 1920s and the depression of the 1930s, to the outbreak of the Second World War.The book documents a persistent industry problem: fraud, misrepresentation, and manipulation of prices. Such activities led to market regulation, first by the stock exchanges but after the First World War by governments. Some people argued that regulation to prevent abuses should be modelled on the American 'blue sky' legislation, so named because smooth-talking con men in fly-by-night operations victimized the unwary with sales pitches, even offering shares in 'the blue sky above.' Shady types began marketing shares of doubtful value through 'boiler rooms, ' which used high-pressure mail and telephone selling methods to separate people from their money.Not only is this a tale well told, with a splendid cast of crooks and raffish characters, but it is based on extensive primary research. Armstrong's study captures the distinctiveness of the evolution of the Canadian securities market and shows that today's Bre-X saga is only the latest in a series of episodes which investors have fixed their hopes for quick and easy profits on speculative mining stock. This book will be welcomed by and students and scholars of financial, business, and economic history.

Language: English

Pages: 390

Format: Hardcover

Publisher: University of Toronto Press

Release: October 01, 1997

ISBN: 0802041841

ISBN 13: 9780802041845

Blue Skies and Boiler-Rooms

Christopher Armstrong

4/5 ( ratings)

Blue Skies And Boiler Rooms Describes The Evolution of The Securities market in Canada; it extends from the time when the trading of stocks and bonds first began, through the boom of the 1920s and the depression of the 1930s, to the outbreak of the Second World War.The book documents a persistent industry problem: fraud, misrepresentation, and manipulation of prices. Such activities led to market regulation, first by the stock exchanges but after the First World War by governments. Some people argued that regulation to prevent abuses should be modelled on the American 'blue sky' legislation, so named because smooth-talking con men in fly-by-night operations victimized the unwary with sales pitches, even offering shares in 'the blue sky above.' Shady types began marketing shares of doubtful value through 'boiler rooms, ' which used high-pressure mail and telephone selling methods to separate people from their money.Not only is this a tale well told, with a splendid cast of crooks and raffish characters, but it is based on extensive primary research. Armstrong's study captures the distinctiveness of the evolution of the Canadian securities market and shows that today's Bre-X saga is only the latest in a series of episodes which investors have fixed their hopes for quick and easy profits on speculative mining stock. This book will be welcomed by and students and scholars of financial, business, and economic history.

Language: English

Pages: 390

Format: Hardcover

Publisher: University of Toronto Press

Release: October 01, 1997

ISBN: 0802041841

ISBN 13: 9780802041845

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