The book documents the problems of fraud, misrepresentation, and manipulation of prices, which plagued the securities industry from the outset and which eventually led to market regulation, first by the stock exchanges and later, 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 after the promises of smooth-talking con men in fly-by-night operations who victimized the unwary with sales pitches offering shares in virtually anything. Even ‘the blue sky above.’ Such legislation became necessary as shady types marketed shares of doubtful value through ‘boiler rooms,’ which used high-pressure mail and telephone selling methods to separate people from their money.
This is a tale well told, with a splendid cast of crooks and raffish characters. It is also an in-depth study based on extensive primary research that captures the distinctiveness of the development of the Canadian securities market. Armstrong’s book shows that today’s Bre-X saga is only the latest in a series of episodes in which investors have fixed their hopes for quick and easy profits on speculative mining stock. It will be welcomed by students and scholars of financial, business, and economic history.
The book documents the problems of fraud, misrepresentation, and manipulation of prices, which plagued the securities industry from the outset and which eventually led to market regulation, first by the stock exchanges and later, 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 after the promises of smooth-talking con men in fly-by-night operations who victimized the unwary with sales pitches offering shares in virtually anything. Even ‘the blue sky above.’ Such legislation became necessary as shady types marketed shares of doubtful value through ‘boiler rooms,’ which used high-pressure mail and telephone selling methods to separate people from their money.
This is a tale well told, with a splendid cast of crooks and raffish characters. It is also an in-depth study based on extensive primary research that captures the distinctiveness of the development of the Canadian securities market. Armstrong’s book shows that today’s Bre-X saga is only the latest in a series of episodes in which investors have fixed their hopes for quick and easy profits on speculative mining stock. It will be welcomed by students and scholars of financial, business, and economic history.
Blue Skies and Boiler Rooms: Buying and Selling Securities in Canada, 1870-1940
418
Blue Skies and Boiler Rooms: Buying and Selling Securities in Canada, 1870-1940
418
Product Details
| ISBN-13: | 9781442651456 |
|---|---|
| Publisher: | University of Toronto Press, Scholarly Publishing Division |
| Publication date: | 07/19/2016 |
| Series: | Heritage Series |
| Pages: | 418 |
| Product dimensions: | 6.00(w) x 9.00(h) x 1.00(d) |