1999: U.S. District Court Judge Thomas Penfield Jackson finds that Microsoft is a monopoly. ÒThrough its conduct toward Netscape, IBM, Compaq, Intel, and others,Ó states the judge, ÒMicrosoft has demonstrated that it will use its prodigious market power and immense profits to harm any firm that insists on pursuing initiatives that could intensify competition against one of Microsoft's core products.Ó The U.S. Justice Department begins plans to enforce the breakup of Microsoft. The next trading day, more than $10 billion worth of Microsoft shares are traded, as the stock drops as low as $84.375, an 8.5% loss, before it recovers to close the day slightly at $89.937. Less than two years later, a Federal appeals court overturns much of Judge Jackson's ruling.

1999: Webvan Group, Inc. goes public, selling 25 million shares at an initial offering price of $15. The stock soars to $34, giving the company a peak market capitalization of more than $8.5 billion, and closes at $24.875. But the online grocery-delivering service has so far generated only $4.2 million in sales (on which it earned a net loss of $111.1 million). It's unclear why Americans who would never dream of allowing a computer to select peaches and pork chops for them are perfectly willing to buy a stock whose future value assumes they will do exactly that. In July, 2001, with its stock down to five cents a share, Webvan files for bankruptcy protection.

The Wall Street Journal, November 8, 1999, p. B1, and July 16, 2001, p. B6;Financial Times, July 10, 2001, pp. 1, 15;Webvan Group Form S-1 Registration Statement, filed with the U.S. Securities and Exchange Commission, November 4, 1999,

1991: British media mogul Robert Maxwell commits suicide by diving (stark naked) off his yacht into the sea off the Canary Islands. Earlier in 1991, he had taken his Mirror Group Plc. public — but the company could not service its massive debts, Maxwell was secretly manipulating the stock price of one of his other companies, and he had illegally transferred more than $1 billion in employee pension money. Nevertheless, the world's leading investment bank, Goldman Sachs, along with the accountants of Coopers & Lybrand, happily lent their prestige to his dealings.

Financial Times, March 31-April 1, 2001, pp. 5, 24

1626: Pieter Schagen, an official of the Dutch West India Co., reports that settlers have bought the island of Manhattan for 60 guilders (later estimated, sloppily, at $24). No exchange of the legendary "beads and trinkets" is actually reported — but if 60 guilders had been invested at 6%, it would be worth roughly 165 billion guilders today, or about $75 billion — less than half the current value of Manhattan's real estate. The Lenape Indians appear to have made a bad trade.

The New York Times, Dec. 3, 1999, p. E45