• Thought of the Day

    Thought of the Day

    2000: You can get ripped off easier by a dude with a pen than you can by a dude with a gun.

    –Bo Diddley, The New York Times, February 16, 2003, p. 27.

Today in Financial History

1979: Software developers Dan Bricklin and Bob Frankston introduce Visicalc, the first electronic spreadsheet. Suddenly the PC can save hours of tedious work for its users — and suddenly investment bankers have a tool that enables them to calculate changing values of leveraged buyouts and corporate mergers almost instantaneously. The spreadsheet is one of the secret driving forces behind the LBO and takeover boom of the 1980s, as people who can't even do their own math acquire the ability to place values on businesses.

1973: The Depository Trust Co. is established to smooth the delivery of securities and to provide a centralized electronic safety deposit box for stocks and bonds.

Fact Book for the Year 1997 (New York Stock Exchange, 1998), p. 91

1861: In a move of symbolic support for the Union, the New York Stock Exchange bans all trading in Confederate stocks and bonds. (However, members are still free to short-sell any Union securities they choose.)

"Today in NYSE History," at www.nyse.com/about/TodayInNYSE.html