• Thought of the Day

    Thought of the Day

    2000: Better is the poor that walketh in his uprightness, than he that is perverse in his ways, though he be rich.

    –Proverbs 28: 6.

Today in Financial History

1568: One of the earliest known junk bonds is issued, as the Russia Co. borrows 4,000 pounds, 8 shillings, and 10 pence from the British exchequer. The loan is priced to yield 13.5%, and the company must repay it not with cash, but with hundreds of tons of cables and rope — making it one of the earliest "asset-backed" loans as well.

T.S. Willan, The Early History of the Russia Company, 1553-1603 (Manchester Univ. Press, Manchester, UK, 1968), p. 44.