Episode 16
Our podcast delves into 1970, a year of profound financial turmoil where the Dow Jones plummeted amidst recession fears and an "uneasy Republican administration". We'll uncover two critical events: the Penn Central Transportation Company's bankruptcy, which sent "shock waves through the commercial paper market" and required urgent Federal Reserve intervention to prevent a domino effect on Wall Street. Simultaneously, the near-collapse of Hayden, Stone & Co., a major securities firm plagued by "terrible" record-keeping and bad investments, threatened to freeze 90,000 customer accounts and bankrupt "perhaps another fifty firms," narrowly averted by last-minute efforts involving figures up to President Nixon. During this chaos, Warren Buffett strategically invested further in Berkshire Hathaway and Blue Chip Stamps as his partnership dissolved, navigating the challenging economic landscape.
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