Meet Jay Gould, a notorious figure on Wall Street in the late 1800s known for his ruthless tactics in the railroad and telegraph industries. Gould and his partner James Fisk orchestrated a scheme in 1869 to corner the gold market, driving prices up drastically, which led to a spike in inflation and economic threats. Their actions culminated on Black Friday when the U.S. government intervened, causing the market to crash. While many investors faced financial ruin, Gould profited significantly, cementing his legacy as Wall Street's original villain and cautioning against unchecked market manipulation.
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00:00Meet Jay Gould, one of Wall Street's most notorious figures.
00:03Known as the original villain, he nearly took down the entire gold market just to get rich.
00:08In the late 1800s, Jay Gould amassed a fortune through ruthless tactics in the railroad and
00:13telegraph industries, making him one of Wall Street's wealthiest and most despised figures.
00:18In 1869, Gould and his partner James Fisk orchestrated a plan to corner the gold market,
00:23intending to drive prices up.
00:25They began purchasing massive amounts of gold, pushing prices from $130 to $160 per
00:30ounce in a matter of days.
00:31The manipulation spiked inflation, threatening the economy and driving up commodity prices.
00:36On September 24th, known as Black Friday, the U.S. government intervened by releasing
00:40$4 million in gold to stabilize the market, causing prices to crash.
00:45Many investors faced financial ruin, while Gould's quick moves allowed him to walk away
00:49with significant profit.
00:51His tactics left a legacy of a cautionary tale of unchecked market manipulation, establishing
00:55Gould as Wall Street's original villain.