The United Kingdom's oldest investment banking firm, Barings Bank collapses after a securities broker, Nick Leeson, loses $1.4 billion by speculating on the Singapore International Monetary Exchange using futures contracts.

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Quote

No man is an island, entire of itself; every man is a piece of the continent.

John Donne

Today In History

1903

The Hay-Bunau-Varilla Treaty is signed by the United States and Panama, giving the Americans exclusive rights over the Panama Canal Zone.