In 1902, Thomas W. Lawson published a series of stories loosely based on the "Panic" of 1901 in the New York Stock Exchange, which turned out to be a relatively minor event in a history of stock market crashes going back to the 1600s. In 1907 he published them as a novel, "Friday the Thirteenth". Lawson was a broker-dealer and knew his subject well. In Cut-Throats and Brigands, Nigel Morris-Cotterill sets out the background to the novel, provides a commentary on the issues it raises and draws attention to common points of failure in stock market crises, showing how the same factors are present today as Lawson highlighted despite more than 100 years' development of technology and regulation. He also recommends a solution to one of the most persistent forms of market manipulation. Regulators and Market Practitioners will learn that history does, literally, repeat itself. Morris-Cotterill's commentary teases out Lawson's themes in a story that goes beyond market manipulation: it introduces themes of the mental health of those in financial services businesses and responses to it; the limits of friendship and tested and lines crossed; the plot draws a clear picture of examples of where whistleblowing is an essential part of the policing of markets; it considers imbalances of power between some traders and others; it draws attention to insider trading and the corruption between government and large traders and highlights the impotence of even loud voices who try to create a moral atmosphere in an inherently immoral market. -------------- Thomas W. Lawson was from a wealthy family and ran a very successful stockbroking firm in New York from his home near Boston, Massachusetts, using the latest technology to enable him to work from home, 120 years before the idea achieved mass acceptance. His deep understanding of the dark underbelly of the markets resonates today. Nigel Morris-Cotterill has been a financial crime risk and compliance strategist since 1994 and had a career in law before that. He is the author of several books for financial crime practitioners and policymakers and also writes on technology.
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