Tell me again when Capitalism has ever been “free” or “fair?”

May 30, 1959

When a group of bears began selling Piggly Wiggly short to force the price of the stock down, Saunders began a buying campaign to support the price of the stock in order to protect his own investment & that of other Piggly Wiggly stockholders. He supplemented his own funds with a loan of about ten million dollars from a group of bankers. His buying campaign was an attempt at a corner.

The stock went up wildly, reaching a high of 124. At this point the Exchange suspended further trading & postponed the short sellers’ delivery deadline. This resulted in eventual bankruptcy for Saunders & he was finally forced to step out of the Piggly Wiggly Company.

“But, but, TRUE CAPITALISM has never been tried!”

https://www.newyorker.com/magazine/1959/06/06/a-corner-in-piggly-wiggly