We store cookies on your device to make sure we give you the best experience on this website. I'm fine with this - Turn cookies off
Switch to an accessible version of this website which is easier to read. (requires cookies)

Bankers - read your history

August 10, 2015 10:30 AM

Episode 2 of Dan Snow's superb programme: "Locomotion: the history of the railways" drew our attention to the railway mania by investors once railways ceased to be confined to the North of England and reached London.

In May 1866 the Overend Gurney Bank, which had massively overstretched itself by fancy investing & financial instruments, a lot relating to railways, collapsed which led to a catstrophic banking crisis, a massive flight from stocks and the financial ruin of thousands of investors.

Sound familiar? And the financial fraternity say 2007/2008 could not be forseen?

All the full detail of this fascinating story is easily found on the web.