In 1923 at the Edgewater Beach Hotel in Chicago, Illinois, eight of the most powerful money-magnates in the world gathered for a meeting. These eight, if they combined their resources and their assets, controlled more money than the U.S. Treasury. In that group were such men as Charles Schwab. He was the president of a steel company. Richard Whitney was the president of the New York Stock Exchange, and Arthur Cutton was a wheat speculator.

Albert Fall was a presidential cabinet member, personally a very wealthy man. Jesse Livermore was the greatest bear on Wall Street in his generation. Leon Fraser was the president of the International Bank of Settlements. Ivan Krueger headed the largest monopoly. Quite an impressive group of people!

Let's look at the same group later in life. Charles Schwab died penniless. Richard Whitney spent the rest of his life serving a sentence in Sing Sing Prison. Arthur Cutton, that great wheat speculator, became insolvent. Albert Fall was pardoned from a federal prison so he might die at home. Leon Fraser, the president of that big international bank? He committed suicide. Jesse Livermore? He committed suicide. Ivan Krueger? He committed suicide. Seven of those eight great big money magnates had lives that were disasters before they left planet Earth.

What mistake did they make? Thinking that what they had and what they controlled belonged to them.