The history of America's securities market is a tale of evolution, marked by both innovation and exploitation. Before the establishment of the Securities and Exchange Commission (SEC) in 1934, the financial landscape was akin to a lawless frontier, where unscrupulous practices thrived. This blog post delves into the chaotic world of pre-1934 markets, exploring bucket shops, over-leveraged speculative schemes, and the abuses that ultimately led to the creation of modern securi
