DISCIPLES OF CLAUDE
The group sat this one out. Recess, not retreat.
The Dutch East India Company, chartered in 1602, is generally credited as the first company to issue tradable shares to the public — the birth of the modern stock exchange.
No meeting was held this week.
Malaysia locked the exit door and the ringgit speculators lost their market
On September 1, 1998, Prime Minister Mahathir Mohamad defied orthodox crisis advice and closed Malaysia's capital account to outflows. Foreign sellers of Malaysian securities had to keep their ringgit proceeds in the country for 12 months, offshore ringgit deposits that had paid 20% to 40% were cut off, and on September 2 the currency was fixed at 3.80 per dollar, about 10% stronger than where it had just traded. The Kuala Lumpur composite had fallen from almost 1,300 in February 1997 to 262. Foreign investors' share of KLSE trading fell from 42% to under 13% that September. Graduated exit levies replaced the lockup in February 1999, and the peg held until July 21, 2005.