briv
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The Exchange Artist: A Tale of High-Flying Speculation and America?s First Banking Collapse
Wednesday, January 30, 2008, 6:30pm
at the Old State House
This event is free and open to the public
In the early years of American economics, real estate speculator Andrew Dexter, Jr. set out to build the tallest and most opulent building in the United States: the Exchange Coffee House in Boston. Funded by what was then a novel form of collateral, paper money, the ill-fated financier?s project was ultimately doomed as millions of dollars of paper money was issued specifically to finance the construction of the Coffee House. Just as the building was completed, the financial pyramid collapsed and Dexter fled to Canada, disgraced and humiliated. Join us as Jane Kamensky, associate professor at Brandeis University, retells the story of this (unfortunately relevant) early lesson in real estate financing.
Wednesday, January 30, 2008, 6:30pm
at the Old State House
This event is free and open to the public
In the early years of American economics, real estate speculator Andrew Dexter, Jr. set out to build the tallest and most opulent building in the United States: the Exchange Coffee House in Boston. Funded by what was then a novel form of collateral, paper money, the ill-fated financier?s project was ultimately doomed as millions of dollars of paper money was issued specifically to finance the construction of the Coffee House. Just as the building was completed, the financial pyramid collapsed and Dexter fled to Canada, disgraced and humiliated. Join us as Jane Kamensky, associate professor at Brandeis University, retells the story of this (unfortunately relevant) early lesson in real estate financing.