Financial History Issue 124 (Winter 2018) | Page 29
1,738.74 points; it had fallen 22.6% since
the opening bell. That was twice as bad as
the worst day of the fearsome 1929 crash,
and the point loss was almost five times
worse than Friday’s epic decline. In its
speed and scale — an unprecedented 604
million shares had been traded, twice as
many as on Friday — it was the most apoc-
alyptic one-day crash the market had ever
seen. Monday, October 19, 1987, would
thereafter be known as Black Monday.
Diana B. Henriques is an award-winning
financial journalist and the author of
A First-Class Catastrophe: The Road
to Black Monday, the Worst Day in
Wall Street History; The Wizard of Lies:
Bernie Madoff and the Death of Trust,
a New York Times bestseller; and three
other books on business history. As a staff
writer for The New York Times from
1989 to 2012 and as a contributing writer
since then, she has largely specialized in
investigative reporting on white-collar
crime, market regulation and corporate
governance.
This article was adapted from A First-Class
Catastrophe: The Road to Black Monday, the
Worst Day in Wall Street History, by Diana
Henriques (Henry Holt and Co., 2017).
Sources
Author’s Interviews with William J. Brodsky, E.
Gerald Corrigan, Richard Ketchum, Hayne
Leland, Roland Machold, Leo Melamed,
Amanda Binns Mellar, John O’Brien, Mark
Rubinstein and David S. Ruder.
Archives of The Chicago Tribune, The New
York Times, The Wall Street Journal, the
SEC Historical Society, the Chicago Mer-
cantile Exchange and the New York Stock
Exchange, as well as the private archives of
Dr. David S. Ruder, Northwestern Univer-
sity Law School.
Henriques, Diana B. Fidelity’s World: The
Secret Life and Public Power of the Mutual
Fund Giant. New York: Scribner. 1995.
Kyrillos, Barbara. “Leland O’Brien Rubinstein
Associates Incorporated: Portfolio Insur-
ance,” in Cases in Financial Engineering:
Applied Studies of Financial Innovation,
edited by Scott P. Mason, Robert C. Merton,
ENCOURAGING COLLECTING SINCE 1978
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Advertising and
corporate image building
– page 24
Metz, Tim. Black Monday: The Catastrophe of
October 19, 1987…and Beyond. New York:
William Morrow and Company. 1988.
Phelan, John J., Jr. “October 1987: A Retrospec-
tive.” 2007. Used with permission from the
SEC Historical Society.
Presidential Task Force on Market Mecha-
nisms. Report of the Presidential Task Force
on Market Mechanism. Washington, DC:
US Government Printing Office. January
1988. (More commonly known as the Brady
Commission Report.)
Staff of the Division of Market Regulation of
the U.S. Securities and Exchange Commis-
sion. The October 1987 Market Break. Wash-
ington, DC: SEC. 1988.
Tamarkin, Bob. The Merc: The Emergence of
a Global Financial Powerhouse. New York:
Harper Business. 1993.
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Melamed, Leo, with Tamarkin, Bob. Escape to the
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