William Durant's Stock Gamble Failed

On Black Tuesday in 1929, American businessman and General Motors founder William Durant joined members of the Rockefeller family and other financiers in buying large amounts of stock to show confidence in the collapsing market. The buying failed to halt the crash and cost Durant heavily, while his Durant Motors company failed in 1933. By 1936, Durant had fallen into bankruptcy. Former GM associates arranged a $10,000 yearly pension for him, after which he opened a bowling alley and fast-food restaurant in Flint, Michigan, and worked in its kitchen.

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