Some cautionary tales for the wary investor. When things go wrong in the markets, they really do go wrong. 1929 - The Wall Street Crash - the event which plunged the world into the depression of the 1930s. LTCM - the hedge fund of Black and Scholes had leveraged almost 300 times its total assets; when Boris Yeltsin defaulted on an IMF loan, the market took an unexpected move which left the fund exposed - the automated trading systems in trying to recover their losses took on even more debt, which eventually could not be covered. (Something akin to the Gamblers' Ruin scenario.) Black Wednesday - speculators, famously led by the Quantum Fund of George Soros, attacked the pound. Thailand - speculators attacked the baht. Barings - Nick Leeson. Derivatives. Slipshod back office practices. Clueless 'old boys' in the upper management, unaware of what was happening. Marconi - overpriced acquisitions; late band wagon jumping. Enron - massive fraud; inflating profits figure helped by complicit auditors. WorldCom - massive fraud. BCCI- fraud. Guinness - fraud; insider dealing; the worlds only recoverer from Alzheimer's disease;