This Day in Financial History - February 11 . . .

1903 - Fueled by a growing distaste for corporate behemoths and outright monopolies, Congress gave the nod to the Expedition Act, which prioritized anti-trust suits filed in the nation's circuit courts. Passed on this day in 1903, the Expedition Act was seemingly another victory for President Theodore Roosevelt in his crusade against Big Business. Starting in 1902, with his decision to support disgruntled mine workers in their cause against coal operators, Roosevelt had increasingly moved to marshal his power against business interests. Under his charge, the Justice Department filed forty-five anti-trust suits; Roosevelt also led the successful crusade to break up Standard Oil's monopoly (1907). These maneuvers proved popular with the public, not only fueling a growing distaste for the practices of Big Business, but also earning Roosevelt a sterling reputation as a tough-talking "trust-buster." However, some historians have questioned Roosevelt's trust-busting credentials, pointing out that a number of the Justice Department's anti-trust suits were dropped after business leaders plead their case to the president. Roosevelt viewed "bigness" as a fait accompli; his trust-busting stance was borne of political expediency, as well as the desire to preserve the government's tacit regulatory control of corporate America. Source: www.history.com

2000 - Pets.com goes public on NASDAQ at an initial price of $11 per share. In an early warning sign that the Internet bubble may be about a burst, the stock barely budges in the first day of trading. The stock peaks a few weeks later at $14 per share. Less than nine months after its IPO, Pets.com announces that it will shut down its operations, and by yearend 2000 the stock has fallen 99.1%. Source: www.jasonzweig.com





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