The Souk Al-Manakh Stock Bubble and Collapse

Post by Mark

manakh

The height of the society-wide insanity occurred when eight speculators, known as “the Cavaliers,” floated a total of $55 billion in postdated checks, seemingly in an attempt to corner the market. The most prolific check writer among the Cavaliers was Jassim al-Mutawa, a Passport Office employee in his early-twenties, who managed to pass off $14 billion all by himself. Sloppy accounting on the part of his brother and partner, Najeeb al-Mutawa, caused Jassim to become a staggering $3.4 billion overdrawn.

A really fascinating article on Souk Al-Manakh in the early 80s. The numbers quoted in the article are insane! I had always been curious about what happened and how it all happened so I thoroughly enjoyed reading this. [Link]

Also, here are some photos of the Souk Al-Manakh building taken in the early 80s via the MIT Libraries.

Thanks faahqueimmanutjawb


Share on Facebook Share on Twitter




6 comments, add your own...


  1. AA says:

    There is a very good documentary on this, in which people who were actually involved and witnessed firsthand what happened, talked about their stories. It was never released.

  2. Visakar says:

    Good subject for a Hollywood movie.

  3. Amir says:

    As I’m born in 90s, just asked my dad about it and he went chaos. He told me stories of people he personally knew who made millions and lost millions in blink of an eye. People would sell their belongings to get their hands on the share. How thrilling it would be at that time.


Leave a Reply



Commenting is a privilege not a right. I allow comments on the site because I believe that you can make a valuable contribution but in return I expect that you comment responsibly.


Contribute

If you have anything you think would be interesting to share on this blog
[Email Me]