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Jay Gould

Original nameJay Gould

The most infamous speculator and "robber baron" of the Gilded Age

Those Who Made Money Beget Money · Capital & Finance
SpeculationStock ManipulationRailroadsRobber Baron

Who they are

The most controversial and most hated financial speculator of America’s Gilded Age, the very type of the "robber baron." Unlike Carnegie or Rockefeller, who grew rich by industry, he made his killings mainly by manipulating stocks, insider dealing, and buying off politicians and judges, his methods and reputation unmatched for ruthlessness in his day. In 1869 he tried to corner and manipulate the price of gold, touching off the nationwide "Black Friday" financial panic that ruined countless people. He embodies capital’s nakedest, most unconcealed greed — and it was the rampage of such figures that spurred later securities regulation and antitrust reform.

Primary sourcessources on Jay Gould and "Black Friday"

Key stories

"Black Friday": Trying to Corner a Nation’s Gold

In 1869 Gould, with others, tried to corner the gold on the New York market and monopolize its price for a killing, even trying to buy off those around the president to stop the government from selling gold. The scheme briefly worked, gold soared — until the government dumped gold in counterattack and the price crashed: "Black Friday," which ruined countless speculators. The farce exposed the lawless savagery of the financial markets of the day, and became a cautionary tale for later regulation.

Version differences

Gould’s "robber baron" infamy comes largely from the opinion of his day; his methods and reputation have always been judged negatively, and this site states the facts and the dispute.

Relationships

Nemesis
🏛️J. P. Morgan　the two poles of speculative manipulation and orderly finance

Echoes today

Below are how modern works borrow or reinterpret this name or story — not the original material. The two differ, so keep them apart.

The type of the "robber baron"Gould is the most infamous representative of the "robber baron"; his 1869 gold-cornering "Black Friday" is a cautionary tale in the history of financial regulation, spurring later securities regulation and antitrust reform.
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