Business owners or entrepreneurs are always ready to face ups and downs. In history, there have been huge losses and benefits that gained them immense popularity. However, some meltdowns have been so devastating that they drowned businesses. Some of such historical and exciting events are here.
1. The Great Depression
During a discussion online, a woman shared the story of The Great Depression. When the stock market in the United States crashed, a global catastrophe occurred. She shared that when she was a kid, she heard this story from her grandfather that at this colossal crash, several people lost their jobs, and the public of the US spent years to come back into the stock market. They lost billions of stocks in this crash.
2. The Volkswagen Emission Scandal
A woman shared that it happened in 2015. When it came to light, Volkswagen had installed specific software to manipulate the emissions. It led to several lawsuits and fines from potential buyers. Also, it costs billions to pay for penalties and bailing out in many cases. Investors and even regular customers stopped trusting the company for several years.
3. The Black Monday
Some days are named after a specific event. The same is true on Black Monday. A person shared that the history of this day is unforgettable. When stock markets around the globe faced a sudden crash. It was October 19, 1987. He said it was a typical day in the stock market, and suddenly, it became one of the most significant financial losses in history.
4. The Spanish Property Loss
In 2008, Spain experienced one of its biggest banking crises. A woman shared the story behind this collapse. She shared that a property bubble led to an unfortunate crisis, due to which hundreds of people lost their chances of getting a job. They also had a banking sector crisis, which led to an alarmingly increased unemployment rate.
5. The Tulip Mania
During the 17th century, the Dutch Tulip Mania collapsed due to a hike in prices of tulip bulbs. A woman shared that she read in a book that the whole industry collapsed to an absurd increase in the rates of tulip bulbs. Eventually, all the investors were left with the loss, and financial destruction occurred. Like all other bubbles, it collapsed and left everyone in debt.
6. The Dot-Com Bubble
An elderly woman shared the story of the late 1990s. She shared that she had a job in an investment bank after the collapse of many tech companies. It arose due to the Dot Come Bubble and led to the downfall of several dependent companies. The company made a hike in investment prices in businesses based on the Internet. Eventually, it lost millions and affected hundreds of employees and potential investors.
7. The Greek Debt Crisis
Another historical event in the history of businesses. A person shared that In 2010, the Greek debt crisis led to millions of bailout packages. The Greek debt labels had implications for the common currency of the EU Union. A problem affected the countries in the union, and a massive meltdown of debt providers occurred.
8. The Saving and Loan Crisis
In the United States, there have been many financial loss and profit incidents. Savings and Loan crisis is still in the stories of many businessmen. An American man shared how this crisis and a significant loss affected the industries. It was a result of financial mishandling and irregularities. It led to the collapse of several loan institutions and cost the government billions of Dollars.
9. Enron's Deception
A man said that In the 2000s, the Enron deception scandal came into his knowledge. The company was accused of hiding its debts. Eventually, it led to filing for bankruptcy. Leaving its employees with opening due and millions of deals with investors in ruins. Corporate governance made changes in its policies and rules due to this loss.
10. The Lehman Brothers Collapse
In 2008, an investment bank, Lehman Brothers, led to a devastating collapse. A man shared that they filed for bankruptcy, too. It was a giant in investment banking, so it affected the financial system worldwide. Leaving a lesson for predecessors, several changes in rules were made after this incident.
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