When hard times were at their hardest it was customary for the newspapers to say that Horace Laghet had all the money in the country. His name was on every lip; the least of his doings and sayings constituted front-page stuff.
He first came into prominence during the panic of 1929, when it transpired that he had sold short. Of course he made millions. And after that, when everybody else was desperately trying to revive confidence, Laghet continued to sell America short, and America, unfortunately, justified his disbelief. He raked in more and more millions.
He spent lavishly. At a time when the building trades were almost at a standstill he commenced the construction of a huge marble palace on upper Fifth Avenue, and another at Newport. He ordered a yacht that was to exceed any yacht ever built. When these extravagances were criticized he retorted: “Well, I’m keeping the money in circulation, am I not?” And there was no come-back.