In 1993, a prospector named Michael de Guzman walked out of
the jungles of Borneo with extraordinary news: he found gold.
For the next three years, de Guzman produced thousands of
core samples riddled with gold. Canada's
CBC News has a detailed timeline of the events.
During that period, the market value of de Guzman's employer, Bre-X
Minerals, went from nothing to $6 billion.
BusinessWeek notes that Wall Street's top analysts were extremely
bullish on the stock. Big funds poured
money into the stock and the world's major miners wrestled for a piece of the
action.
The problem: there was no gold. As the story unraveled…
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