Wall Street and Later Years
In the 1920s, Durant became a major "player" on Wall Street and on Black Tuesday joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks, against the advice of friends, in order to demonstrate to the public their confidence in the stock market. His effort proved costly and failed to stop the market slide. By 1936, the 75-year-old Durant was bankrupt.
After the fall of Durant Motors, Durant and his second wife lived on a small pension provided by Alfred P. Sloan on behalf of General Motors. He suffered a stroke in 1942, which left him "a semi-invalid", and managed a bowling alley in Flint, Michigan until his death in 1947. He was buried in a private mausoleum at the Woodlawn Cemetery in the Bronx, New York. Durant was inducted into the Junior Achievement U.S. Business Hall of Fame in 1996.
Durant Park in Lansing, Michigan is named after him.
Read more about this topic: William C. Durant
Famous quotes containing the words wall street, wall, street and/or years:
“I think we will live through his term, Archie, and I’ll tell you something, old man, if they don’t stop hammering me, first Bryan for not enforcing the Anti-Trust Law and Wall Street for enforcing it, they may succeed in electing me to another term whether I want it or not.”
—William Howard Taft (1857–1930)
“Something inspires the only cow of late
To make no more of a wall than an open gate,
And think no more of wall-builders than fools.”
—Robert Frost (1874–1963)
“The American father ... is never seen in London. He passes his life entirely in Wall Street and communicates with his family once a month by means of a telegram in cipher.”
—Oscar Wilde (1854–1900)
“If we can “boondoggle” ourselves out of this depression, that word is going to be enshrined in the hearts of the American people for years to come.”
—Franklin D. Roosevelt (1882–1945)