The 1987 stock market crash was the most severe financial panic of the last century, taking a major toll on the stock market and other financial aspects of the time. Now, after almost 30 years, the Wall Street events of October 1987 are being revisited in order to uncover the events leading up to the crash and the maneuverings of traders and brokers that led to the monumental drop of the Dow Jones industrial Average (DJIA).
One key area of focus in the current re-examination of the 1987 crash is the involvement of a man known simply as “Fishhooks.” According to Wall Street accounts, Fishhooks is said to have been a successful trader and broker who operated out of New York City’s trading pits during the late 1980s. It is virtually certain that Fishhooks was at ground zero during the ’87 crash, though the extent of his involvement has remained unclear to this day.
It is now being speculated that Fishhooks was a seasoned trader who saw the signs of the impending crash and acted quickly in order to secure his investments by manipulating the market and leading other traders to his direction. According to reports, Fishhooks may have utilized a “stop-loss order” to ensure he didn’t suffer too great of a loss in the crash, buying at a set price and selling when it dropped to a predetermined level.
Recent conversations with industry veterans and current traders on Wall Street have shed more light on the activities of Fishhooks and his possible role in the ’87 crash. While many of these traders agree that it is nearly impossible to definitively identify the involvement of one individual in such an expansive event, they also speculate that Fishhooks was likely able to successfully cash in on the stock market plunge.
Ultimately, the identity of Fishhooks and his exact role in the 1987 stock market crash remains a mystery. Nonetheless, the revisitation of his involvement adds an interesting new dimension to international finance lore and speaks volumes not only about the stock market crash of ’87 but also about the ongoing speculation of Wall Street politics.