Warren Buffett on the 1962 Kennedy Flash Crash

“My father always told me that all businessmen were sons of bitches,” said President John F. Kennedy on April 10, 1962. Kennedy’s angry reflection on corporate character was provoked by Roger M. Blough, head of U.S. Steel. Blough had just left the White House after informing the president that his company would be raising the price of steel by $6 per ton.