There is an old saying about the transitory nature of American fortunes: shirt sleeves to shirt sleeves in three generations. As Donald Trump has discovered, they can vanish a lot faster than that. But Trump is not the record holder for financial plummeting (at least not yet). That dubious honor almost certainly belongs to Charles M. Schwab.
Schwab had all the attributes needed for success and then some. Unfortunately he also had a fondness for the good life that drained even his formidable resources, a love of gambling in both casinos and stock markets, and an unshakable belief that the best was yet to come. It was the glory and the tragedy of Charlie Schwab that he was equally a Horatio Alger hero and WiIkins Micawber.