The 12 Most Spectacular Financial Services Failures of All Time
Goodbody & Company
In October 1970, Goodbody & Co, a brokerage founded in 1880 that grew into the fifth largest in the country, was on the brink of collapse as a result of the "Paperwork Crisis," when the NYSE experienced a massive increase in trading volumes and securities firms were caught unprepared since they lacked the technology and staff to handle the increased workload. Back offices were thrown in disarray as firms tried to process trades and maintain client records, causing myriad errors and losses. Merrill Lynch stepped in and paid $15 million to absorb Goodbody & Co and prevent a possible market collapse.