Alexander Osipovich
Appearances
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
In 16th century Rome, there was quite a thriving culture of placing wagers on the results of papal conclaves. And this led to a very thriving rumor mill called where information would leak out of the conclave and things got kind of out of hand. Bookies and brokers were accused of manipulating the markets.
WSJ What’s News
China, EU Signal Desire to Cool Trade Fight
There were also allegations of insider trading by people close to the cardinals who knew what was going on. Eventually, the papacy cracked down on this, and in 1591, Pope Gregory XIV issued a papal bull that banned wagering on papal elections on penalty of excommunication.