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John Law (1671-1729), the son of an Edinburgh banker and successful financier is best known for his role in establishing the Banque Générale in France in 1715 and founding the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Initially, Law's reputation caused the stock in the Compagnie de l'Occident to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated and the increasing demand for its stock led to wild speculation. The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture. In 1720 the company failed, the bubble burst, and the stockholders lost their entire investment, many being completely ruined, leaving the French nation on the verge of bankruptcy.