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TeachMeFinance.com - explain Hammered historic definition...
Hammered -- Said when a member of the London Stock
Exchange is declared a defaulter that is, when he fails to
meet his contracts. The head waiter (attendant), acting under instructions from
the committee for general purposes, strikes three blows with
his wooden hammer or mallet on his rostrum to secure attention,
after which he announces that "Mr. Blank is unable to
comply with his bargains" (contracts).
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