On this episode of This Day In History, Tony and Armand are here to discuss the historical happenings that have taken place on this day, throughout the annals of time. On this day in 1882, Italian businessman, Charles Ponzi is born. Ponzi is known for his fraudulent business dealings and investments, now known as a Ponzi scheme. On this day in 1923, TIME magazine is published for the first time. An illustration of Joseph G. Cannon, former House Speaker, was on the cover for the first weekly news-magazine. Also on this day in 1938, oil is discovered in Saudi Arabia in commercial quantities by an American oil company, then called California Arabian Standard Oil Company (CASOC), forever changing the political environment in the Middle East.
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