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[News] After Governor Cadillac is recalled to France and Crozat surrenders his charter to the king, Louis XIV awards the charter to John Law, a Scotsman and founder of the Bank of France. He founds the Mississippi Company, a subsidiary of the Company of the Indies, to manage the colony with almost dictatorial powers. Law appoints Bienville governor. In promoting the colony, the company overextended itself, resulting in the "Mississippi Bubble," in which many French investors lost fortunes when the bubble of fraud and corruption burst.
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