I delivered my shots 1-handed just as somebody clutching a bank bag or a fist full of Credit Mobilier
stock certificates might have done.
To make sure Congress did not make trouble, they cut key members in on the deal, allowing them to pay for Credit Mobilier
stock using the enormous quarterly dividends--often 100% of par value--that they were paid.
Some rapacious entrepreneurs, in cahoots with influential senators and congressmen, set up an agency called the Credit Mobilier
, which named a senator, Oakes Ames, as president.
For instance, to build the Transcontinental Railroad, the owners of the Union Pacific Railroad set up a construction firm called Credit Mobilier
to wildly overcharge for the work it did, just so they could bleed their own company and bondholders.
Fogel says the early investors in the Union Pacific made a profit, but it came through the Credit Mobilier
, which made money through insider construction contracts and the financial manipulation of the Union Pacific stocks and bonds.
Durant was also the chief instigator of the infamous Credit Mobilier
scandal, one of the most shocking examples of political corruption in U.
The eighteenth installment satirizes the Credit Mobilier
scandal of 1872, which tainted those involved with the construction of America's Union Pacific Railroad.