Railroad Corruption: The Political Sabotage of the Credit-Mobilier Scandal
Bribes, Subsidies, and the Unprecedented Congressional Fraud in the Gilded Age, 1872
Buch in deiner Nähe kaufen
Beschreibung
Uncover the massive 1872 railroad fraud where corporate executives created a fake company to embezzle federal funds and bribed Congress to look the other way.
How do you build a massively expensive transcontinental railroad when the actual construction operates at a severe financial loss? In the Gilded Age, the solution was not to improve efficiency, but to invent an entirely fake company, bribe the highest levels of the United States government, and loot the federal treasury.
The Union Pacific Railroad created a shadow construction firm called Crédit Mobilier. They awarded this fake company highly inflated, completely unverified construction contracts, paying them with massive federal subsidies. To ensure that Congress would never investigate this blatant embezzlement, the directors distributed highly discounted shares of Crédit Mobilier directly to powerful lawmakers, including the Vice President. The politicians happily passed legislation to fund the railroad, while quietly pocketing the fraudulent, taxpayer-funded dividends.
This rigorous historical investigation dissects the granddaddy of American political corruption. It explores the complex financial architecture of the shell company, the devastating public exposure by a disgruntled associate, and the total lack of meaningful criminal prosecution for the elites involved.
Examine the blueprint of political bribery. The Crédit Mobilier scandal reveals how massive infrastructural monopolies successfully merged corporate greed with legislative power to completely hijack the American economy.
Autor*in
Andrew Carey
Author
Themen in »Railroad Corruption: The Political Sabotage of the Credit-Mobilier Scandal«
credit mobilier scandal american railroad history gilded age political corruption congressional bribery infrastructure financing fraud transcontinental railroad logistics corporate shell companies