What did the Credit Mobilier do?
Crédit Mobilier was a sham construction company chartered to build the Union Pacific Railroad by financing it with unmarketable bonds. It also provided a mechanism to dispense the immense profits from building the railroad to the board of directors and its shareholders.Click to see full answer. Likewise, what did the Credit Mobilier scandal do?The Crédit…
Crédit Mobilier was a sham construction company chartered to build the Union Pacific Railroad by financing it with unmarketable bonds. It also provided a mechanism to dispense the immense profits from building the railroad to the board of directors and its shareholders.Click to see full answer. Likewise, what did the Credit Mobilier scandal do?The Crédit Mobilier scandal of 1872-1873 damaged the careers of several Gilded Age politicians. Major stockholders in the Union Pacific Railroad formed a company, the Crédit Mobilier of America, and gave it contracts to build the railroad. They sold or gave shares in this construction to influential congressmen.One may also ask, when was the Credit Mobilier scandal? 1872, Then, how did the Credit Mobilier scandal end? Because of the blatant manner in which the participants swapped favors, the Credit Mobilier Scandal broke in 1872. A congressional investigation ensued and brought all the details to the public’s attention. It ended Colfax’s political career, as he was dropped from the vice presidential ticket that year.Who was president during Credit Mobilier?Andrew Johnson’s
