...of public debt to finance construction. It was generally believed that the U.S. Government would ultimately redeem the greenbacks with gold. In 1869, a group of speculators, headed by James Fisk and Jay Gould, sought to profit from this by cornering the gold market. Gould and Fisk first recruited Grant's brother-in-law, a financier named Abel Corbin. They used Corbin to get close to Grant in social situations, where they would argue against government sale of gold, and Corbin would support their arguments. Corbin convinced Grant to appoint General Daniel Butterfield as assistant Treasurer of the United States. Butterfield agreed to tip the men off when the government intended to sell gold.In the late summer of 1869, Gould began buying large amounts of gold. He never sold this gold. This caused prices to rise and stocks to plummet. After Grant realized what had happened, the federal government sold $4 million in gold. On September 20, 1869, Gould and Fisk started hoarding gold, driving the price higher. On September 24 the premium on a gold Double Eagle was 30 percent higher than when Grant took office. But when the government gold hit the market, the premium plummeted within minutes. Investors scrambled to sell their holdings, and many of them, including Corbin, were ruined. Fisk and Gould escaped significant financial harm.The subsequent Congressional investigation was chaired by James A. Garfield. The investigation was alleged on the one hand to have been limited because Virginia...
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...The two men were president and vice president of the Erie Railroad. Gould and Fisk were known for fraudulent stock, and even bribing judges and politicians. They had earned their reputations and ruthless, financial masterminds. They also had a partnership with an important power player of Tammany hall, William Tweed. In early 1869, gold was the official currency of international trade, but the United States had gone off the gold standard during the civil war. Congress authorized $450 million in government backed, "green-backs" in order to fund the Union march to war. During this time, Wall Street formed a special room called the "Gold Room" where people could trade the competing currencies, gold and greenbacks. Gould saw that he could buy up huge amounts of the gold until he had eventually cornered the market, then he could drive up the prices and sell for large profit. Gould had a big hurdle to jump, which was president Ulysses Grant. The U.S treasury had a policy that allowed them to buy greenbacks from the public which meant that the government could set the value of gold. They decided when the price would go up and down. If Gould tried to corner the market, Grant could order the treasury to sell of large amounts of gold and drive the prices through the roof. Each side of the issue brought different solutions to their idea for a long time...
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...and made it the city's official printer. He also purchased the city's stationary suppliers, Manufacturing Stationer's Company. Tweed had both companies overcharge for their services, and then pocketed the profit. Slowly, he began to elevate his friends to powerful positions. Further real estate investments make him the city's 3rd largest land holder of the 1860s. As his reputation grew, Thomas Nast, political cartoonist at Harpers' Weekly, began criticizing him. It wasn't until he was named New York State Senator, in 1868, before he could properly rein the city. At this time Vanderbilt, Gould, and Fisk were battling over Erie Railroad. Fisk and Gould issued fake bonds illegitimately inflating their stake in the company. The stock prices dropped and Vanderbilt was forced to drop out of the race after losing $7 million. Tweed, as a senator, declared the bonds legitimate. Fisk and Gould rewarded him with a large company stock and the title director of the company. As Tweed's reign continued, he began to use his power for extortion. In the 1869 elections, the Tweed-placed mayor won. The new mayor and some lawmakers, whom got a $600,000 bribe from Tweed, rewrote the New York City's Charter. The changes made gave the city government more power and called for new citywide elections. Vote fraud at elections was rampant. Fifteen council seats were won by Tammany men. Control of finances went to the Board of Audit which consisted of Boss Tweed and two hand-picked Tammany brothers...
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...financial sector descended into chaos after rebel speculators Jay Gould and Jim Fish attempted to corner the nations gold market. The robber barons hoped to make a mint by driving the price of gold into the stratosphere, and to help pull it off, they built a network of corruption that extended from Wall Street and The New York City government all the way to the family of President Ulysses S. Grant. The conspiracy finally unraveled on what became known as "Black Friday,"But not before Gould and Fisk had dragged the entire U.S. economy to the brink of catastrophe. In Washington D.C., Ulysses S. Grant resolved to bust Gould and Fisk's corner on the gold market. Shortly before noon, he met with Treasury Secretary George Boutwell, who had been following the chaos via telegraph. After a brief conversation, Grant ordered Boutwell to open his vaults and flood the market. A few minutes later, Boutwell wired New York and announced Treasury would sell a whooping $4 million in gold the following day. Ripples from "Black Friday" affected the U.S. economy for several years and blighted the rest of Ulysses S. Grant's tenure as president. Nevertheless, Jay Gould and Jim Fish managed to escape the disaster none the worse wear. despite multiple allegations of malfeasance and an official investigation by Congress, the two leveraged their political connections and...
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.... Russia, France, USA 2. waste, extravagance, speculation, and graft 3. great soldier but an utterly inept politician 4. a presidential slogan that was meant to bring the memories of the civil war, the Republican party 5. Ulysses S Grant and Horatio Seymour 6. Grant, many of the white southerners votes for Seymour were not counted 7.two millionaire business partners who made a plan to corner the treasury and buy large amounts of gold to drive up the price 8. the day when Gould and Fisk bid the price of gold to very high and drove other businesses under. 9. a large man who employed bribery, graft, and fraudulent elections to milk the New York City of as much as $200 million. 10. political cartoonist who posted cartoons of Boss Tweed even though he was offered $5 million not to 11. A New York attorney who headed the prosecution of Boss Tweed. 12. Union Pacific Railroad insiders formed the Credit Mobiler company and hired themselves at high prices. They then gave valuable stock to Congressman to try to keep them from shutting it down 13. 14. Carl Schurz 15. The Liberal Republicans thought that the Grant Administration, and the president personally, were fully corrupt. More important they thought that the goals of Reconstruction had been achieved 16. Horace Greeley 17. Ulysses S. Grant 18. down in a depression 19. Greenback labor party, to backlash the exchange of convenient bills for gold 20. Mark Twain 21. 80% 22. Republicans traced back to Puritanism;...
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...Captains of Industry? Or Robber Barons? [pic] Overview: The thirty years plus, following the end of the Civil War, is often referred to as the “Gilded Age”. This was a term coined by Mark Twain, the most renowned American writer of the period. It refers to a superficial period of intense economic growth. During this time, businessmen created large business organizations known as trusts. The ingenuity of these entrepreneurs earned the titles of “Captains of Industry”. Yet, their ruthlessness in building wealth at the expense of their competitors, workers and consumers often earned them the title “Robber Baron”. This DBQ (Document Based Questions) asks you to decide whether these businessmen were “Captains of Industry” or “Robber Barons”. Background Essay During the post-Civil War period, an era commonly referred to as the Gilded Age, the economy of the United States grew at a fantastic rate. With the exception of a recession during the mid-1870s, and another during the mid-1890s, the economic growth was in unprecedented in United States history. Manufacturing output increased by 180 percent. Railroads, an important catalyst of growth, increased in miles by 113 percent. Steel production grew to over 10,000,000 tons per year by 1900. Every aspect of the American economy expanded from traditional activities to new enterprises brought about by the huge influx of cutting-edge technological inventions. The gross national product almost doubled during the period and the per...
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...Cornelius Vanderbilt was a very tough and competitive man that began off of one simple ferry boat which soon became a large fleet of ships that transported goods and passengers all around the country, earning the nickname “Commodore”. Once Vanderbilt realised that railroads would be the next big thing for travel and shipping, he decided to sell every last one of his ships and invest all of his earnings into creating the largest railroad industry the world has yet to see. After losing his son during the Civil War, he gave his other son William Vanderbilt, the title of Operations Director for the Hudson railroad which led negotiations with his competitions. Vanderbilt owned the Albany bridge which was the only bridge that lead into the city of...
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...As a result, Drew and Vanderbilt had to work together to save the Erie from bankruptcy. During this time, Daniel Drew became a director on the New York and Harlem railroad, where he once again worked with Vanderbilt to prop up that company’s financial affairs. In 1864, Daniel Drew lost 500,000 dollars because of a struggle between him and Vanderbilt. In this struggle, Drew was selling the New York and Harlem stock short, but Vanderbilt bought every share he sold. Drew, along with James Fisk and Jay Gould, later got his revenge in a war for control of the Erie Railroad, but his victory didn’t last long because his partners betrayed him by forcing the stock’s price to raise, which made Daniel Drew lose 1.5 million dollars. When the Panic of 1873 came, Drew was economically finished, so much so that he filed for bankruptcy in 1876. From then to the end of his life, Drew was fully dependent on his son. Daniel Drew died at age 82 on September 18,...
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...It was a good thing that Grant did not go because at the Ford Theatre, Lincoln was assassinated by John Wilkes Booth. After Lincoln died, Johnson became president and gave Grant the title of “General of the Army of the United States.” In 1868, Grant ran for president and was elected as the 18th president. His presidency was ridiculed with corruption and scandals, even though he was not a part of them. He had been seen with two people, who committed a scandal Jay Gould and James Fisk. The two wanted to corner the gold market, but their plan was foiled by Grant. During his presidency, he did do some good. He established the Department of Justice, the National Weather Service, and Yellowstone National Park, the first national park in the United States. His second term of presidency was not eventful, though he had to help with the depression of the nation in...
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...Reconstruction Essay By the time that the civil war came to an end the South was in shambles in just about every area imaginable. Many things were destroyed in the South, entire cities, farms and plantations were destroyed and left the South in much need of being rebuilt. The economy of the South was also very bad, inflation became such an issue that very simple items began to cost hundreds of dollars each and as a result many people died of starvation and couldn’t afford essential items. Taking all of this into account, by 1865 Washington had a pretty daunting task of rebuilding the South. Right after major victories in Gettysburg and Vicksburg in 1863 President Lincoln began putting his plan into action to reunify the North and the South. Lincoln was under belief that the South had never legally seceded from the Union so as a first act to get reconstruction under way he announced the Proclamation of Amnesty and Reconstruction in 1863. Lincoln created another plan to move reconstruction forward and this was the Ten Percent Plan. The Ten Percent Plan specified that a Southern state could be readmitted to the Union after ten percent of its voters swore an oath of allegiance to the Union. This plan effectively and efficiently ended the war quickly although radical republicans clamored for a higher percentage of people to swear an oath to the Union. It was definitely a plan that enticed the South to surrender quickly. Similar to Lincoln, President Johnson wanted to get Reconstruction...
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...http://www.trinity.edu/rjensen/FraudAmericanHistory.htm History of Fraud in America (Edited for use in MBA 590_ NCSU) Bob Jensen at Trinity University Colonial History Earliest "business" fraud in America centered around phony heath cures. Armstrong and Armstrong (1991) document many of the snake oil ploys that commenced soon after the Pilgrims landed on Plymouth Rock. Medical frauds ranging from deceptive medicines to spiritual cures to bloodletting expanded over time to modern day cancer miracle cures and Internet charlatanism. Since early America was largely agricultural, various land schemes accompanied the growing market for deceptive rural living and farming products. As the original 13 colonies were established land was owned by men who had been granted land from the English King. They in turn sold land to individuals and established common areas. Although many of the early dealings were legitimate, it did not take long for land swindles to commence. Swindlers were either buyers or sellers of land. Victims were often new immigrants and Indians who lived on the land before Colonial times. One of the best known frauds was the 1626 purchase of Manhattan Island for trinkets valued at 60 guilders (approximately $24). In this case the Carnarsie Indians from Brooklyn perpetrated the fraud since their land was not even connected to Manhattan Island. But in most cases it was the white men who cheated the Indians and each other. Land swindling grew rampant as America expanded...
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...Corruption in the Government and Politics Abstract Political and government corruption has been a big problem in America for a long time. After careful research and investigating, corruption has a way of splitting a country. Corruption in government and political corrupt seems to go hand-in-hand. In America corruption has been an issue at the highest level of government which starts at the executive level of the Presidency. Over the years corruption has reared its head in other areas of our government from the President throughout Congress and even into our state and local level government. Introduction Throughout the history of the United States of America corruption in government has been an issue. Corruption in government has been an ongoing problem from the beginning of our government. Corruption dates back to the conception of our Constitution of the United States. The constitution was created and delivered in the year 1787. It was the creation of hope that this document would set forth some rules and regulations for our country as well as the citizens of this great nation to follow. It included our rights as citizens and the guarantee of having a government to carry out the will of the people. Government and political corruption was an issue even for the framers of our constitution. Before the final draft of our constitution, the document was revised several times before it was presented. The idea was that by creating the constitution it would...
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...Page 1 Ulysses S. Grant (2002) Program Transcript Part One Narrator: October 23, 1863. Chattanooga, Tennessee. After a grueling four-day journey, General Ulysses S. Grant arrived at Union headquarters. He had injured his leg and had to be helped off his horse. Once again, he was dogged by rumors that he'd been drinking. He listened silently as his officers described a bleak situation. The Union Army was surrounded. Men and horses faced starvation. A Confederate victory seemed inevitable. Grant thanked his men, and began to write his orders. Max Byrd, Novelist: You see a lot of Grant in just that act of writing. The concentration and the determination. He never looked up. He never hesitated. He never seemed to search for a word. Geoffrey Perr et, Biographer: By the time he'd finished, he was surrounded by pieces of, of paper that he'd covered with his, his very even hand writing. In effect, he had fought the battle already in his o wn mind. Narrator: Before the war, Grant had been a nobody, a failure as a farmer and a businessman. As Commanding General, he was called an incompetent, a butcher. But he would win every campaign he ever fought. His plain, Midwestern w ays would captivate the American people. David W. Blight, Historian: There was something about that element of the American dream of that rags to riches story. He had experienced humiliation and he had understood failure. And I suspect a lot of Americans could see themselves in him. Donald Miller, Historian: Grant...
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...Organizational Theory, Design, and Change Jones 6th Edition Test Bank Click here to download the solutions manual / test bank INSTANTLY!!! http://solutionsmanualtestbanks.blogspot.com/2011/10/organizational-theory-d esign-and-change_18.html ----------------------------------------------------------------------Organizational Organizational Organizational Organizational Theory, Theory, Theory, Theory, Design, Design, Design, Design, and and and and Change Change Change Change Jones Jones Jones Jones 6th 6th 6th 6th Edition Edition Edition Edition Test Test Test Test Bank Bank Bank Bank -------------------------------------------------------------------------***THIS IS NOT THE ACTUAL BOOK. YOU ARE BUYING the Test Bank in e-version of the following book*** Name: Organizational Theory, Design, and Change Author: Jones Edition: 6th ISBN-10: 0136087310 Type: Test Bank - The test bank is what most professors use an a reference when making exams for their students, which means there’s a very high chance that you will see a very similar, if not exact the exact, question in the test! - The file is either in .doc, .pdf, excel, or zipped in the package and can easily be read on PCs and Macs. - Delivery is INSTANT. You can download the files IMMEDIATELY once payment is done. If you have any questions, please feel free to contact us. Our response is the fastest. All questions will always be answered in 6 hours. This is the quality of service we are providing and we hope to be your...
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...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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