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The panic, which became known as Black Friday, was the result of a conspiracy between two investors, Jay Gould, later joined by his partner James Fisk, and Abel Corbin, a small time speculator who had married Virginia (Jennie) Grant, the younger sister of President Ulysses S. Grant.
The intricate financial scheme was primarily conceived and administered by Wall Street manipulator Jay Gould and President Grant's brother-in-law, Abel Rathbone Corbin, who would use his personal relationship to influence the President. Gould's partner, James Fisk, joined the conspiracy later. Their plan was to convince President Grant not to ...
Though Fisk was admired by the working class of New York and the Erie Railroad, he achieved much ill-fame for his role in Black Friday in 1869, where he and his partner Jay Gould befriended the unsuspecting President Ulysses S. Grant in an attempt to use the President's good name in a scheme to corner the gold market in New York City. On ...
In 1870, Fisk and Gould betrayed Drew, manipulating the stock price of the Erie Railroad and causing him to lose $1.5 million [7]: 364–379 Fisk was killed in January 1872 by a jealous rival over a mistress; [8] Gould was later swindled out of $1,000,000 worth of Erie railroad stock and never controlled the Erie Railroad.
In 1869, Black Friday came stateside through the Fisk-Gould scandal. Gold speculators on Wall Street conspired to run up the price of the precious metal before President Ulysses S. Grant ordered ...
The 1869 Black Friday financial panic in the United States was caused by the efforts of Jay Gould and James Fisk to corner the gold market on the New York Gold Exchange. When the government gold hit the market, the premium plummeted within minutes and many investors were ruined. Fisk and Gould escaped significant financial harm.
The league spent two years and about $22 million to prosecute the scandal, aided by issuing inaccurate, but damning, leaks to the media that wrecked Brady's and the Patriots' ability to defend ...
The release of the gold thwarted Gould's and Fisk's plan to corner the gold market. After the treasury gold was released, the market price of gold dropped. The effects of releasing the gold, however, had temporary detrimental effects on the economy as stock prices plunged and food prices dropped, devastating New York bankers and southern ...