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Dale Creek Crossing, completed in 1868 as part of the First transcontinental railroad. The Crédit Mobilier scandal (French pronunciation: [kʁedi mɔbilje]) was a two-part fraud conducted from 1864 to 1867 by the Union Pacific Railroad and the Crédit Mobilier of America construction company in the building of the eastern portion of the first transcontinental railroad from the Missouri River ...
[4] [30] Warmoth was subsequently impeached by the state legislature due to a bribery scandal resulting from his actions in the 1872 election. Warmoth appointed Democrats as parish registrars, and they ensured the voter rolls included as many Whites and as few freedmen as possible.
An 1872–73 congressional investigation into the Crédit Mobilier scandal identified Colfax as one of several federal government officials who, in 1868, had accepted payments of cash and discounted stock from the Union Pacific Railroad in exchange for favorable action during the construction of the transcontinental railroad. Though he ...
The Crédit Mobilier (French pronunciation: [kʁedi mɔbilje]; officially the Société Générale du Crédit Mobilier [sɔsjete ʒeneʁal dy kʁedi mɔbilje], lit. ' general company for movable [collateral-backed] credit ' ) was a French banking company created in 1852 by the Pereire brothers , and one of the world’s most significant and ...
[2]: 211 The Pereires were forced to relinquished control of the Crédit Mobilier on 14 September 1867, at the demand of the Banque de France. [2]: 213 Even so, they kept some of their wealth and properties, but had to face numerous lawsuits in the ensuing years and in 1872 were compelled to sell their art collections. [1]: 392
When this was exposed in 1872, a congressional committee determined it a bribe for the purpose of influencing railroad legislation. The scandal resulted in Oakes Ames's censure and he died not long afterward. [8] Ames inherited his father's fortune, nationwide network of business interests, and $6–8 million in debt related to the scandal.
(1872) [56] James W. Patterson (R-NH) US Senator, was found to have given false testimony to both the House and Senate Ethics Committees, both of whom found him guilty of bribery in the Crédit Mobilier Scandal. They both recommended his expulsion from the Senate, but Patterson's term expired before such action could be taken. (1873) [42]
In 1872, it was disclosed Ames sold shares in Credit Mobilier to fellow congressmen at a price greatly below the market value of the stock. The subsequent public scandal led to a House investigation, which formally recommended expulsion.