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The main purpose of Credit Mobilier, established in the 1860s, was to finance and construct the Union Pacific Railroad during the westward expansion in the United States. It served as a construction company that facilitated the building of the railroad, while also allowing investors to profit from the venture. However, it became infamous for its corrupt practices, including bribing politicians and inflating costs to maximize profits, which ultimately led to a major political scandal.
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What was the main purpose of the company known as credit mobilier?
To make money.
What was hurt by the credit mobilier affair?
Grant administration
What did the credit mobilier do?
he build up the Union Pacific bridge
What was the main purpose of the company known as the credit mobilizer?
The main purpose of the Credit Mobilier company, established in the 1860s, was to finance the construction of the Union Pacific Railroad. It served as a construction company that overcharged the railroad for building the track, allowing its investors to profit significantly. The company became notorious for its role in a major corruption scandal involving politicians and railroad executives, highlighting issues of graft and influence in the burgeoning railroad industry.
What was the credit mobile scandal?
The Credit Mobilier scandal involved the Credit Mobilier Company and the Union Pacific Railroad. Both were chartered in 1864. In 1868, Congressman Oakes Ames distributed shares of Credit Mobilier stock, as well as made cash bribes to other congressmen. The Sun, a New York newspaper, broke the story of the scandal during the 1872 presidential campaign of Ulysses Grant.
What was the main purpose of the company as Credit Mobilier?
To make money.
What was the main purpose of the company known as credit mobilier?
To make money.
Construction company of scheming stockholders?
Credit mobilier.
Who was involved in credit mobilier and what was the purpose of this company?
People involved: Union Pacific Railroad in 1864, vice president Shuyler Colfax, and congressman James Garfield involved in Credit Mobilier. Purpose: obtain powerful political positions for its shareholders
Railroad built by the Credit Mobilier?
union pacific
What was hurt by the credit mobilier affair?
Grant administration
In which example of corruption under president grant did the Union Pacific Railroad use government money to make money from its own stock?
Crédit Mobilier
What did the credit mobilier do?
he build up the Union Pacific bridge
Who was involved in credit mobilier and what was the purpose?
The union pacific railroad was involved and the plan was to pay a huge sum for work and secure the bonds loaned by the US government.
What is the credit mobilier?
A credit mobilier is a construction company set up by several stockholders of the Union Pacific
What was the main purpose of the company known as the credit mobilizer?
The main purpose of the Credit Mobilier company, established in the 1860s, was to finance the construction of the Union Pacific Railroad. It served as a construction company that overcharged the railroad for building the track, allowing its investors to profit significantly. The company became notorious for its role in a major corruption scandal involving politicians and railroad executives, highlighting issues of graft and influence in the burgeoning railroad industry.
The credit mobilier scandal occurred during which presidential administration?
Grant
