He paid an associate to submit the construction bid to another company he controlled, Crédit Mobilier, manipulating the finances and government subsidies and making himself another fortune.

Despite the transcontinental success and millions in government subsidies, the Union Pacific faced bankruptcy less than three years after the golden spike as details surfaced about overcharges Crédit Mobilier had billed Union Pacific for the formal building of the railroad.

Durant had initially come up with the scheme to have Crédit Mobilier subcontract to do the actual track work.

Editorial cartoon: Uncle Sam directs U. S. Senators and Representatives implicated in the Crédit Mobilier scheme to commit Hari-Kari.

In 1872 he was one of a number of Congressmen involved in the alleged Crédit Mobilier of America scandal.

As part of their expansion efforts, the principals of the Union Pacific Railroad formed Crédit Mobilier of America and issued stock.

" Saint-Simonians at this time founded a new type of banking institution, the Crédit Mobilier, which sold stock to the public and then used the money raised to invest in industrial enterprises in France.

Colfax had been involved in the Crédit Mobilier of America scandal and left office under a cloud.

His election was marred by the report that he was involved in the Crédit Mobilier of America scandal.

Wilson was one of several major Republican ( and Democratic ) Representatives and Senators who were offered bribes ( and possibly took them ) of shares in Crédit Mobilier.

The most notable of the Ames family were Oakes Ames, a key figure in the Crédit Mobilier of America scandal, and Oliver Ames ( R ), governor of Massachusetts from 1887 – 1890.

But Banks had definitely granted special favors without apparent compensation to men later connected to the Crédit Mobilier scandal and to a few others of questionable reputation.

He also served on the committee investigating the Crédit Mobilier scandal.

UP was entangled in the Crédit Mobilier scandal, exposed in 1872, that involved bribing congressmen and stock speculations.

He also dealt with the Crédit Mobilier of America scandal and led massive campaigns against the Ku Klux Klan ( KKK ), whose violence he had experienced first-hand.

She was also the great-granddaughter on her father's side of Oakes Ames ( 1804 – 1873 ), an industrialist and congressman who was impeached in the Crédit Mobilier railroad scandal of 1872 ; and Governor-General of New Orleans Benjamin Franklin Butler, an American lawyer and politician who represented Massachusetts in the United States House of Representatives and later served as the 33rd Governor of Massachusetts.

Train was involved in the formation of the Union Pacific Railroad during the Civil War, but left for England in 1864 after having helped others set up the Crédit Mobilier of America company.

# redirect Crédit Mobilier of America scandal

The Crédit Mobilier scandal of 1872 involved the Union Pacific Railroad and the Crédit Mobilier of America construction company in the building of the First Transcontinental Railroad.

The distribution of Crédit Mobilier shares of stock by Congressman Oakes Ames along with cash bribes to congressmen took place during the Andrew Johnson presidency in 1868.

The revelation of the congressmen who received cash bribes or shares in Crédit Mobilier took place during the Ulysses S. Grant administration in 1872.

* Crédit Mobilier of America scandal of 1872, the exposed deception by the Union Pacific of over charging construction costs to taxpayers and manipulating the share prices of Crédit Mobilier of America

# REDIRECT Crédit Mobilier of America scandal

# REDIRECT Crédit Mobilier of America scandal

Major scandal reached into Congress with the Crédit Mobilier of America scandal, and disgraced the White House during the Grant Administration.

# REDIRECT Crédit Mobilier of America scandal

Four years later, a scandal erupted following the collapse of the Banque Nationale de Crédit and GFFA was forced to file for bankruptcy protection.

Duisenberg announced he would retire on 9 July 2003 ( his 69th birthday ), but he remained in office until Trichet was cleared of charges of fraud in connection with the collapse of the French bank Crédit Lyonnais.

Because Saint Pierre was the commercial capital of the island, there were four banks in the city — the Banque de la Martinique, Banque Transatlantique, a branch of the Colonial Bank of London, and the Crédit Foncier Colonial.

Ultimately French bank Crédit Lyonnais agreed to finance the film with Temple at the helm ( if $ 4 million was shaved off of the film's estimated $ 14 million budget ) and the De Laurentiis Entertainment Group agreed to distribute it.

Throughout the 1950s, UBS was the most acquisitive bank in Switzerland, acquiring Banque Palézieux & Cie. ( 1948 ), Volksbank Interlaken ( 1952 ), Weck, Aebi & Cie ( 1954 ), Banque Tissières fils & Cie. ( 1956 ), Banque de Sion ( 1956 ), Banque de Brigue ( 1957 ), the Crédit Gruyérien ( 1957 ), Crédit Sierrois ( 1957 ), Bank Cantrade AG ( 1960 ) and Volksbank in Visp ( 1960 ).

Raffaele de Ferrari was founder of the Crédit Immobilier de France with the Péreire brothers, rivals of the Rothschilds, who financed many of the major construction projects of the second half of the 19th century: railroads in Austria, Latin America, Portugal, upper Italy and France ( the Paris-Lyon-Marseille line ), the digging of the Fréjus Rail Tunnel and the Suez Canal, and the reconstruction of Paris designed by Baron Haussmann.

The German branch, the Citibank Privatkunden AG & Co. KGaA was sold in July 2008 to the French Crédit Mutuel Group.

Not all this money was his own, it came from a group of financiers who had the backing of an investment trust, the Union Syndicale et Financière and two banks, the Comptoir Lyon Allemand and the Banque Nationale de Crédit.

In January 2003 Trichet was put on trial with eight others charged with irregularities at Crédit Lyonnais, one of France's biggest banks.

Its name became the “ Banque Foncière of Paris .” Similar institutions at Nevers and Marseilles were amalgamated into one under the title of “ Crédit Foncier de France .” The amount of the loan could not exceed half of the value of the property pledged or hypothecated, and that the repayment of the loan was by an annuity, which included the interest and part of the principal, terminable at a certain date.

It was the title sponsor of the Crédit Agricole professional road cycling team from 1997 to 2008.

The creation of Crédit Mobilier of America was a deliberate attempt to falsely present to the Government of the United States and the general public the appearance that an independent ( of the Union Pacific Railroad and its principal officers ) corporate enterprise had been impartially chosen by the Union Pacific Railroad ’ s officers and directors to be the principal construction contractor and construction management firm for the Union Pacific Railroad project.

These construction contracts brought huge profits to the Crédit Mobilier, which was owned by Durant and the other directors and principal stock holders of the Union Pacific.

The net result was that the U. S. Congress paid $ 94, 650, 287. 25 and $ 50, 720, 958. 94 respectively to the Union Pacific and Crédit Mobilier.

Union Pacific was only accepting for payment genuine Crédit Mobilier invoices and was only applying an auditable overhead expense for management and administration during construction of the railroad.