THE HISTORY OF AMERICA’S 1%

Gustavus Myers – History of Great American Fortunes – 1909

Episode #25 – Continued reading of History of Great American Fortunes by Gustavus Myers. Includes Part III, Chapter V: The Vanderbilt Fortune Increases Manifold. Vanderbilt’s Assault on the Erie Railroad. Sordid History of Corruption Surrounding the Erie. Vanderbilt Wrests Control of the Erie From Daniel Drew in 1866. Drew Kept on the Board of Directors. Drew Brings James Fisk, Jr. and Jay Gould on the Board. The Veteran Vanderbilt Outmaneuvered by Gould. Bags of Money Handed Out at the State Legislatures. The Consolidation of the New York Central and Hudson River Companies. Financial Fraud at the New York Central Used to Evade Laws Limiting Stock Dividends. The Middle Class Fights Combination to Protect Their Own Interests. The Irony of the Middle Class Lobbying Bought Lawmakers. Examples of the Rampant Bribery of Government Officials. Vanderbilt’s Massive Score in 1869: One Act Bribed Through Grants Right of Consolidation, Expansion of Franchises, and Millions in Watered Stock. The Hepburn Committee Confirms: $44,000,000 Looted By Vanderbilt. A Well Oiled Machine: Vanderbilt Scoops in the Canada Southern and Michigan Central Lines. The Real Motives of the Middle Class. Fraud Permeates the Entire American Economic System. Buyer Beware: The Selling of Tainted Food and Medicine Becomes “Universal” in America. Small Shopkeepers Guilty of Short-Weighing Goods. Why the FDA and SEC Came Into Existence. Sharp Discriminations in the Law Linger.




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