What did the Credit Mobilier do?
John Parsons 
Crédit Mobilier was a sham construction company chartered to build the Union Pacific Railroad by financing it with unmarketable bonds. It also provided a mechanism to dispense the immense profits from building the railroad to the board of directors and its shareholders.
What was the Crédit Mobilier and who did they bribe?
In 1867, Crédit Mobilier replaced Thomas Durant with Congressman Oakes Ames. Ames, still a member of Congress, distributed cash bribes and discounted shares of Crédit Mobilier stock to fellow congressmen and other politicians in exchange for votes and actions favorable to the Union Pacific.
What was Credit Mobilier and why was it bad?
The Credit Mobilier company traded stock options with politicians for land grants and government subsidies. In 1872, the scandal broke and destroyed the careers of several prominent politicians. The Credit Mobilier Scandal of 1872 represents the broader political corruption of the Gilded Age.
Who was responsible for the Crédit Mobilier scandal?
Blaine, a Maine Republican implicated in the scandal, set up a congressional committee to investigate. The House censured two of its members who were involved in the scandal: Oakes Ames of Massachusetts and James Brooks of New York.
What happened to Doc Durant?
In 1870 he sold almost all of his Union Pacific stock. Much of his fortune was lost in the panic of 1873. With his health deteriorating, Durant retired to the Adirondacks. He died at North Creek, New York, on October 15, 1885.
Who benefited from the Crédit Mobilier?
the congressmen
It was a lucrative deal for the congressmen, because they helped themselves by approving federal subsidies for the cost of railroad construction without paying much attention to expenses, enabling railroad builders to make huge profits.
Who was president during Crédit Mobilier?
Andrew Johnson’s
Crédit Mobilier was established in 1868, during Andrew Johnson’s presidency. One of the chief participants in the scheme, Rep. Oakes Ames (R-Mass.), set out to gain political clout for the company.
