Ty Coon Wrote:
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> Crédit Mobilier anybody?

For the uninitiated, from Wikipedia:

In 1867, Dr. Thomas C. Durant was replaced as head of Crédit Mobilier by Congressman Oakes Ames.[4] In that year Ames offered to members of Congress shares of stock in Crédit Mobilier at its discounted value rather than market value, which was very much higher. The high market value of the stock was due to the superb performance of Crédit Mobilier of America corporation; which was in turn because the company had a major contract in which it was charging the Union Pacific whatever it wanted. The Union Pacific "suspected" nothing; and they "paid" Crédit Mobilier (themselves) whatever "they" asked. Crédit Mobilier's corporate balance sheet regularly showed huge earnings in excess of its expenses, and very high net profits in every quarter that it was engaged in the construction of the railroad. It also was declaring substantial quarterly dividends on its stock.

The Congressmen and others who were allowed to purchase shares at a discount could reap enormous capital gains simply by, in turn, offering their discounted shares to a grossly under-subscribed market, that was very eager to own shares of such a “profitable” company. These same members of Congress voted to appropriate government funds to cover the inflated charges of Crédit Mobilier. Ames' actions became one of the best-known examples of graft in American history.

The story was introduced to the public arena during the presidential election campaign of 1872 by the New York City newspaper The Sun, which was against the re-election of Ulysses S. Grant. Henry Simpson McComb, a future executive of the Illinois Central Railroad and an associate of Ames, had leaked compromising letters to the newspaper following a disagreement with Ames. It was claimed that the $72 million in contracts had been given to Crédit Mobilier for building a railroad only worth $53 million. Union Pacific and other investors were left nearly bankrupt.

Whereas the Ames Monument stands near Sherman Hill, maybe we can erect a Trump Monument in Tehachapi (named after a guy who's been known to fleece the taxpayers in his pursuit of building casinos in Atlantic City, among other scandals).