Answer :
A report summarizing each of the three Reconstruction scandals is given below.
The Tweed Ring in New York
William M. Tweed, also known as "Boss Tweed," began his career as a firefighter for the city of New York before moving up the political food chain and winning a seat in the State Senate in 1867.
Tweed formed a small group of influential people around him; these individuals dominated New York City's financial operations. Tweed's Ring used bribes, kickbacks, and theft to steal huge sums of the city's budget into their own pockets, ranging from $40 million to $200 million, and they effectively controlled New York City until 1870.
The guys involved were all tried after Tweed and his group of followers were eventually found. Tweed's trial resulted in his conviction for forgery and larceny, and he was then given a prison sentence.
The Credit Mobilier Scandal
The Union Pacific Railroad founded the Crédit Mobilier of America construction firm in 1864 in an effort to increase revenue and give the US Government and the general public the impression that they would hire firms outside of their industry.
Then, at prices much higher than the national average for railroad construction, the Union Pacific hired the Crédit Mobilier business to construct the First Transcontinental Railroad's eastern section. The Crédit Mobilier firm made significant profits thanks to these construction projects. Indirect billing and cash payment were the primary strategies used by Crédit Mobilier and Union Pacific to get away with it.
In the end, the Union Pacific received $44 million and the US Congress paid Crédit Mobilier $94,650,287 through that company, even though Crédit Mobilier only had to pay $50,720,959 in operating expenses.
Black Friday
On September 24, 1869, the Black Friday scandal took place. The actions of two individuals, Jay Gould and James Fisk, also referred to as the Gold Ring, resulted in a gold panic.
The New York Gold Exchange's gold market was allegedly cornered by these two individuals. Abel Corbin, President Ulysses S. Grant's new brother-in-law, was used by Gould and Fisk to introduce them to the president.
They would receive insider knowledge of the gold sales as a result, and they would influence the market with this knowledge. When Grant learned that the couple were operating their own gold business at exaggerated pricing, he ordered the release of $4 million in gold on Friday, September 24. Grant was cleared of the incident and they were never given any punishment.
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