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I don't really understand these scandals. How does hiring yourself to build railroads give a 348% profit? What's illegal about it?
Also, this Fisk and Gould stuff confounds me. What does bidding up the cost of gold do? And why couldn't the Treasury sell anything? I'm not even sure what they were trying to accomplish.
Thanks in advance for your help.
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Could someone explain? I too found it confusing. My take on it was that they would actually hire themselves to build the railroads, which means they could earn as much $ as they wanted. I guess that is illegal.
As for the gold bidding... I don't really understand the whole gold/sliver conflict that occurs throughout the book. Help, anyone?
Ok, this is how I took the Fisk and Gould scandal:
Fisk and Gould already had a lot of gold. After they cornered the god market, the face value of all of their godld would sky rocket. Since Fisk and Gould had a majority of the nation's gold, they could easily take a huge profit by raising the price of gold. Then the only way that people could buy gold would be to buy it from them
At least that is how I understood it.
And, according to other sources, they were very successful at it too. Until they lost it all on lawsuits.
right. I was just makin sure that u figured it out.