• [Credit Mobilier Scandal] Charles Lambard Receives Twenty Shares Of Railroad Stock

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    The Credit Mobilier scandal of 1867 was a two-part fraud by the Union Pacific Railroad and the Credit Mobilier of America construction company in building the eastern part of the First Transcontinental Railroad.  Credit Mobilier was created by Union Pacific executives to greatly inflate construction costs. The railroad cost only $50 million to build, but Credit Mobilier billed $94 million to Union Pacific and Union Pacific executives pocketed the excess $44 million. The second part of the scandal involved using excess cash to bribe several Washington politicians for laws and favorable regulatory rulings favoring Union Pacific. The scandal ruined the careers of many politicians, caused Union Pacific to go bankrupt and was a great embarrassment to the administration of President Ulysses S. Grant.


    CHARLES A. LAMBARD was a major stockholder in the Union Pacific Railroad. Offering a beautiful 8 ½ x 12 stock certificate for 20 shares from the Cedar Rapids and Missouri Railroad Company, made out to Lambard and signed by him on the verso, January 21, 1869.


    Soiling in the margins.


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