- ›› Coverage People : Thomas Durant
Glossary Term – Event
News broke that members of Congress had been involved in rail industry corruption. The Union Pacific Railroad company had been hired to build part of the transcontinental railway. Instead of hiring outside contractors to complete the construction, however, Union Pacific vice president Thomas Durant and Union Pacific’s other largest stockholders organized their own construction company—Crédit Mobilier—and awarded the UP building contract to themselves. Durant and other Crédit Mobilier executives reaped major profits for themselves from the...
Glossary Term – Organization
Crédit Mobilier was an American finance and construction company established to build the Union Pacific Railroad. It was embroiled in scandal, however, when a corrupt deal between the company and members of Congress was exposed in 1872. The company had received the lucrative railroad contract after selling shares far below market value to Congressional Republicans.