The Devils of American Finance - Past and Present
1869: Black Friday Gold Scandal
Trying to corner the gold market, speculators Jay Gould (pictured) and James Fisk cozied up to Ulysses
S. Grant to convince the then-president not to sell America's gold. They also bribed some
government officials to the same effect. When Grant finally put government gold on the the
market, the price plummeted. Speculators panicked, and many were financially ruined. Grant
was denounced for his association with Gould and Fisk, who got out in time.