Topics » Business & Economy   Nov. 19, 2010

The Devils of American Finance - Past and Present

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1920s: ALBERT FALL AND TEAPOT DOME

Another scandal involving business and government, the Secretary of the Interior in President Warren G. Harding’s administration, Albert Fall awarded lucrative drilling rights to two oil companies for oil reserves in Wyoming in return for bribes and other perks.

The Teapot Dome oil reserves would become synonymous with government corruption and the fast-and-loose practices of the Roarin' Twenties.

Fall was sent to prison for a year - the first Cabinet member to be convicted of a crime while in office -- and fined $100,000 – more than a million dollars in today's money.