An ex-president was once in danger in New York
Happy morning! Friday is here. We discuss the indictment of former President Donald Trump in light of New York’s presidential past. We’ll also examine the reasons why workers for the subway brand left their offices.
According to certain legal experts and historians, the Manhattan Attorney’s Office has made history by indicting a former president, a first in American history.
Firsts in presidential history are nothing new here from a New York perspective, starting with the first inauguration in 1789. Washington gave his inaugural speech in Lower Manhattan, attempting to mend a dangerously fractured union of states that desired to become a single country. The constitution was still pending ratification in North Carolina and Rhode Island.
Then there was Ulysses S. Grant, who was virtually destroyed in New York after serving as president. The sole instance involving a former president and actions he took or did not take while in office is the one involving Grant, according to historian Timothy Naftali of New York University.
Daily interactions with the country’s financial heavyweights “awakened Grant’s acquisitive urge,” according to Grant historian Jean Edward Smith. A few rails were erected, but the Mexican Southern Railroad never ran, according to Smith, who was hired by railroad tycoons who made him president of the dormant company.
Grant’s son advised the former president try investing since he “makes money with his fist on Wall Street.”
Yet Smith claimed that “it was a fool’s paradise.” The company’s assets have been repaired by Ward, who has also used the same securities as collateral for many loans and used the revenues to pay dividends that investors had anticipated. Some investors believed the business was inflating its balance sheet, but Grant didn’t appear concerned. He was confident that Ward had the potential to succeed because he knew other Wall Street figures who had achieved swift success.
Grant turned to William H. Vanderbilt of the New York Central Railroad, among others, when the company’s finances failed. He received a $150,000 payout from Vanderbilt. While Grant deposited it, the Marine National Bank was not successfully saved. Grant & Ward were dragged down by their failure.