Heroes of the "free market"
Posted by Brian D on February 24 2008, 19:31 » Uploaded 24/02/08 20:48

J.P. Morgan (1837-1913) – a famous name in "free enterprise" – started out in business by swindling the US government. The 23 yr-old Morgan bankrolled a scam to buy 5,000 rifles declared dangerous by the US army (they blew up in soldiers' hands) for $3.50 each. These were then resold as "new" (but actually unmodified and still dangerous) to another branch of the army, for $22 each.

After 2,500 guns were shipped, the scam exploded. But Morgan didn't back down in shame, caught defrauding his country. Instead he sued for full payment, and eventually won. The Court of Claims ruled a contract was a contract. (Source: An Underground Education, Richard Zacks)

Comment 01 – Pete Durham February 24 2008, 21:39

Well, it's a tough market. Highly competitive. And if he didn't do it, someone else would've. ;)