Mmm, tempura morays
From Ars Technica, enlightening the ‘net neutrality’ debate, a piece on the corrupt institutions and robber barons who hijacked the Victorian equivalent of the Internet.
This digression was interesting:
The result was the infamous Credit Mobilier scandal of the 1870s… Rather than license the construction of the Union Pacific railroad to an independent contractor, its Board of Directors farmed the work out to Credit Mobilier, a company that was, essentially, themselves. In turn, Credit billed the UP vastly more than the actual cost of the project. To keep Congress quiet about the affair, the firm offered stock in itself to Representatives and Senators of any political persuasion at bargain basement prices.
The piece compared the scandal to Enron. But for some reason (and I’m struggling to work out why the thought hit me at this point), I started to wonder whether any Treasury politicians or officials in place in the early 2000s were granted generous share options or shares in Atkins, Balfour Beatty, Bombardier, EDF or Thames Water…