Status Updates From Grant

“Characteristically the dying Grant was stoically concerned with his family’s well-being after he was gone…At 8:08 a.m. on July 23, 1885, Grant died so gently that nobody was quite certain at first that his spirit had stolen away. His death reflected words he had once written to a bereaved widow during the Mexican War, saying that her husband had “died as a soldier dies, without fear and without a murmur.””

“ Racing against the Grim Reaper, Grant put in several hours of work per day, often pausing, short of breath, after an hour. Unable to talk any longer, he kept a pad and pencil at his side, scribbling tiny notes to family and doctors.”

“ The general who had impressed Abraham Lincoln and vanquished Robert E. Lee was powerless to defend himself before the infinite wiles of a shameless young trickster. As Mark Twain later remarked, “It was the unimpeachable credit and respectability of [Grant’s] name that enabled [Fish and Ward] to swindle the public. They could not have done it on their own reputations.””

“ Grant’s complacency was shocking. He seemed to think it perfectly normal that gigantic sums of money should fall from the sky without any effort on his part, even though family and friends had invested their life savings with Grant & Ward on the basis of his involvement.”

“ Ferdinand Ward operated what would later be termed a Ponzi scheme, paying off old investors with money from new ones. Violating every principle of sound finance, he piled up staggering debt, using the same securities as collateral for multiple loans. All the while, Grant acted as his unwitting dupe.”

“Ward sized up Grant as a “child in business matters” who would never be able to uncover his deceptions.42 The firm paid Grant $2,000 monthly for living expenses and Ward funneled extra money to him as needed. Grant associates who invested with Ward walked away with dazzling profits.”