There have been many financial scandals and corruptions throughout history and in 1869 one of these scandals shook the foundation of the financial institution of the United States. The attempt to monopolize the gold market led to the preverbal straw that almost broke the camel's back. This scandal became known as Black Friday, not to be confused with the Friday after Thanksgiving, this Black Friday demonstrated that without oversight the market could quickly become a market for the few. Here we are 118 years after this attempt to create a monopoly on the gold market and we still have some of the same problems going on today. The Black Friday scandal of 1869 could have been avoided if the Sherman Antitrust Act of 1890 had been in place, but this would have come 21 years too late to prevent this financial scandal, but it prevented the creation of an oil company. So, in 1869 there were no current laws or site controls that would prevent anyone from taking over the market. Collusion and prevention were the tools that prevented everyone involved from being prosecuted or jailed for their actions. Everyone involved in this attempt to monopolize the gold market knew that what they were doing was unethical and wrong. Even though all the people involved in this scandal were not directly involved, they all benefited financially before they were discovered. When the testimony of some who were not directly involved was called for, they were prevented from testifying. In 1869, at the age of 46, Ulysses S. Grant was elected the 18th president. His administration was shrouded in many scandals, one of which was Jay Gould and Jim Fisk's plot to corner the gold market. President Grant didn't get the staff involved... middle of paper... on Wall Street, but he also caused the price of crops to drop by half, ruining many farmers. Daniel Butterfield, deputy treasurer, was however forced to resign from his position. President Grant was elected to a second term. No new legislation resulted from the gold market conspiracy as it would take the Sherman Anti-Trust Act of 1890 before any change occurred. The Sherman Anti-Trust Act came about thanks to large corporations already creating monopolies in their markets. The bankruptcy of any of these companies would have caused a severe economic impact on the United States economy. Do we really learn from our past or do we always want to recreate the failures we have already endured. Greed is absolutely not a body of absolute, good quality power. Monopoly is only good for the economy when it is in the form of a board game.