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What happened next was sensational and occupied the press for months. In defeat Insull became a public scapegoat for the impersonal economic forces that had brought on the Depression. He was a ready candidate for the task, as the public stockholders of Insull's companies — ordinary people such as farmers, teamsters, and schoolteachers — had lost their investments when Insull lost his companies. His financial maneuverings of 1930 and 1931 were complex, multifaceted, amoral, and quite possibly illegal; the taint of scandals of the 1920s burdened Insull. John Swanson, state's attorney for Cook County in Chicago, maximized the political potential of this burden during the elections of 1932: on 4 October he secured from a grand jury indictments against Insull for embezzlement, larceny, and mail fraud.
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This section contains 125 words (approx. 1 page at 300 words per page) |
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