Summary notes created by Deciphr AI
https://podcasts.apple.com/ca/podcast/341-cornelius-vanderbilt-tycoons-war/id1141877104?i=1000648789956In this episode, we delve into the intense rivalry between Cornelius Vanderbilt and William Walker, as detailed in Stephen Dando-Collins' book "Tycoons." Vanderbilt, driven by an insatiable desire for conquest and wealth, clashed with Walker, a fellow opportunist but less discerning in his trust. The narrative highlights Vanderbilt's ruthless strategies, including manipulating markets, leveraging political connections, and even financing military actions to reclaim his assets and dominate his adversaries. Despite Walker's academic brilliance, his naivety led to his downfall against Vanderbilt's relentless and multifaceted attacks, ultimately cementing Vanderbilt's legacy as a formidable tycoon.
"Cornelius Vanderbilt was only interested in two things, making money and winning. Often, he temporarily subjugated the need for the former to achieve the latter."
"The cunning Vanderbilt was a much better judge of character. If you crossed Vanderbilt, he would set out to conquer you, no matter how long it took."
"Vanderbilt's approach to business was often marked by a sly concealment of his intentions, keeping information close while simultaneously gathering intelligence on competitors."
Vanderbilt's strategic obfuscation allowed him to make unpredictable moves, often outmaneuvering his competitors.
Comparison with William Walker
"William Walker, because of his limited resources, was prepared to give his trust too readily to achieve his ends, giving his trust to men who turned out to be liars, braggarts, and fools."
"Walker was convinced that the pen could potentially be mightier than either the scalpel or the gavel, so he became a newspaper editor."
Walker's shift from medicine and law to journalism highlights his belief in the power of influence and communication.
Vanderbilt's Early Life and Business Ventures
"If I had learned education, I would have not had the time to learn anything else."
"He built his massive fortune on steam. First, his first fortune was built on fleets of steamboats and ocean ships, steam powered ocean ships."
Vanderbilt's initial wealth was built through his ventures in steamboats, which he later expanded into railroads.
The Gold Rush and Strategic Moves
"I can improve on that. Vanderbilt said, I can make money at $300 crossing my passengers by Lake Nicaragua, a route 600 miles shorter."
"He wants the us mail contracts... and I want the exclusive rights from the nicaraguan government to build canals across Nicaragua."
Vanderbilt's strategic meeting with the Secretary of State aimed to secure lucrative mail contracts and exclusive canal rights, showcasing his long-term vision.
William Walker's Background and Filibustering
"Walker was convinced that the pen could potentially be mightier than either the scalpel or the gavel, so he became a newspaper editor."
"By the time he's 18, he's graduated college, medical school. He has also added a bunch of languages. He can speak French, German, Spanish."
Walker's intellectual prowess and academic achievements were impressive, though they did not prevent his eventual downfall.
The Conflict Between Vanderbilt and Walker
"William Walker invades Nicaragua, winds up becoming, making himself president of the country, and then making this very fatal mistake of taking some of Cornelius's property and other business assets that Cornelius had in Nicaragua."
"The story ends with a 36 year old William Walker being handed over to the honduran government, blindfolded, brought out to the beach, and shot to death."
"Twice he had trusted the word of specialists, and twice he had been burned. He had believed them when they told him that he could bring his fully loaded, 60,000-ton oil carriers down this river in South America without running aground. They were wrong."
"Before building a refinery in Panama, he decided to check out the site himself."
"Vanderbilt was on a mission. The news from Nicaragua had not been good. His steamers had been wrecked on the rapids, and his team is saying the rapids were impassable."
"With Vanderbilt at the controls, he literally walked over the rocks using the paddle wheels of his steamer, 4ft. With the engineers shaking their heads in wonderment."
"In the first twelve months of operation, it carried 2000 passengers and billions of dollars worth of gold as paying freight."
"In the first twelve months, it delivered Vanderbilt a personal profit of tens of millions of dollars, in today's equivalent."
"Vanderbilt puts her in a private mental asylum for three months until she changes her mind."
"He literally sends people to try to kill him, hires multiple mercenaries."
"Gentlemen, you have undertaken to cheat me. I won't sue you for the law is too slow. I'll ruin you. Yours truly, Cornelius Vanderbilt."
"With the share price down, Vanderbilt began to acquire accessory transit company stock. A parcel here. A parcel there."
"Vanderbilt's attorney and business partner, this guy named Joseph L. White, sells his stock, resigns from the board, sets up another company, then buys that new company stock on the cheap."
"Month by month, Vanderbilt discreetly, he secretly rebuilt his stockholding in the company, working towards the day when he could again boost a controlling interest and kick Morgan and Garrison out."
"The war in Nicaragua had been good news to Vanderbilt because it had depressed the price of accessory transit company stock."
"Walker intervenes once, winning, taking control, and is heavily reliant on these steamships that are bringing supplies, reinforcements."
"Vanderbilt did not share their pessimistic outlook for Nicaragua, meaning the market's pessimistic outlook. Why? The route to California is too important. He knew that the US government would intervene."
"Vanderbilt's approach to business was often marked by a sly concealment of his intentions, keeping information close while simultaneously gathering intelligence on competitors."
"Morgan and Garrison did not see him coming. They did not have sufficient faith in the future of the transit business to buy up the cheap shares themselves."
"Less than a year later, Vanderbilt and his friends had acquired a controlling shareholding in the company, and at the company's January board meeting, Vanderbilt would be elected as director once more."
"William Walker decides to seize all transit company assets in Nicaragua as part of the payment for what he considered hundreds of thousands of dollars that he contended were owed to them by the transit company in unpaid commissions."
"Vanderbilt knew that after 18 months of civil war, the Nicaraguan government was as good as bankrupt and could not afford to buy as much as a rowboat."
"He goes to the secretary of state, and he says he just runs into his office. This is right after he finds that the Nicaraguan government had canceled his charters, took all of his assets, and it says he exploded with rage and indignation and demanded redress by the US government."
"The British ambassador agrees to permanently station a warship at Greytown, and tells Vanderbilt that he could ask for the assistance of the commander of that ship."
"He'd announce in the press, the Nicaragua line is withdrawn for the president. In consequence of the difficulties in that country growing out of the extraordinary conduct of General Walker."
"What is the US government going to do about this? They have to get that US property back. It's personal property. It's his property, and the company isn't even registered in this country."
"He starts hiring secret agents, mercenaries. He pays them to travel, gives them guns, gives them people, gives them money, and says, go to Central America, and disrupt in any way possible, the activities of William Walker."
"The invasion of Nicaragua by the allied armies had been motivated, financed, and equipped by Vanderbilt."
"Vanderbilt was determined to destroy William Walker. He called him that Tin Sol, that Tin soldier. Nicaragua, he called him. Walker had taken his property, and then went and climbed into bed with Vanderbilt's competitors."
"He literally puts $50,000, actually $100,000, on William Walker's head. He has two more mercenaries come to meet him in New York and says, hey, you come back, and if you can get Walker out of there, dead or alive, you come back to this office, and you are each going to receive $50,000 in cold, hard cash."
"When Walker was twelve years old, he was a child prodigy, just beginning college. When Vanderbilt was twelve, he was salvaging cargo on a vessel that ran aground next to his house."
"Walker thought he was protected by the law. Walker thought he was protected by words on paper, you got Vanderbilt saying, secretary of state, go kill this guy. British government, go kill this guy. Mercenary 12345. Go kill this guy."
"As far as Vanderbilt was concerned, there had to be a way to beat William Walker. And by hook or by crook, he would find it."
"If this is the way you're going to do business, Nicaragua has no further use for you. We want nothing of this sort done here. Sir."
"Walker was prepared to let officers go if they broke his rules. Walker fails to realize that he's at war with someone who has no regard for rules."
"The navy secretary, at the request of the secretary of state and the urging of Cornelius Vanderbilt, had given Davis the job of ending the war by removing William Walker from Nicaragua, one way or the other."
"Previously, when this vessel had stopped to refuel, it had taken on board pieces of gunpowder-filled firewood. That gunpowder-filled firewood had been planted at the riverbank depot weeks before the disaster. It was planted there by a mercenary in the employment of Cornelius Vanderbilt."
"Walker surrendered with only 407 troops remaining. Cornelius Vanderbilt wins, and it says he can now enjoy the spoils of his Nicaraguan victory."
"On September 12, 1860, a 36-year-old William Walker was led blindfolded onto the beach. They asked him if he had any last words. He was still speaking when his executioners fired."
"Vanderbilt had seen the future of railroads well before many others. He would accumulate controlling interest in 16 key lines."
"His crowning glory was the construction of New York City's first Grand Central Terminal. His statue stands outside Grand Central Station to this day."
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