In 1871, E.B. Morgan saved the New York Times from falling into the hands of allies of William Magear “Boss” Tweed, an infamously corrupt New York City-based politician. Journalists at the New York Times exposed and attacked Tweed in a series of powerful exposés, and he sought to stop the coverage by taking control of the paper. E.B., then 65, bought enough shares—equal to roughly $10 million today—to stop the takeover of the paper, who continued its journalistic campaign against Tweed.
In 1877, seven years after E.B. Morgan’s intervention, Tweed was convicted for stealing at least $45 million from New York taxpayers.