Ulysses S. "Buck" Grant Jr. (July 22, 1852 – September 25, 1929) was an American attorney and entrepreneur. He was the second son of U.S. president Ulysses S. Grant.
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Early life and education
Ulysses S. Grant Jr. was born in Bethel, Ohio, on July 22, 1852. He graduated from Phillips Exeter Academy in 1870, Harvard University in 1874, and Columbia Law School in 1876.
Career
Grant served as personal secretary to his father for the last year of his administration, and later held the position of Assistant United States Attorney in New York.
Grant then worked in private practice and became wealthy. He entered into a partnership in a banking and brokerage firm with Ferdinand Ward. Grant and his father each invested $100,000 in the firm as two of the four partners, and sought investments from veterans and millionaires. However, neither Grant practiced due diligence in overseeing the operations of the firm, Grant & Ward.
The Grants were earning 2-3% per month on their money, but didn't care that Ward was using the Grant name to bring in new investors, whose money would pay the earlier investors. Other members of the extended Grant family, their associates, and many innocent people likewise invested. This unsustainable practice, akin to a Ponzi scheme, led to the firm's bankruptcy in 1884 – setting off a financial panic. Consequently, the Grants lost their initial investments, and President Grant was virtually wiped out. Ward was convicted of fraud and served over 6 years in prison of a 10 year sentence.