Former Japan PM convicted of accepting bribes

On August 12, 1983, the former Prime Minister of Japan, Tanaka Kakuei was convicted of accepting bribes while in office and sentenced to 4 years in jail. He came to be described as “the paragon of post war corruption” for taking money from the defense contractor Boeing in exchange for favorable contracts.

Also on this day, Nikita Kruschev famously banged his shoe on the table during a heated argument before the United Nations General Assembly.

THIS DAY @ LAW

Standard Oil incorporated

On January 10, 1870, John Davison Rockefeller incorporated Standard Oil. Rockefeller's corporation would grow to achieve a virtual monopoly over oil production in the United States. Standard Oil's dominance lasted until the corporation was split into 34 separate companies in 1911 after the Supreme Court found the company in violation of the Sherman Anti-Trust Act. The rise of Standard Oil made Rockefeller America's first billionaire and eventually the richest man in the world. Read the text of Standard Oil Co. of New Jersey vs. United States, 221 U.S. 1 (1910).