Divisions within Tammany, however, produced a new auditor, who was bitter over money he thought the ring owed him. He eventually released inside information to the New York Times. The backlash over the Orange riots in July 1871 coincided with the Times’ publication of the leaked information under the blaring headline “Gigantic Frauds of the Ring Exposed.” The evidence alarmed European bankers, who ceased underwriting city bonds.
