 Unfortunately for Merton, the bribes were exposed and the claim rejected (and President Harding's Attorney General Harry Daugherty was tried and acquitted twice for his alleged involvement).In 1929, Loeb resigned as AMCO's president over a disagreement in AMCO's taking on debt to fund the purchase of copper mining interests in Africa (previously, AMCO had minimized its ownership in mines and instead relied on exclusive supply contracts).The board purchased Loeb's 80,000 shares for eighty-five dollars apiece which was fortuitous for Loeb as the Wall Street Crash of 1929 followed later in the year.