Word: aramco
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Dates: during 1940-1949
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...onetime FHAdministrator a fat $1,150,000 judgment in his suit against Arabian American Oil Co., Inc. for certain "services rendered" (TIME, Feb. 28). The services, according to Moffett, were very special. Saudi Arabia's King Ibn Saud had demanded an extra $6,000,000 a year from Aramco in 1941, on the threat of tearing up its multi-billion-dollar concession in his country. Moffett claimed that he had persuaded Franklin D. Roosevelt to propose that Ibn Saud's sagging treasury be propped up with money from a $425 million U.S. loan to Britain...
Last week Federal Judge Edward A. Conger, who had heard the case, decided that the jury had been too generous. He set aside the verdict, held that Jimmy Moffett had not proved that it was his words that had saved Aramco. Besides, he said, such services were "the kind that the law says may not be compensated for because they are against 'public policy...
Memo for the King. Last week, after eleven days of testimony in Manhattan's Federal Court, Moffett's influence as a public official seemed well established. Aramco brought out that when Moffett was housing administrator in 1934-35, he had asked Standard of California to take him off its payroll as vice president, but had later demanded $100,000 (and got $25,000) for "out-of-pocket" expenses while away. He wrote Standard: "I was really doing more work ... for the Standard Oil Co. than if I had remained in the office at 30 Rockefeller Plaza." In another...
Moffett testified that when he went to Washington on his mission in 1941, he persuaded F.D.R. to help Aramco in its troubles with Ibn Saud. Moffett introduced a 1941 memo from President Roosevelt to Federal Loan Administrator Jesse Jones, which said: "Will you tell the British I hope they can take care of the King of Saudi Arabia-this is a little far afield...
...testified that he had asked F.D.R. to write the memo, so that he could tell Moffett that RFC could not finance Ibn Saud. Nevertheless, Jones admitted that RFC had later advanced $425 million to Great Britain, which in turn gave Ibn Saud $51 million. This deal, Moffett claimed, saved Aramco at least $30 million...