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...General Accounting Office. In 1959 and 1960. the office had found, brokers licensed by the Agriculture Department to purchase surplus cotton for the Government and sell it on the open market had profited illegally by selling $400 million worth to themselves-at prices as much as $20 a bale below market. Cost to the Government: between $12 million and $15 million, by Agriculture's own estimates. Anxious to ease the Estes burden he has carried for weeks. Freeman pointed out that the scandal had taken place under the Eisenhower Administration, that his regime had stopped it, and that...

Author: /time Magazine | Title: Investigations: Company for Billie Sol | 7/13/1962 | See Source »

...Hill. One deceptively quiet afternoon, the Senate was considering that familiar bale of hay, the foreign aid authorization bill. The speechmakers droned away in a nearly deserted chamber. Majority Leader Mike Mansfield was off in his own office, conferring with a passel of Democratic Senators about the Administration's tax-revision bill. The only firecracker expected to make any noise in connection with the foreign aid bill was Wisconsin's Democrat William Proxmire's amendment to bar aid (but not shipments of surplus food) to Yugoslavia for one year. Even Proxmire's staffers admitted that they...

Author: /time Magazine | Title: Nation: Helping Tito | 6/15/1962 | See Source »

...merchants of all nations could trade their goods freely and without hindrance. But in the President's country there were some people called voters who raised cotton. Some of these voters were wealthy men with big farms in the sprawling West, but many of them scratched only a bale or two each year out of the harsh red clay of the South, and these could not earn much money. So to help them, the government promised to make its citizens pay 33? a pound for cotton-which was much more than it was worth anywhere else in the world...

Author: /time Magazine | Title: Public Policy: Bedtime Story | 12/1/1961 | See Source »

...long, sun-splashed climb through the streets of the little Pyrenees town. Veteran Belgian Driver Olivier Gen-debein even managed to get his foot jammed between brake pedal and accelerator on his little Emeryson speedster, shot off the road at high speed and wound up in a hay bale. With that kind of competition, Scottish Farmer Jimmy Clark, 25, who had never won a big race before, had no trouble bringing his Formula One Lotus home in front. ¶Just in time to give the last of the Easter tourists a helping hand with their hotel bills, a couple...

Author: /time Magazine | Title: Sport: Scoreboard: Apr. 14, 1961 | 4/14/1961 | See Source »

When it comes to taking goods in return, the Chinese are far more efficient. As a shipment of 4,500 tons of South American cotton arrived at a Chinese port recently, U.S.-trained Chinese inspectors swarmed over it, carefully grading each" bale. The Chinese are tough and unbending in trade negotiations, often cancel contracts for no obvious reason. Said a Frenchman who packed his bags and returned home from Red China without a franc's worth of trade: "The atmosphere is decidedly bad for doing business...

Author: /time Magazine | Title: BUSINESS ABROAD: Chinese Junk | 8/3/1959 | See Source »

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