Word: banke
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Dates: during 1940-1949
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...many a month, the World Bank had dangled over a precipice like a melodrama heroine. Last week, while financiers cheered lustily, the Bank was snatched from disaster's clutches. Its rescuer was no wavy-haired glamor boy, but John Jay McCloy, 51, a bald and chunky Manhattan corporation lawyer who had done a bang-up administrative job as Assistant Secretary...
Jack McCloy did not become a hero by the simple act of accepting the Bank's presidency (salary: $30,000 a year, tax-free). What made McCloy look good to businessmen was the efficient way he had gone about cleaning up the troubles of the Bank before he took over...
McCloy knew why Washington Publisher Eugene Meyer had quit as the Bank's president last December and why two other men had subsequently turned down the job (TIME, Dec. 16, et seq.) Under the rules, the Bank's president could be held responsible if the Bank's loans went bad. But the Bretton Woods charter did not give him nearly enough power to go with his heavy responsibilities. He took all his orders from the Bank's twelve full-time executive directors, one from each of twelve member nations...
...effect, this meant that the president, in spite of his high-sounding title, was actually under the thumb of the U.S. executive director, who, because of the huge U.S. investment in the Bank, controls the biggest bloc of votes on the board. And the U.S. executive director was bossy, ambitious Emilio Gabriel Collado, 36, longtime New Deal economist. Many bankers feared that Collado was likely to put too heavy an emphasis on the political instead of financial merits of loans...
...Broom. Knowing this, McCloy refused the presidency when it was first offered to him in December. But he dished out a blunt appraisal of the Bank's faults. McCloy's bluntness won such favor that Secretary of the Treasury John Snyder offered him the job again-on his own terms...