Word: bond
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Dates: during 1940-1949
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...Greyhound Lines), Odium has made a specialty of buying up control of companies, putting them in good running condition, then selling out at a handsome profit. A recent buy (1947): Consolidated Vultee (he is board chairman). Other Atlas interests: United Fruit, American & Foreign Power (a subsidiary of Electric Bond & Share). A longtime Democratic angel, Odium was at first none too wild about Harry, but stoutly supported him. He gave $3,000 himself, got his associates to add $20,000 more...
Curtis Colder, member of Louis Johnson's party finance committee, board chairman of Electric Bond & Share, and longtime business associate of Floyd Odium (Calder was president of American & Foreign Power from 1927 to 1944). His $3,000 check for the party arrived Nov. 22, 1948, nearly three weeks after Truman's victory. The President offered to make him Secretary of the Army; he refused...
...Dever program for obliterating the MTA deficit in 1949 has two divisions. Six million dollars, according to his plan, can be saved yearly by refinancing the bond issues and modernizing the bookkeeping system. The remainder, some $5,000,000, must be paid off by some form of public levy...
Refinancing would be a comparatively simple process; at present there is a bill before the State legislature providing for a change in the depreciation system and the recall of the Metropolitan District Obligation bond issue. The same bill would transfer the ownership of all transit structures (subways, elevated lines) from the various cities and towns to the MTA. In addition, Dever has proposed that the MTA, since it is now completely State owned, be relieved of all State taxes...
...State also overlooked a score of miscellaneous inefficiencies. The Metropolitan District Obligation, a publicly owned bond issue that had been paying an exorbitant interest rate for thirty years was not refinanced; the antiquated system of depreciation was never changed; and the cities and towns with MTA track running through them never reimbursed the MTA for snow removal. Probably $6,000,000 of the deficit is represented in these and the many other small bookkeeping complexities that permeated the old El accounting...