Word: ccc
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After poking its head into grain bins leased by the Agriculture Department's Commodity Credit Corp., a House subcommittee thought it smelled something rotten. Last week it accused CCC employees of accepting expensive presents from companies they did business with, and charged that CCC had wasted "millions of dollars" in grain-storage fees...
...CCC had misinterpreted the law, said the subcommittee, and used private warehouses when Government-owned space was available. In doing so, the committee charged, CCC had rented at least 109 warehouses which were actually surplus Government property and which had been leased by the Government in the first place to private grain-storage companies. Specific committee charges...
...Fifteen workers in CCC's Dallas office took gifts from private companies ranging from "boxes of fruit and shrimp, raincoats, Stetson hats and Mexican belts with silver buckles to $100 gift certificates and trips to expensive dude ranches and fishing resorts...
...their bubble burst. Last week they were indicted on 28 counts by an Illinois federal grand jury for fraudulently selling $282,000 worth of CCC's grain that they had been paid to store. It was the latest indictment in a series of grain scandals (TIME, Jan. 28) that may end up costing the Agriculture Department...
Spellmans knew they were in trouble, owned up to the shortages and filed in bankruptcy. Now out on bail, Frank Spellman has a job as a truck mechanic; James is working for a construction company. CCC figures the- Spellmans owe it $316,959, including the fees paid them for storage...