Word: eca
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Responsible for handling the vast bulk of the $900 million in ECA funds with which the U.S. has kept Austria alive since the war, Joham's Creditanstalt built up a complex labyrinth of foreign holding and trading companies (including some in New York which were forced to return $1,000,000 in overcharges for ECA goods in 1950, another listed as owned by Joham's son in London, another in France half-owned by the son). Under Joham's management, the Creditanstalt struck large and questionable deals with Soviet and satellite traders, e.g., lard bought with ECA...
Last week, Austrian police arrested eight Direktors (department heads) of the Creditanstalt, including the chief of its ECA bureau, on charges involving "millions of dollars" of illicit currency deals. They hinted that some others also would be arrested. It remained to be seen what responsibility, if any, would be at tached to Joseph Joham, who has progressed so profitably through depression, Anschluss, war and chaotic peace...
Died. Norman Stephen Taber, 60, financial consultant, managing director of the U.S. Council of the International Chamber of Commerce, former (1948-49) budget director of ECA, and for eight years (1915-23) holder of the world's record for the mile run (4 min. 12.6 sec.);* of cancer; in Orange...
...biggest Farben offshoots are the Bayer, Basf (short for Badische Anilinund Sodafabrik) and Hoechst companies, which account for 95% of the total business. All have paid for their postwar reconstruction out of profits, plus some $8,000,000 in ECA loans. All made their big comebacks under the guidance of I. G. Farben oldtimers, many of whom were once staunch Nazis. Typical is the Bayer company, biggest of the group, which suffered $40 million in war damages, emerged from the war with run-down and obsolescent equipment. Like other Farben units, Bayer lost its export markets, which once accounted...
...money to expand, Piaggio borrowed $1,080,000 from the Export-Import Bank and ECA. Piaggio organized Vespa clubs, races and contests, thinks that "the best way to fight Communism in this country is to give each worker a scooter, so he will have his own transportation, have something valuable of his own, and have a stake in the principle of private property." Taking their cue from this, many industrialists have bought Vespas on a reduced-price fleet plan, sold them to employees by paycheck deductions. In Piaggio's own plant, 60% of the 3,500 workers who once...