Word: fund
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Dates: during 1950-1959
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Then there was the $1,000,000 loan he arranged from the Michigan Conference of Teamsters Welfare Fund to a real-estate company developing 1,270 acres in Flint. Fitzgerald, according to earlier testimony, pocketed a $15,750 "finder's fee" for arranging the loan. A title and guarantee officer supervising the funds in escrow said Fitzgerald rearranged the escrow agreement to allow some of the money to be used for curious purposes, e.g., the purchase of a bull and nine cows to give the Flint development a rural atmosphere...
...admitted that he neglected to notice when the loan was made that the real-estate firm had more liabilities than assets. Informed that the shaky company has stopped building houses on the property, and the Teamsters are foreclosing their loan, John McClellan did rapid arithmetic, reckoned the welfare fund was out $700,000. Seemingly unconcerned, George Fitzgerald rosily predicted the land would make a handsome profit, despite the fact that the State Health Department refuses to approve its water facilities. The hearing over, he climbed from the witness chair to prepare for a return appearance this week...
...fear of inflation, which has driven money from bonds into stocks. This has caused big investors to buy so heavily in such blue chips as Du Pont and U.S. Steel that Wall Streeters have started to complain about the "shortage" in these stocks. More and more institutions and pension funds are also going into the market, usually by buying blue chips. Last week trustees for the Bell System's $2.6 billion employees' fund announced that the fund would buy stocks for the first time, spend up to 10% of its total assets...
...some--albeit outnumbered--found time for the nonsocial side of summer Harvard. Regular College students studied the details of the new Honors Program Fund, established by President Pusey and sustained by a $100,000 gift from the Procter and Gamble Corporation. Of noncurricular interest were the readings by Robert Lowell, John Crowe Ransom, and other poets of the Fugitive group...
Weaknesses still exist in the HSA, despite the year of trial and error. The corporation has no floating funds and no reserve for emergencies. Thus, the directors refuse to join any speculative venture, even despite the lure of potential high profits and maximum employment. Some sort of fund to provide security would make many more largescale projects possible for student businessmen. Caution is the key-word of all current HSA projects...