Word: lender
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...million in similar notes to get funds for construction of low-and middle-income housing-and discovered that it would have to pay 8% or more to sell them. That is all the more astounding considering that interest on these loans is exempt from federal income taxes. For a lender who is in the 50% income-tax bracket, an 8% yield on a tax-exempt note is equal to a 16% rate on a taxable loan. Outraged, the state agency withdrew the notes from the market...
...presidential audit involve matters not of legality so much as of propriety. Is it really wise for a President to become so in debted to one man, no matter how trusted a friend? There is no indication that Abplanalp ever tried to take advantage of his lender's role, but any large businessman as dealings with the Government, and any presidential friend acquires a certain power in business...
Certainly any President, no matter what his means, is entitled to a retreat for himself and his family. And in the day of buy now, pay later, no one can insist that Presidents follow Polonius' puritanical advice: "Neither a borrower nor a lender be." Yet Presidents need to make their dealings as far beyond question as Nixon himself proposed when he first came to office...
Neither a borrower nor a lender be-the real bread is going to the savers...
...reveal that the President had borrowed $625,000 from a friendly industrialist in connection with the purchase; that Nixon bought the property and later sold an interest in part of it to a still unnamed investment company; and that he ultimately made a good deal for himself. The industrialist-lender was Robert Abplanalp, the aerosol spray-valve tycoon. Still another of Nixon's helpful millionaire friends, C. Arnholt Smith, gained unwonted attention last week. He was in deep trouble with the Securities and Exchange Commission and the Internal Revenue Service (see ECONOMY & BUSINESS...