Word: loaned
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
Grace testified that while in office he had received $48,500 in fees from his family's law firm, Grace & Grace. He admitted that the firm did most of its business representing clients before FHA, and from 1946 to 1953 the firm processed applications for FHA loan guarantees totaling $84,771,030. Asked Chief Committee Counsel William Simon: Did Grace know that it was unlawful for an FHA director to accept fees charged on FHA cases? Replied Grace...
...Friends in the Game." The commit tee was curious about the help that Grace & Grace had given loan applicants. A Pelham, N.Y. builder named Warren Schaller who applied for a loan guarantee in 1949 waited six months for FHA approval. The FHA granted the guarantee, said Schaller, two months after he hired Grace & Grace on the advice of "friends in the game." But Grace said the sequence of events had no significance ; the handling of the application was routine. The committee cited another builder whose application for a $325,000 guarantee had been turned down by the FHA. When Grace...
...millions in windfall profits. A whopping gain was made by Real Estate Dealer Alexander Hirsch and several other shareholders in Brooklyn's 2,496-unit Farragut Gardens apartments. Hirsch testified that the group had put up only $15,000 of its own money to receive an FHA-insured loan of almost $22 million. Since the project cost only $18 million, the promoters pocketed the $4,000,000 difference. A committee investigator who had looked over the apartments found leaking roofs, cracked plaster, and testified that unless extensive repairs are begun soon "the buildings will not be standing...
When it comes to picking up-and dropping-a fast buck, few can match Chicago's Ralph E. Stolkin, 36. By using the mails and punchboards to peddle such merchandise as ballpoint pens, coonskin caps and cheap radios, Stolkin ran a $15,000 loan into a $3,400,000 fortune. After the Federal Trade Commission cracked down on him for "deceptive sales practices" and U.S. postal authorities warned him against conducting a lottery by mail, Punchboard King Stolkin headed for Hollywood. He took charge of a five-man syndicate that bought RKO from Howard Hughes and named himself president...
HOLLAND is forging ahead with its postwar financial recovery, has just prepaid $52.5 million of a $195 million World Bank loan that is not due until 1970. The thrifty Dutch have thereby saved millions in interest, made it possible for the World Bank to cancel its plan to float a $100 million loan this fall...