Word: loans
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Dates: during 1950-1959
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Behind the Fed's decision to follow the interest market up another half notch was concern over the ballooning of commercial loans, which have continued to rise despite downturns in loan requirements in industries affected by the steel strike. During the strike's early stages, the Fed delayed raising the discount rate for fear of adding to the effects of the strike on the economy. But as it became clear that the strike was not slowing the boom, the Fed began to worry over what will happen when the steel strike ends and steel users return in full...
Safeguards. Since they are positions of trust, union offices may not be occupied by Communists; ex-convicts (including those convicted of violating members' rights); leaders who take a loan bigger than $2,000 from union treasuries, embezzle union funds, or have conflicting business interests. Top penalty: $10,000, or one year in prison, or both...
Died. Charles R. Blyth, 76, founder-chairman of the San Francisco investment banking house of Blyth & Co., who started his firm in 1914 with a loan on his car, hired on jobless financial wizards during the Depression, came to operate offices in 24 cities with assets of better than $35 million; in Hillsborough, Calif...
Committee investigators tracked down many loans made to Jimmy Hoffa, but found remarkably little evidence of repayments. Several recipients of Teamster loans showed their gratitude by lending Hoffa money or showing excessive kindness to his buddies. Teamster Lawyer George Fitzgerald got the Michigan Conference of Teamsters Welfare Fund to loan $1,000,000 to a realtor who paid Fitzgerald a $15,750 "finder...
...trouble with striking Teamster drivers in Flint. Mich., and Hoffa threw his weight into the dispute in favor of the company. Commercial Carriers then set up Test Fleet, transferred, all the stock to Mrs. Hoffa and Mrs. Bert Brennan in their maiden names, then guaranteed a $50,000 bank loan so that Test Fleet could buy trucking equipment to lease to Commercial Carriers. Under this can't-lose agreement, Mrs. Hoffa and Mrs. Brennan took in $125,000 profit from...