Word: loans
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Dates: during 1950-1959
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Mounting the Assembly rostrum without applause last week, he took a businessman's view of France's finances: 1) on falling foreign exchange: "There can be no dishonoring of [France's] signature. She will pay in gold"; 2) on the empty Treasury: "A new loan will have to be negotiated"; 3) on the budget: "We must settle a deficit of 400 billion francs." Said he: "The. remedies are neither of the right nor of the left. They bear no parliamentary labels. They are technical measures to be taken in a climate of political truce." Cautiously he skirted...
...enough cash on hand to carry on the routine duties of government. The gap between revenue and expenditures widened by $2,800,000 a day. At week's end, to fill civil servants' wage packets, the treasury asked the ailing Bank of France for a loan of 50 billion francs. It got only 25 billion, and a sharp reminder from Bank Governor Wilfrid Baumgartner: "The state, like its citizens, is living beyond its means...
...Cash. To help him do his job, President Bunker will get badly needed new working capital. From RFC, Martin will get another $12 million, bringing its total RFC debt to $26.4 million; from a Navy-guaranteed private bank loan, it will get another $11 million. Under a new financing plan still to be approved by stockholders, Martin will issue $6,000,000 in new notes, convertible into common stock. Some of these have already been spoken for by Laurence Rockefeller, who has had notable success in other aviation ventures. In addition, Martin will offer its present stockholders (excluding Glenn Martin...
...Symington's first jobs when he took over the scandal-ridden RFC last spring was to probe the RFC's $80 million loan to the Baltimore & Ohio Railroad. Earlier, New Hampshire's Senator Charles Tobey had charged that there was "fraud and collusion" between RFC and railroad officials in the granting of the 1944 loan. Last week Joseph J. Smith Jr., Symington's special investigator and onetime government attorney, turned in his report. Smith's conclusion: "There was no fraud, collusion or illegality involved . . . The RFC would probably have received more favorable treatment...
...Helped get an RFC loan for a Miami Beach hotel...