Word: loans
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Dates: during 1950-1959
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...Hudibras, who divided "a hair twixt south and southwest side," was no more delicate a micromoralist than some Americans in last week's news. Before a Senate subcommittee appeared Frank Prince, onetime RFC official who was bounced last May for his part in a paper-company loan (TIME, June 4), and the man who appointed the man who approved RFC's $645,000 loans to the American Lithofold Corp. Prince said that Lithofold had given him a $100 camera, perfume, crates of oranges, a turkey and a "small ham." But Prince knew just where to draw the line...
Lithofold's subsequent loan dealings with the Government...
...with its president and his family drawing $200,000 in salaries, with some salesmen earning more than $100,000 in commissions, American Lithofold was losing money. Twice it applied for an RFC loan. Twice it was refused. Refreshing his memory from a voluminous diary, Toole gave an account of his company's negotiations. Company officials held a council of war in Washington. Present was James P. Finnegan, then Federal Collector of Internal Revenue in St. Louis. No one had told Toole that Finnegan was on the corporation's payroll. At the time, Toole could only wonder...
...people went to Boyle's Washington office. Boyle called Harley Hise, then RFC chairman, and said, "Harley, I have some friends in the office here of Jim Finnegan's. I would like for you to arrange to see them this afternoon if possible in connection with a loan." Toole recorded in his diary that, three days after this phone call, the loan application reached a "strange, strenuous and . . . satisfactory solution": Lithofold received the first of three loans that were to reach a total...
...such serious dollar shortage as later developed. Instead, they visualized a series of sharp, short fluctuations in the trade balances of the participating nations-just temporary deficits resulting from a bad crop here, a bad tourist season there. Ailing nations could be tided over these rough spots with loans, though Congress stipulated that the loans could only be for short terms. Hence, when the long-term dollar crisis arose, the billion was almost useless. The fund's last loan, made 18 months ago to Brazil, was for only $28 million. Nevertheless, with the help of the Marshall Plan...