Word: loans
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Dates: during 1950-1959
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Passman showed who was boss next morning (his 58th birthday), when the full committee voted down two attempts to restore specific cuts. In a final nose-thumbing, the committee chopped the appropriation for the Administration's imaginative Development Loan Fund from a requested $625 million all the way down to $300 million. By the time the committee got through with its report for the House, the military and economic-aid appropriation had been cut to $3,078,000,000-a dangerous fall from the $3,950,092,000 in the original Administration plan and a serious slip below...
...record of Truman Administration corruption, after six years, still hangs over the Democratic Party. Apart from instances of penny-ante skulduggery that resulted in resignations, a flock of damning charges turned into at least eight court convictions. Reconstruction Finance Corp. Loan Examiner E. Merl Young was convicted of perjury. Nailed, too, were Massachusetts Tax Collector Denis Delany (bribery), Missouri Collector James Finnegan (who collected legal retainers from firms doing business with the Government), former Commissioner of Internal Revenue Joseph Nunan Jr. (income tax evasion), California Deputy Collector Ernest M. Schino and Nevada's BIR Chief Field Deputy Patrick Mooney...
...When real estate circles thought Boston Port had bought the lucrative downtown Little Building, what actually happened was that Goldfine got personal title to the property through a loan from the company, secured only by a third mortgage. He handed the second mortgage to Mrs. Goldfine, who thus would have had prior claim in case the deal went sour...
Even more impressive was the startling success that Finance Minister Antoine Pinay's public loan (TIME, June 23) was having among a people traditionally wary of government securities. In a single day last week Frenchmen parted with a record $18 million in hoarded gold to buy the new bonds, and by week's end the amount of gold converted into bonds totaled $52 million. "If this keeps up for a few weeks," grinned Pinay, "we may have to enlarge the vaults of the Bank of France...
Many of the tools, such as loan funds and technical assistance, needed to expand trade, says the report, already exist in United Nations agencies or bilateral agreements. But, the panel notes, they must be more fully implemented. The U.S. must provide more personnel to foreign nations, step up the spread of U.S. know-how, thus show the world an enthusiastic response to the economic challenge...