Word: lustron
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...Into the presidency of Jerry O'Mahoney, Inc. (diners) went Swedish-born Carl Gunnard Strandlund, 53, whose badly run Lustron Corp. lost $37.5 million in RFC money trying to build prefabricated steel houses on an assembly line...
...their old bones in two U.S. courtrooms: ¶In Washington, E. Merl Young, 38, got four months to two years in the penitentiary on four counts of perjury. His major offense: telling a Senate committee he had no connection with a $10 million RFC loan to the now defunct Lustron Corp.. though he recommended approval of the loan and resigned from RFC on the day the loan was granted (to become a Lustron executive). Young and his wife (who wore the Truman Administration's original mink coat when she was a White House stenographer) now operate a swank...
Taxpayer's Blessing. Byrd's confidence seemed well grounded. Treasury Secretary George Humphrey, believes that RFC has long outlived its usefulness. Missouri's freshman Democratic Senator, Stuart Symington, the man who put RFC back on its feet after the mink coat and Lustron scandals of 1951 (TIME, Feb. 12, 1951 et seq.), is not expected to come to the agency's defense. Even enthusiastic RFC backers might go along in the liquidation if some other agency e.g., the Federal Reserve, were to take over the RFC function of small-business loans...
...Finances. Possibly as a result of its troubles, the subcommittee resorted to some tactics which the foes of Joe McCarthy so thoroughly deplore: its report leaned heavily on insinuation and innuendo. First it rattled some old skeletons, e.g., whether McCarthy should have accepted $10,000 from the RFC-supported Lustron Corp. for a pamphlet on housing which he wrote while serving on Senate committees dealing with RFC and Lustron problems. Then it raised some questions about McCarthy's fascinating finances but did not provide clear answers. Some items...
...McCarthy used his $10,000 Lustron fee to buy stock in the Seaboard Air Line Railroad, which owed more than $15 million to RFC. When he bought the stock, it hadn't paid a dividend for many years. The stock went up and Joe sold 1,000 shares last September at a profit of $35,614.75. Asked the subcommittee: "Was there any relationship between Senator McCarthy's position as a member of the Senate Banking and Currency Committee and his receipt of confidential information relating to the stock of the Seaboard Air Line Railroad...