Word: lustron
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Churning through the records of the foundering Lustron Corp., reporters in Columbus, Ohio last week made a headline-making discovery about a man who had been busy putting other people into the headlines. Among the books and papers filed in a U.S. district court was a photostatic copy of a canceled check for $10,000. It was made out to Wisconsin Senator Joseph McCarthy, the spy hunter...
...check was Lustron's payment to Joe McCarthy for a plunge into letters-a 10,000-word article on housing legislation written during Republican McCarthy's term as vice chairman of the 80th Congress' joint Housing Committee. It was paid out at a time when Lustron, now bankrupt and $37.5 million in debt to RFC (see BUSINESS), was just beginning its long and rich ride on the U.S. taxpayers' back...
Senator McCarthy's article, a 37-page piece entitled "Wanted: A Dollar's Worth of Housing for Every Dollar Spent," was contained in a pamphlet published by Lustron to promote its prefabricated houses. McCarthy had turned the results of his committee work and a 30,000-mile committee junket through the U.S. into a neat profit. The article was a straightaway description of federal housing legislation -the kind of article Lustron probably could have got free or at least dirt cheap from any Government housing...
...Excuses are found to make loans, and in large amounts, that under no circumstances can be justified. [RFC] is being prostituted when making such loans as the Kaiser-Frazer [$44 million], Lustron [$37.5 million], Texmass [$10 million] and Waltham Watch Co. [$6 million...
From the $37,500,000 in loans he had received from RFC, Lustron Corp.'s President Carl G. Strandlund had paid himself a salary of $50,000 a year. Last week, after RFC had forced defaulting Lustron into receivership, Receiver Clyde M. Foraker's first act was to fire Strandlund, two $25,000-a-year vice presidents, and two other officers drawing $25,000 between them. Ex-President Strandlund had no immediate plans. Said his attorney: "Mr. Strandlund is resting." Unless a way is found to operate Lustron profitably, the next step would probably be liquidation...