Word: mccloy
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Dates: during 1940-1949
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...took a lot of shoe leather and nervous energy," said World Bank President John J. McCloy, "but we're over the hurdle. Now we know we're a real honest-to-goodness bank...
...World Bank last week was beginning to feel like a village moneylender. Its capacity to lend could scarcely make a dent in world needs. Wistfully, President John J. McCloy told of plans to float the bank's first debentures in July-$250 million worth, at around 3% interest. If they are sold, other issues will be floated. The cash from the first issue will just replace the $250 million lent to France. It will leave the bank with only the $727 millions in U.S. currency it now has available for loans. But the world's need...
Poland, alone, is already seeking $600 million from the bank. To determine its ability to repay it, McCloy last week sent a four-man team to Poland. He conceded that the bank's charter forbids political considerations in making loans. But Soviet-dominated Poland's politics are bound to affect the bank's decision on whether she can repay a loan. Moreover, since the bank will depend almost entirely on American investors for its new capital, it will have to persuade them of the soundness of its risks. At best, the bank in the next twelve months...
...loan of $250,000,000 to France, for 30 years, at 3¼% interest, plus 1% commission (on the outstanding part) which the Bank collects to build up a special reserve. The negotiations, which took only six weeks, were conducted for the Bank by smiling, solid John J. McCloy, its president, and for France by Ambassador Henri Bonnet and Wilfrid Baumgartner, President of Credit National-France...
...issuance of securities, which would finance the bulk of future loans, was still a relatively long way off. But McCloy was already busy on the practical task of selling them. Even before he publicly took over, a bill was all set to be introduced in the New York State legislature making the Bank's bonds legal investments for New York State insurance firms. As insurance firms "domiciled" in New York own 50% of all U.S. insurance assets, this would open the door, when & if the bill is passed, to one of the biggest groups of bond buyers...