Word: mccloy
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...with its other avowed task in Egypt, clearing the Suez Canal. Late last week the first of a fleet of Dutch and Danish salvage vessels began to move toward Egypt. To handle financing of the estimated $40 million clearance operations, Hammarskjold called on Manhattan Banker John J. McCloy, former U.S. High Commissioner for Germany. To oversee technical operations, he drafted Lieut. General (ret.) Raymond A. Wheeler, onetime U.S. Army Chief of Engineers. For the 71-year-old Wheeler, canals are an old story. As one of his first Army assignments he took part in the construction of the Panama Canal...
From the start the bank had trouble, and its organization lagged until onetime RFC Banker and Washington Post Publisher Eugene Meyer moved in as the first president, set up a staff. Next, in 1947, came John Jay McCloy, onetime Assistant Secretary of War, who boldly started funneling out bank funds for the pressing reconstruction of Europe, a total of $500 million in four big grants, $250 million of it to France alone. Compared to the need, the loans were pitifully small, though they helped keep things going until the great flow of Marshall Plan aid started pouring from...
...more. It was in need itself, had to sell its bonds on U.S. securities markets to raise the money for loans. But foreign bonds were almost unsalable; so many foreign issues had defaulted in the '30s that more than 40 states restricted the purchase of foreign bonds. What McCloy needed was a good bond salesman, someone who could tell the story of what the bank was trying to do. His man was Gene Black, then 49, a senior vice president of Manhattan's Chase National Bank, and a salesman of rare talents. Within a year...
...John Jay McCloy, banker, former U.S. High Commissioner for Germany LL.D...
...escape from the compelling fact that if it is not framed with reference to the world, it is framed with perfect ability." This view-point has not been confined to the Atlantic Seaboard and Mr. Stinson, or to such headline names as Paul Hoffman, Henry Ford, and John J. McCloy...