Word: multimillions
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Dates: during 1950-1959
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...multimillion-dollar project to build Brooklyn's big 2,496-unit Farragut Gardens, since renamed Vandeveer Estates. After convincing the Federal Housing Administration that the housing project would cost $24 million, Builders Morris Kavy, Martin and Louis Benedek and Alexander and Henry Hirsch got a mortgage guarantee for $21.7 million, spent $18.1 million and pocketed all but $500,000 of the remaining $3.6 million as windfall profits. Settling out of court last week, they agreed to pay back $2,000,000. In return, the Government will return control of the project to the owners...
These activities were a good deal more than ingenious doodling. They were an important part of a multimillion-dollar project that may radically revise the teaching of high-school physics...
...Office of Defense Mobilization decision to grant Idaho Power a multimillion-dollar fast write-off tax break on the Snake River project (TIME, May 13) started the issue sizzling again. Encouraged, Northern Democrats in the Senate revived their Hells Canyon bill, although the federal dam it called for would flood Idaho Power's three dam sites...
Dismayed outsiders saw multimillion-dollar disaster in the Atlas' crash. Air Force missilemen, although disappointed that the ICBM failed to complete its assigned course (well under extreme range), quickly claimed a "scientific success," i.e., failure had been mechanical, did not involve basic design, hence would be relatively easy to correct. Even in the 55 seconds of Atlas' brief debut, films and complex recording devices had furnished valuable data on its characteristics in flight...
PROMOTER BENJACK CAGE, boss and founder of multimillion dollar ICT Insurance Co. that crashed and caused heavy losses to policyholders (TIME Feb. 18) was indicted for embezzling $500,000 from ICT. Dallas grand jury charged that Cage, who fled to Brazil, used funds to buy stock, which he later transferred to his own management company...