Word: mutuals
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Dates: during 1950-1959
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...more munitions ships were on the way, he said. "Guatemala does not menace anyone, especially our sister republics. Our army will never serve as an instrument of aggression." The Guatemalans pulled back troops from the Honduran border and offered the astonished Hondurans, who had just recalled their ambassador, a mutual-assistance and nonaggression pact...
When the crowd applauded, he peered over the electric candelabra standing on the piano (an idea adapted from a movie about Chopin) and cooed: "You overwhelm me! I got goose pimples." The feeling was clearly mutual...
Storm No. 2. Hardly had the dust settled when a storm broke around another big company, the bankrupt Texas Mutual Co. Two appeals court justices accused Texas Mutual of "Ponzi-like manipulations" and called the State Insurance Commission guilty of "fraud if not criminal laxity" for not doing anything about it. Texas Mutual was organized in 1949 by Leslie Lowry, ex-mayor of Beaumont (ousted by recall), and his brother Paul. They started with $500 of their own cash and $19,500 borrowed. To expand their assets, said the court, the Lowry boys bought (with notes, no cash) a shabby...
...Lowrys then had State Senator William T. Moore, their attorney, who was also chairman of the senate insurance committee in the last legislature (which blocked reforms in Texas insurance laws), present the $436,000 appraisal to the insurance commission. Over a three-year period, Texas Mutual paid State Senator Moore $13,000. A state insurance examiner, said the court, performed "a specter of an audit" on Texas Mutual books but found nothing wrong, and the examiner later received $300 in cash from Paul Lowry. When Texas Mutual failed last year, it brought down three other Lowry insurance companies with...
...week's end, State Senator Moore was scheduled to appear before a state bar committee to explain his Texas Mutual dealings. Governor Shivers investigated Van Cronkhite and announced that his ex-campaign manager had indeed been "sucked in" by Lloyd's of North America, would not be campaign manager this year...