Word: patman
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Dates: during 1960-1969
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...idea have brought ABC at least 250 members so far, and the number continues to grow, partly because of a bonus paid to those who bring in new members. In fact, the enterprise has become successful enough to attract the attention of Texas' Democratic Representative Wright Patman, whose House sub-committee on foundations has been investigating the whole field for more than five years. One ABC trustee took the Fifth Amendment 83 times when Patman called him, but Managing Trustee Hayes coolly answered many committee questions. Hayes's calm contention throughout was that what...
...that, under existing laws, advance approval by the Internal Revenue Service is not needed to form a tax-free foundation. To start up, all that a hopeful foundation founder has to do is to satisfy a few state-set requirements, and they are usually not very stringent. Says Patman: "The IRS tries to give the impression that it double-checks all foundation operations. Nothing could be further from the truth. Only a very small fraction are checked in any given year." But IRS is now warning that it has "doubts about the legality" of ABC-type foundations and trusts...
...Congressman, I've always admired your bold and courageous stance on the issues," was how he introduced Wright Patman of Texas, the country's most vociferous advocate of easy money...
...Thank you very much, Harold," replied the chairman of the House Banking Committee. "I'm certainly glad to know you better 'cause I know we have a lot in common." With that, Patman was off and talking...
...even the most unscrupulous bookies, whose average "vigorish" (profit margin) is 10%, would blush at New York's 70% lottery rake-off. The fact that state lottery tickets are sold in the marbled halls of New York financial institutions is too much for some people. Texas' Wright Patman, chairman of the House Banking Committee, sponsored a bill to keep federally insured banks from selling such tickets and last week Patman fulminated against Governor Nelson Rockefeller's "lottery racket...