Word: patman
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Dates: during 1970-1979
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...passed as part of the continuing cat-and-mouse game between Congress and the President. In August 1970 inflation was climbing and job rolls were shrinking. Anxious about the economy, Wright Patman, the aged and wily chairman of the House Banking and Currency Committee, decided to put the President on the spot. He maneuvered to attach the Economic Stabilization Act with its wage and price controls as an amendment to a bill extending the life of the Defense Production Act, which was about to expire. The provision was approved by both Democrat-controlled houses of Congress...
...bail-out plan is already forming in Congress, where approval is necessary before the money actually starts flowing. "I will do my best as a Senator to oppose this proposal," said William Proxmire, who figured heavily in the defeat of the SST. House Banking Committee Chairman Wright Patman, who helped defeat the Administration's initial loan proposal to save Penn Central from bankruptcy last year, also has his knife out. Others are opposed to the rescue plan unless, as Indiana's Vance Hartke says, "the corner grocer gets...
...mismanagement played in the collapse. The Interstate Commerce Commission last week charged that the company violated ICC regulations by claiming as ae business expense the premiums an $10 million worth of insurance protecting directors and key officers against liability for wrongdoing. This week an official staff study by Wright Patman's House Banking and Currency Committee accused top officials of the railroad of using their corporate connections to line their own pockets-with the help of Manhattan's Chemical Bank...
Texas Democrat Patman, an old populist foe of both banks and railroads, called the case "a classic example of the use of corporate power for personal profit." If correct, the charges expose a skein of cozy deals and conflicting interests, and raise questions about the legality of some borrowing and the betrayal of fiduciary trust. The report singled out the activities of David C. Bevan, Penn Central's deposed chief financial officer, and Charles J. Hodge, a former partner in the Manhattan investment banking house of Glore. Forgan (now merged to become F.I. duPont, Glore, Forgan...
Last week the FHA's current and popular program to subsidize home ownership for low-and moderate-income families, under Section 235 of the Housing Act of 1968, ran into a similar thicket of trouble. A staff study issued by Wright Patman's House Banking Committee charged that the FHA has allowed real estate speculators using the program to make huge profits at the expense of the poor through what amounts to "sheer fraud." The FHA "virtually turned its back," the report asserted, while unscrupulous operators bought or built ramshackle dwellings, obtained inflated valuations from FHA appraisers...