Word: rfc
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...depression emergency measure and expanded in function and influence during the New and Fair Deals. For years Byrd's fight was a solitary one. Last week, however, Harry Byrd was sublimely confident that the 83rd Congress would ultimately pass his newly introduced bill to wipe out RFC as of next Dec. 31, neatly nipping in the bud any move to extend the agency's life beyond June 1954, when its lending authority expires...
...with the admirals, who thought that he neglected the Navy in favor of politics in his home state of Florida. They were scandalized when he gave an $11,800-a-year job to William E. Willett, another Dawson pal whom the Senate had refused to reconfirm as an RFC director (TIME, Dec. 24, 1951). Worst of all was Whitehair's arrogance. He told one admiral: "When you come in here to see me, bring a notebook with you." Navy Secretary Dan Kimball intended to resign a year ago, but stayed on because he feared Truman would give Whitehair...
...five years scores of investigators for Congress, the RFC and the Department of Justice have hunted for skulduggery in the RFC's relations with its biggest ($86 million) railroad debtor, the Baltimore & Ohio. All of them found plenty of things to criticize, such as the RFC's agreement to swap collateral for less valuable security, its failure to nail down repayment terms, and the way ex-RFC officials grabbed off juicy B. & O. executive jobs. But none of them found anything on which to prosecute. Last week in Washington, a federal grand jury decided it had something...
...indictment was based on charges that on several occasions in 1943 the B. & O. filed statements with the RFC and the ICC reporting cash balances considerably lower than the actual balances. Presumably, the smaller balances minimized the road's ability to repay the loan (now reduced to about $68 million). The evidence seemed none too strong, and railroad experts explained the discrepancies by saying that the bookkeepers had merely reported, in advance, transfers of funds which the B. & O.'s funding contracts required them to make later...
...investigation on which the charges were based was demanded 18 months ago by W. Stuart Symington, then RFC boss, and now the new Democratic Senator from Missouri. But the Justice Department took its time, did not start presenting evidence until Dec. 8, did not obtain the indictment until one day before the statute of limitations would have outlawed any prosecution. It looked as if the Fair Dealers merely wanted to embarrass incoming Attorney General Brownell. If he prosecutes-and loses-a weak case, he will look bad; if he drops it, the Fair Dealers will say that he is favoring...