Word: rfc
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Fascinating Finances. Possibly as a result of its troubles, the subcommittee resorted to some tactics which the foes of Joe McCarthy so thoroughly deplore: its report leaned heavily on insinuation and innuendo. First it rattled some old skeletons, e.g., whether McCarthy should have accepted $10,000 from the RFC-supported Lustron Corp. for a pamphlet on housing which he wrote while serving on Senate committees dealing with RFC and Lustron problems. Then it raised some questions about McCarthy's fascinating finances but did not provide clear answers. Some items...
...McCarthy used his $10,000 Lustron fee to buy stock in the Seaboard Air Line Railroad, which owed more than $15 million to RFC. When he bought the stock, it hadn't paid a dividend for many years. The stock went up and Joe sold 1,000 shares last September at a profit of $35,614.75. Asked the subcommittee: "Was there any relationship between Senator McCarthy's position as a member of the Senate Banking and Currency Committee and his receipt of confidential information relating to the stock of the Seaboard Air Line Railroad...
...fitness to serve, but would leave that to the Senate itself. As for Benton, it filed only a brief report agreeing with him that in 1950 he "badly handled" $600 in contributions from Walter Cosgriff, a Salt Lake City banker, while Cosgriff was being considered for an RFC directorship. The question, observed the subcommittee, is more or less moot, since Benton was defeated last November...
...exile in Buenos Aires. He won, only to have the result set aside by an army junta that grabbed power. Egged on by the tin firms, the junta risked the collapse of Bolivia's tottering economy to wage a war of bluff with Stuart Symington, then head of RFC, trying to force him to buy Bolivia's tin for the U.S. near the Korea-scare price of $1.90 a Ib. Soon food ran short in Bolivian cities. Paz's nationalists shouted: "Bread for the People!" and raised him to power in a bloody revolt last April...
...gamble, Paz needs foreign technicians, credits to buy supplies, peace with his miners, and a long-term contract for sale of Bolivia's tin. With huge private investments already under pressure in such neighboring countries as Venezuela, the U.S. cannot openly condone Bolivian nationalization. The RFC, which resumed buying Bolivian tin (at $1.17½ a Ib.) after Paz's revolution, stopped when nationalization occurred. Yet from a strategic standpoint, Bolivia's tin (only 20% of the world's nowadays, but the sole supply in the western hemisphere) is essential...