Word: rfc
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...Louis, Old Pol Finnegan was indicted for misconduct in office (the principal charge: he sold his influence to help big taxpayers get RFC loans), was convicted and sentenced to two years in prison...
...Reconstruction Finance Corp., which has grubstaked Kaiser-Frazer Corp. to some $50 million, last week decided to ride along on the mule as well. To K-F's board of directors, the RFC appointed their own representative,* 26-year-old Detroit Lawyer Alan E. Schwartz. A Harvard Law School graduate (1950) who had caught RFChairman Harry McDonald's eye when pleading cases before government bureaus, Schwartz will attend all of K-F's board meetings, keep tabs on the company's finances (K-F's losses in the past seven years: $53 million). Explained RFC...
Last week Magma struck it rich-not on the San Pedro but in the bureaus of Washington. To develop its San Manuel property, it got a $94 million RFC loan, the biggest ever made to a private company. With the money, Magma plans to build a town for 7,000, a concentrator, smelter and other installations. But there is one catch. Not till Magma raises $17 million for the mine from private sources will the RFC turn over its money. President McNab is still not sure where the $17 million will come from. But since the Government is willing...
When W. Stuart Symington was RFC administrator, he resolutely refused to place Government orders for tin at the sky-high prices that the U.S. had been paying in the world markets. In less than three months tin plummeted from $1.50 to $1.06 a Ib. Though Bolivia and other tin producers protested vehemently, the U.S. has since been able to buy tin for $1.18 a Ib., a price it considers fair. Last week, in a special report, the Senate Preparedness ("Watchdog") subcommittee roundly commended Symington because he "bore the brunt of the battle" against the tin producers. The committee said...
...speech to the convention), is favoring legislation giving witnesses at investigations a better break. He has also been active in Senate investigations of Government corruption, and publicly called for the resignation of Republican National Chairman Guy Gabrielson when Gabrielson was accused of using his influence to get an RFC loan for a company of which he is president...