Word: rfc
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Last spring, when the odor of influence-peddling and political loans in the RFC finally penetrated Truman's nostrils, he called Battler Symington in as the cleanup man. Symington fired employees who had become entangled in the influence web, and opened loan files to public scrutiny. When he decided that the world's tin producers were gouging the U.S., he slashed the price the RFC would pay for tin. This brought cries of anguish from Bolivia, and got Symington into an argument with the State Department. Now that Symington is leaving, the Bolivians hope to win the argument...
...that Stuart Symington is pulling out of the RFC (see NATIONAL AFFAIRS), Bolivians hope that a settlement is at last in sight in their ten-month-long row with the U.S. over the price of tin. Last week Ambassador Ricardo Martinez Vargas had a talk with President Truman, and Dean Acheson declared that it was "extremely important" for agreement to be reached quickly between the two countries...
...dispute had an acute and unfavorable impact all over Latin America. When RFC policy began to hurt Bolivia, every other one-crop country in the hemisphere felt vicarious pain. Chile worried about copper, Peru about tuna, Venezuela about oil, Uruguay about wool, Cuba about sugar. It was not hard to fan nationalist resentment against the hard Yankee trader. Last week Bolivians canvassed the possibility of charging the U.S. with "economic aggression" under the agreement signed at Bogot...
...looked as though most of the sneers and snarls could have been averted by alert U.S. diplomacy. Once Symington made the RFC ruling, the proper business of State, as the agency charged with foreign relations, was to support the ruling, have it withdrawn or work out a compromise that would have saved latino good will as well as supplied U.S. needs...
...RFC still has 11,000 business loans for $606 million on its books, wrote off $2.2 million as losses during the year. Since it was started in 1934, said the report, RFC has granted 62,154 business loans totaling $4.9 billion. Of the total, $64.3 million has been written off as "unrecoverable...