Word: rfc
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Despite all the ruckus over questionable loans and influence-peddling, the Reconstruction Finance Corp. managed to accomplish a few things last year. RFC Administrator Stuart Symington, who took over the agency when it smelled the worst last May, reported that in fiscal 1951 (ending last June 30), RFC paid more than $95 million to its sole stockholder, the U.S. Treasury...
...total, $7.6 million came from interest on loans, $8.7 million from scaling down the amount RFC set aside for losses. In addition to its $16.3 million dividend, the agency turned over $79 million in profits from RFC's synthetic-rubber-production monopoly, tin sales and liquidation of wartime assets...
...federal grand jury sitting in Washington finally got around to the man who added the mink coat couchant to the escutcheon of the Truman Administration. Indicted for perjury last week was owlish E. Merl Young, an old Missouri friend of Harry Truman, and a former RFC examiner who became a $60,000-a-year influence peddler in Washington. Indicted with him: Joseph Hirsch Rosenbaum, the lawyer who gave Mrs. Lauretta Young her famed $9,450 "natural royal pastel" mink, and two others accused of swinging their weight around the scandal-ridden RFC. Young and the others lied, said the jury...
...days later, the ax fell on one of the RFC men most susceptible to Merl Young's influential ways. William E. Willett, ousted as an RFC director last February, had slipped back on to the Government payroll as an $11,800-a-year "specialist" for Under Secretary of the Navy Francis P. Whitehair. When news of Willett's new job leaked out last week (TIME, Dec. 24), Defense Secretary Robert Lovett (who hadn't been told that Willett was drawing a Government check again) demanded his resignation forthwith...
...care of this problem, which, the Pentagon professionals insisted, is "a topflight executive job." The appointee, classed as a "manpower" expert, was none other than Whitehair's-and Donald Dawson's-good friend William Willett, out of a job ever since the Senate kicked him out of RFC...