Word: rfc
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Washington helped the infant republic with war damage dollars, war surplus, ECA bequests, RFC loans, millions in back pay to Filipino soldiers and guerrillas. Altogether the U.S., in six years, put $2 billion into the Philippines. But the money flowed in without proper planning, or proper safeguards. Instead of going into the mouths or onto the backs of Filipinos, U.S. surplus and relief goods slid from one speculator and profiteer to another. It was a poor trader who could not triple or quadruple his investment in pencils, tractors or derricks...
...every trick of the canning trade, and played them all to the hilt. Her methods have not always endeared her to other canners. Like almost every other canner, Tillie Lewis lost money in 1948 & '49 (reason: high-cost inventories and overproduction). She squeaked through only by wangling two RFC loans for a total of $1,600,000 (has paid off all but about $600,000). Tillie chose this poor time to launch another venture-a Texas company to import and can Mexican pineapples. Tex-Mex went bust, and Tillie says she lost $600,000 on the deal. But Flotill...
Jack Steele, a deceptively jolly, roly-poly fellow, got his latest beat by his usual hard digging, plus a nose for news which sniffed something worth digging for. While skimming through the records of office calls of RFC officials, he ran across the names of Mrs. Bratten and Shaver. The references sounded harmless, but why were they mentioned at all? When Steele discovered that at the time of the visits, Shaver was listed as an associate in Chase & Williams, a Washington law firm, he thought he had something...
...Shaver and Mrs. Bratten had been interested in a hotel loan, followed the trail to Miami, Detroit and Minneapolis before clinching the fact that Chase & Williams represented the group seeking the loan. When Steele confronted Mrs. Bratten and Shaver with his evidence, they admitted they had tried to influence RFC. As usual, Steele did much of his news hounding by phone, a system he swears by. Says he: "People will tell you more over the telephone, sometimes, than they will when you're face to face with them...
...Manhattan for the Herald Trib, became its Chicago correspondent, moved to Washington in 1945. Now, as second in command of the Trib's 14-man bureau, he picks his own assignments, hotfoots it wherever he scents a beat (most of his sniffing the past year has been at RFC). He refuses to run with the press pack after stories or to mix business with pleasure at cocktail parties: "I can get more information by going up in a Senator's office and spending five minutes . . . than by spending four hours with him at a party the night before...