Word: rfc
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...only time that you have been required to comply with the law has been under the present Administration?" Goldfine: "That is correct." Asked for details of how he got John R. Steelman, of President Truman's White House staff, to wrangle approval on a $12 million RFC loan, Goldfine relished the answer: "I was more at the White House at that time than I was since Governor Sherman Adams was at the White House...
...alphabetical agencies set up during the Great Depression, none had a bigger job than the Reconstruction Finance Corp. Created under President Hoover, it lent billions of dollars to shore up shaky banks, railroads and other key institutions. Its Depression-fighting mission accomplished, RFC lived on in World War II as the Government's most powerful and versatile financial weapon. When it became obvious that Japanese aggression would cut off the U.S. from Malayan natural-rubber supplies, RFC set up and operated the nation's huge synthetic-rubber program. It organized stockpiling of strategic materials and pre-emptive buying...
...often happens when no real work remains to be done, RFC fell on evil ways after its reconversion tasks were completed. Private lenders complained bitterly to Congress that RFC was making many questionable business loans as political favors. Snake farms, luxury hotels and fancy gambling halls applied to-RFC for loans, and got them. In the latter days of the Truman Administration, congressional investigators unraveled before the nation's scandalized eyes a network of influence-peddling that led in and out of the White House offices, the RFC and the halls of Congress. Finally, in 1953, Congress ordered RFC...
...months ago President Eisenhower ordered RFC to shut up shop as of the close of the 1956-57 fiscal year. Last week, with only about 100 employees remaining of the 12,000 it had in its prime-and only $80 million worth of loans unrepaid of $50 billion authorized-RFC took down the bronze name plate over its rented office quarters in Washington, turned its remaining assets over to other Government agencies, and passed out of existence. RFC, taking it all in all, had had a wondrously successful career...
Last year Jessop Steel netted a hefty $1,500,000. It has a new Canadian subsidiary, a new Detroit plant, new modern equipment, 1,300 employees. Its sales last year climbed above the $25 million mark. The 1950 RFC loan was retired in 16 months; a subsequent $1,000,000 loan from the Bank of New York was paid off in full last month, and Jessop now is debt-free...