Word: rfc
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...unobtrusive was Justice Reed that it took his request for retirement last week, at the age of 72, to win him headlines and a measure of public recognition. A small-town Kentucky lawyer. Reed served Herbert Hoover as counsel for the Federal Farm Board (1929-32) and the RFC (1932-35). As Franklin Roosevelt's Solicitor General (1935-38), he studiously defended such New Deal staples as NRA (he lost the case) and the Wagner-Connery Labor Relations Act (he won) before the Supreme Court. Once, in a rare dramatic moment, he collapsed from exhaustion in the middle...
...intricate tax case dates back to 1942, when Eaton set out to finance a new iron mine under Steep Rock Lake in western Ontario (TIME, Nov. 16, 1942. et seq.). Eaton raised $2,250,000 from U.S. investors, got the RFC to lend Steep Rock another $5,000,000, and got agreements from the Canadian and Ontario governments that would exempt Steep Rock from paying taxes until iron was produced...
Close on the heels of the influence-peddling probe came the Reconstruction Finance Corp. scandals and a whole raft of new names. The Lustron Corp., a manufacturer of prefabricated houses, had received RFC loans totaling $37.5 million, much of which had been approved by Loan Examiner E. Merl Young, who resigned and emerged as an $18,000-a-year Lustron official, was later convicted of perjury (18 months in jail). Young's wife Lauretta, a White House secretary until April 1951, received a $9,000 mink coat paid for by a lawyer representing firms that longed for RFC loans...
...RFC scandals shocked the U.S. conscience, but they were nothing compared to the corruption revealed in the Bureau of Internal Revenue. As the man who had presided over one of the messiest messes in Washington history, Internal Revenue Commissioner George Schoeneman was allowed to resign because of "ill health." Former BIR Commissioner Joseph Nunan Jr., convicted of evading $91,000 in income taxes for 1946-50, sentenced to five years in prison, wailed that despite his job, he simply had not been much of a tax expert. BIR Chief Counsel Charles Oliphant resigned angrily after Witness Abraham Teitelbaum said...
Mexico, in song and legend a sun-drowsy land where only the beans jump, is leaping energetically toward new levels of prosperity in mid-1956. Industrial production, reported the RFC-like Nacional Financiera last week, is running a spanking 12% ahead of last year's record rate. Farm output has risen 50% in the last three years. In both consumer goods and food production, Mexico has gained important ground toward self-sufficiency. And like grace notes to these impressive fundamentals...