Word: strandlund
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...Into the presidency of Jerry O'Mahoney, Inc. (diners) went Swedish-born Carl Gunnard Strandlund, 53, whose badly run Lustron Corp. lost $37.5 million in RFC money trying to build prefabricated steel houses on an assembly line...
...Carl G. Strandlund, inventor of the Lustron prefabricated house and one of the most unsuccessful big businessmen in the nation, did little to mend matters. He claimed angrily that RFC Director Walter L. Dunham of Detroit (who said he had a heart condition which would permit his appearing privately, but would kick up if he talked in public) had participated with Young and others in a scheme to seize control of the Lustron Corp. Dunham, said Strandlund, put on pressure to make him sell 60,000 of his shares of Lustron stock "without compensation." Strandlund said he refused, and that...
...demanded Young with the sweeping irrelevance of the dormouse at Alice's tea party, what about Strandlund and Senator Joseph McCarthy and their bets at the Pimlico race track? He said, without indicating just where in tarnation McCarthy figured in the RFC hearings, that he had once watched Strandlund cash checks for McCarthy after the Senator had dropped money on the horses, and then tear up the checks. (Strandlund paid McCarthy a hefty $10,000 author's fee for a housing pamphlet in 1948, when McCarthy was vice chairman of Congress' joint housing committee...
From the $37,500,000 in loans he had received from RFC, Lustron Corp.'s President Carl G. Strandlund had paid himself a salary of $50,000 a year. Last week, after RFC had forced defaulting Lustron into receivership, Receiver Clyde M. Foraker's first act was to fire Strandlund, two $25,000-a-year vice presidents, and two other officers drawing $25,000 between them. Ex-President Strandlund had no immediate plans. Said his attorney: "Mr. Strandlund is resting." Unless a way is found to operate Lustron profitably, the next step would probably be liquidation...
After reading the article on Carl Strandlund and the Lustron home [TIME, July 4], I would say that Preston Tucker hadn't used his head in financing his auto company. Tucker apparently squandered about $28 million belonging to various private individuals and he has the Government and half the newspapers and magazines in the country on his neck. Carl Strandlund "has spent" $32.5 million in a period of about two years, apparently needs $3,000,000 more, is all set to spend another $1,000,000 a month...