Word: symingtons
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Said RFC Boss W. Stuart Symington: "It comes about as close to bribery as you can get." He was talking about the latest mess he has uncovered in RFC in connection with the $15,100,000 loan to Texmass Petroleum Co. (TIME, April 24, 1950), now Texas Consolidated Oils. Symington charged that Allen E. Freeze, former RFC official, had taken a $22,500-a-year job with the oil company while on RFC's payroll and while the agency was considering the loan, damned by the Senate Banking Subcommittee as a "bailout" for big banks and Massachusetts insurance companies...
Freeze denied Symington's charges, said that he joined Texmass on June 15, 1950, and that the only money he took from RFC after that date was for accrued annual leave. But Symington said that Freeze's leave didn't begin until Sept. 28; moreover, Texmass had submitted documents to RFC, dated as early as the previous April, and signed by Freeze as Texmass vice president. Symington asked the Department of Justice to prosecute Freeze. Last week, Texas Consolidated decided that Freeze was an expensive liability; he was permitted to resign...
...conspicuous example is tin, controlled by a cartel run by tin men of Great Britain, Belgium, Holland and Bolivia. After Korea, tin jumped from 78¾? a lb. to $1.82, forcing the RFC to step in and do all the buying for the U.S. Said RFC Administrator W. Stuart Symington: "They murdered us on prices." To stop the slaughter, RFC went on a buyers' strike in March, and tin settled to about $1.50. Two weeks ago, Symington announced the U.S. would not pay more than $1.36 for tin, last week cut the price another 7? to $1.29. But price...
...that RFC has a new and vigorous boss, a lot of skeletons are coming out of the closet. Last week, Administrator W. Stuart Symington opened the door on what looked like the biggest, ugliest skeleton of all: RFC's $87 million loan to the Baltimore & Ohio Railroad, largest ever given to any U.S. railroad, during the regime of Jesse Jones. In the last eight years, the B. & 0. has paid back only $6,800,000, although the road is fat with profits. (Other roads have paid back 80% of their RFC loans...
...Boss Symington wasted no time last week in getting to the bottom of Tobey's charges. He ordered a special investigation by former Federal Trade Commission Counsel Joseph J. Smith Jr., gave him full rein to dig into the mess. The Senate Banking & Currency Committee also went into action. It sent the Tobey report to the Justice Department to see if there was any ground for legal action against B. & O. and former RFC officials...