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Profit-Takers. The indictment made no attempt to set forth the complex schemes by which Tucker had raised-and spent -$28 million collected from the sale of stock and dealer franchises for his Torpedo 8. The grand jury merely totted up Tucker's statements and labeled each one "false." Said the jury: Tucker & Associates, "seeking to capitalize on the unusual consumer demand" for autos, falsely "represented [Tucker] as an automotive inventor and designing genius" and obtained money "for [their own] personal benefit and profit" by "payments of excessive salaries and expense accounts to themselves, by the creation of fictitious...

Author: /time Magazine | Title: HIGH FINANCE: Torpedo's Wake | 6/20/1949 | See Source »

Lucrative Target. There was one other point that even Navy airmen found hard to dispute. No matter how successful the supercarrier was, one torpedo spread or a single bomb attack might put it out of action, and the United States would be the fattest target an enemy could wish...

Author: /time Magazine | Title: THE ADMINISTRATION: Victory Roll | 5/2/1949 | See Source »

...point of view. His order would not wipe out the Navy's air arm or even reduce it. Its World War II carriers (21 all told, excluding light and escort carriers) would be on hand as a prime defense against submarines, and as floating fighter, dive-bomber and torpedo-plane bases. The Navy accepted the decision glumly and tersely. One flying admiral said: "On the record, no comment; off the record, no comment...

Author: /time Magazine | Title: THE ADMINISTRATION: Victory Roll | 5/2/1949 | See Source »

Preston Tucker, would-be auto manufacturer whose company has been having its financial troubles, proved that his car can really go, but money was still a problem. In Gary, Ind., he pleaded guilty to racing his Tucker Torpedo 55 m.p.h. in a 40-mile zone, could find only $10 in his pockets to meet a $15 fine...

Author: /time Magazine | Title: People: People, Apr. 25, 1949 | 4/25/1949 | See Source »

With the gun, he launched himself into the water like a spent torpedo. He rolled a spray-spattered eye at the four other sprinters splashing in other lanes until he saw whom he had to beat. Then, head down, he started churning, with a fast arm but a slow, deep kick that is uncommon to sprinters. A pinwheel fast turn and a lung-busting finish did the trick as usual. When Wally's big hand touched the tile 51.4 seconds after the start, he could add another A.A.U. championship to his collection of titles (fortnight ago, he was voted...

Author: /time Magazine | Title: Sport: Horses Under the Hood | 4/11/1949 | See Source »

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