Word: writeoff
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Dates: during 1947-1947
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Unforgivable Debt. The RFC bluntly rejected Henry Kaiser's plea that it write off $85 million of the $123 million it had loaned him during the war to build his Fontana (Calif.) steel plant. Kaiser had contended that the writeoff would be in line with the $162 million loss the Government took on the war surplus sale of its $200 million Geneva (Utah) plant. Said RFC: the situations were not at all similar. U.S. Steel bought Geneva - Fontana's competitor-through open bidding long after the plant was built. But Kaiser himself built, operated and reaped the wartime...