Word: immed
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...foreign nations must be spent on U.S. exports. Franklin D. Roosevelt and Bank Founder Jesse Jones primarily intended that the bank should finance trade with the Soviet Union, but this deal fell through when Russia refused to refinance its public and private debts to the U.S. The first Ex-Im loan then went to Cuba to finance the minting of Cuban silver coins...
...letter of its charter requirement to make loans only if there was a "reasonable" chance of repayment. It grew from an initial lending capacity of $11 million to today's $7 billion. After World War II, when the Marshall Plan took over the rebuilding of Europe, Ex-Im concentrated on Latin America. Of the $7.3 billion it has lent so far, $2.6 billion has gone to Latin America-more than to any other region of the world, and far more than the total $430 million lent to Latin America by the other major, official U.S. lending institutions...
...growing until 1953, when economy-minded Treasury Secretary George Humphrey tried to liquidate it in order to get the Government out of the banking business. After 1954 loan disbursements dropped rapidly. By 1956 Indiana's Republican Senator Homer Capehart had managed to convince Secretary Humphrey that Ex-Im's soundness and buy-U.S. policy helped U.S. industry without being a giveaway, and disbursements began a new climb...
...Charter Stretcher. Ex-Im's current president is Samuel Clark Waugh, 70, a Lincoln, Neb. banker who took over in 1955. Under Waugh, loans last year hit a record $535.9 million. Waugh has stretched his charter a bit to keep Ex-Im operations flexible. Sample: massive stabilization loans ($100 million to Mexico, $25 million to Chile) are not meant to be spent but to give a psychological lift to a currency threatened by inflation or devaluation. But further than that Waugh will not go, or even look. "I'm a lender, not a giver," he says...
...where thy treasure is, there is thy heart also." Deeply troubled by the dream, Jerome re tired into the desert of Calchis for four long years of mys tic solitude. On his return, he learned Hebrew and then devoted the main energies of his life to correcting and im proving the Latin texts of the Old and New Testaments in Rome and Bethlehem, later translated the Bible into its most enduring edition, the Latin Vulgate. He was an ex travagant polemicist, once characterized dark-skinned St. Augustine as "a little Numidian ant." After Alaric's sack of Rome...