Word: rfc
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Fighting Words. Congress has always been loath to tangle too closely with The Old Man of RFC, and the Truman Committee was no exception. Not so the Post, Washington's most potent newspaper, which burst out with a red-hot editorial, pointing out that Mr. Jones was hiding behind a screen of blame on the NDAC, the British, the Portuguese, the Dutch, and the President...
Last week an executive order gave powerful implementation to these Army-Navy methods. It instructed Army, Navy, Treasury, WPB, RFC and the Maritime Commission all to sleuth for unreasonable profits. Don Nelson of WPB will establish rules and policies governing a new system of running audits...
...Sale of war damage insurance, provided for when Congress created a $1,000,000,000 War Damage Corporation within RFC, is being held up until Jesse Jones has come to an agreement with the insurance industry. Present plan is that the Government corporation will be the sole underwriter and take all the net losses, if any, but that private industry will operate the scheme. Latest quarrel holding up action: whether the insurance companies or their agents (each of which would like to cut out the other) will have the pleasure and profit of doing...
...Senate passed and sent to the House a bill creating a $100,000,000 Smaller War Plants Corp.-to make contracts as well as the necessary loans to enable small contractors to get to work on war orders. It will not be under Jesse Jones, whose RFC has power to make such loans for which many borrowers cannot qualify. It will be run by WPB, so that for the first time in war production the agency that grants contracts will make or guarantee the loan that makes production possible. All Government procurement officers are under orders to make contracts without...
...World War II is a new face on the U.S. automobile industry. This fact was double-checked last week when a Federal judge ended the year-old trusteeship of mercurial Hupp Motor Car Corp. Hupp has paid all delinquent and current taxes, has cutaits RFC loan 30% to $550,000, will pay all creditors $1 on the $1. Even common shareholders will not be wiped out. They can swap 100 old shares...