Word: rfc
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...Republican, was last year named a director of Reconstruction Finance Corp. by Franklin Roosevelt. Last week President Roosevelt "reluctantly" permitted his great & good friend Frank Murphy, Michigan's new Governor, to take this banker son of one of the seven body-building Fisher brothers of Detroit away from RFC, make him the State's Banking Commissioner...
...graduate of Georgetown University (Class of 1928), Banker Fisher got his first job in Detroit's Guardian National Bank of Commerce, left it to go with the National Credit Association. He became assistant manager of the Detroit agency of RFC soon after its formation, as well as a vice president of First National Bank -a big borrower from RFC.* In 1933 Mr. Fisher was made RFC's Detroit manager...
...exodus is already well under way. Going last week was John Burns, general counsel of SEC, father of five children, to a better paying job. Going were five of SEC's younger officials; gone Reginald Laughlin, RFC's assistant to the general counsel; going the assistant general counsel from the Treasury; gone AAA's director of the North Central Division to a packing firm, its assistant Southern director to a big cotton ranch, the head of its sugar section to the Sugar Institute. Gone after his chief was one of Rexford Tugwell's economists, to represent...
...Chairman Jesse Jones to give his views on the Terminal contract. Mr. Jones, it seemed, had lent MOP $17,000,000 before he had any inkling that the railroad was involved in commitments which were draining off $1,600,000 in much-needed cash annually. Neither to RFC nor to ICC, let alone its own stockholders, had the railroad disclosed the existence of the contracts. Belatedly Mr. Jones laid the facts before the U. S. Attorney General for possible fraud prosecution, but by then action was outlawed by a statute of limitation...
Before adjourning the hearings until after the turn of the year, Senator Wheeler summoned Morgan Partner George Whitney to explain a loan made to MOP by the big banking house at No. 23 Wall Street. At the time RFC was being organized, MOP needed $1,500,000 to tide it over an interest date, and the House of Morgan, already a large MOP creditor, furnished the money on condition that it would be repaid promptly from the road's RFC borrowings...