Word: rfc
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...Corp. at $4,500 a year, soon was getting more than $7,000. He was a frequent caller at the White House, where he would go to pick up Lauretta at the end of the working day or converse with his good friend Donald Dawson, ex-personnel officer of RFC, who became the President's principal adviser on political patronage. (Mrs. Alva Dawson works at the RFC as supervisor of all the agency's files.) Merl was also available for occasional odd jobs. When 1948 campaign time arrived, Merl was on hand as a sort of fixer...
...interested in Merl Young's talents. One was the Lustron Corp., the fabulously unsuccessful housing company; the other was the F. L. Jacobs Co. of Detroit, an auto-parts concern which also made washing machines. Both were in debt to the LFC at the time. Lustron hired RFC Examiner Young to be a vice president at ?i 8,000 a year. Without bothering to tell Lustron, Young simultaneously took a $10,000-a-year post as an executive of the Jacobs company...
...Young proceeded to persuade Lustron Vice President Young that Lustron's houses needed Jacobs' washing machines. As a special convincer, Jacobs offered Young a $15 commission for every machine he sold to Lustron. But that scheme never worked out. Lustron sank last year with $37 million of RFC bullion aboard; Jacobs quit the washing-machine business...
Profitable Sideline. The collapse of those hopes did not bother Merl for long. With financial help from Jacobs officials and some friends in a Washington law office which made a specialty of winning RFC loans for clients, he went into the insurance business for himself. He worked up a sideline as an "expediter" who, through his influence with the right people, could help companies doing business with
Avery was never more wrong. Like many another businessman, he had overlooked the stimulating effect of easy credit. Unwilling to risk even a slight depression in an election year, the Administration in 1950 had greatly liberalized housing credit, poured out hundreds of millions in RFC loans and farm subsidies...