Word: rfc
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Long under congressional fire for its sloppy housekeeping and carefree lending, the Reconstruction Finance Corp. last week slashed $5,000,000 from the agency's operating expenses, and hiked from 4% to 5% its interest rates on business and railroad loans. Said RFC's new Chairman W. Elmer Harber: "We think we can pay our own way and we think we should...
...Harry Truman. In 1946 Truman asked him to serve on the Reconstruction Finance Corporation. "I must have been off my rocker," George recalls. "I should have said, 'Why pick on me? Let's load this onto one of our enemies.'" Instead George Allen took the RFC appointment...
...pipsqueak as I turned out to be could also become a major scandal was one of the incongruities of the episode." The other incongruity was a Senate committee going into stitches over George's testimony and ending up by confirming him. He quit after one unspectacular year in RFC, and settled down again to his private enterprises.* Says George modestly: "My record . . . was the record of a man who had no qualifications for the job except the political patronage of Truman...
Much of the recent news about Henry J. Kaiser's industrial empire has had a familiar ring: it concerned loans from RFC to the faltering Kaiser-Frazer Corp. Henry Kaiser, who had received $44 million for K-F and another $123 million for the Kaiser Steel Corp., was RFC's biggest single business loan...
Last week Henry had a different kind of news to report. The RFC, he said, would soon get back the $91 million it had lent to Kaiser Steel, which operates the Fontana (Calif.) steel plant. What was more, Kaiser planned to expand Fontana's capacity by 15% (to 1,380,000 tons a year) and install a tinplate plant with a capacity of 200,000 tons a year. With the tinplate facilities, he hopes to get a big slice of business from the West's canning industry, which consumes some 700,000 tons of tinplate a year, most...