Word: rfc
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...Herbert Hoover had set up RFC to lend $1.5 billion to ailing banks and industries. Then the Democrats fattened and pampered it like one of their own alphabetical children, bolstered its lending power to $18.8 billion, and put it into the wartime business of running rubber plants, Central American fiber plantations and steel mills...
When both the depression and war had vanished, RFC, in its $6.5 million new Washington office building, kept lending away: to Henry Kaiser ($188 million), the now bankrupt Lustron Corp., the foundering Waltham Watch Co. (which later hired an RFCman as president). It also decided to prop up gasoline stations, country stores, restaurants, plumbers and a host of small businessmen. Though it made some curious loans, it claimed an overall profit of $560 million during its existence...
...House Cleaning . . . Two months ago, Harry Truman asked Congress to transfer RFC to the Commerce Department, thus giving it family status. Last week the Senate voted an emphatic "no." Principal reason: a Senate investigating committee had been digging into RFC's past, was beginning to wonder whether RFC's lending machinery shouldn't be shut off altogether. What RFC needed, said Illinois' Paul Douglas (who had stoutly championed all the other presidential reorganization plans) was "not so much a transfer as a thorough house cleaning...
...Senators learned, RFC had lent $975,000 to the Mapes Hotel in Reno, which drew 30% to 40% of its income from a thriving twelfth-floor gambling casino called "The Sky Room." The casino operators, said Committee Chairman William Fulbright last week, were "lawbreakers and thugs." The casino's boss is Lou Wertheimer of the gambling Detroit Wertheimers...
...antitrust suit against Tranasmerica Corp., world's biggest bank holding company, the Federal Reserve Board found the going rough. After 107 days of hearings it was still taking testimony trying to prove its case. Last week Transamerica President Sam H. Husbands, onetime RFC director, and Lawrence Mario Gianmni, the frail, shrewd president of the Bank of America, got together on a deal that did not make FRB's job any easier...