Word: rfc
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Chile's brightest hopes lie in the half-Socialist, half-RFC Development Corporation, whose projects-a major steel mill, the Spring Hill oilfield, a copper processing plant, a new fishing industry-could in the long run raise the level of production. But the Chilean man in the street looked for action now. He would look to the new President...
...Banker. John Wesley Snyder, the banker, was RFC loan administrator in St. Louis, where he applied himself to becoming a better banker and a more learned man. He got his reward in 1940 when Jesse Jones called him to Washington to become executive vice president of the Defense Plant Corp. He left after a row with Jones, went back to St. Louis and the vice presidency of the First National Bank. Then one day his friend Harry Truman telephoned him that Franklin Roosevelt had just died. "John," said a shaky Harry Truman, "you'll have to come up here...
...January, 1946, a grateful Harry Truman nominated George to be a director in RFC...
...RFC had grown to be the nation's most powerful bank, a financial monstrosity with a "resource potential" of more than $14 billion which it could lend to states, municipalities, private banks, private businessmen, private citizens. In a 12-story building on Vermont Ave., amidst chromium and marble, in a magnificent air-cooled hush preside the giants who control this enterprise-the five directors. Harry Truman thought George should he one of them...
George dropped his insurance directorships, hung onto the others. The RFC job pays him $10,000 a year. His income from private businesses, over which RFC holds wide powers: an estimated $50,000. The moral hazards of this situation are recognized by George. He knows that he is walking on eggs and that a fascinated and not too friendly audience is watching him. Aside from the moral question, George has a rule of conduct which may pull him through: keep your nose clean. The chairmanship of RFC is his for the asking when aging, gregarious Charles ("Senator") Henderson steps down...