Word: rfc
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Last week Henry Kaiser yelped with pain when the RFC decided to put the loan on a businesslike basis. RFC's revamped terms were: 1) a 15-year 4% first mortgage of $69.5 million ($58 million for the marked-down value of the property, plus '$11.5 million which RFC offered to lend Kaiser for additions to Fontana); 2) a 25-year, no-interest second mortgage of $34.5 million; 3) a $10.3 million note to be secured by 103,180 shares of Kaiser Co. Inc. 4% first preferred stock. In short, RFC wanted its original loan repaid in full...
Henry Kaiser, who knows all about publicity, promptly threatened to appeal his case to Congress, and got California's obliging Governor Earl Warren to order an investigation of RFC's shackling of western industry. Said Kaiser: "War costs should be written off as a part of the total economic waste of war and should not be charged against industry." On this point most industrialists agreed that he appeared to be on solid ground...
...RFC stood firm on Fontana. The broad question was: should RFC expect to collect in full for a war plant built at inflated costs? RFC thought so, argued that if West Coast industrialists really wanted cheaper steel they should apply to the ICC for a lower freight rate from Fontana...
Nice & Airy. In Kansas City, the RFC offered barrage balloons for sale to civilians as "excellent temporary shelters...
Plump, amiable John Snyder, who had spent more than half his 49 years in the banking business, had seemed a natural for the Federal Loan job. Former RFC official, former executive vice president of the Defense Plant Corp., he had (in 1943) become first vice president of the First National Bank of St. Louis. As a banker he was sound; in the field of government credit he had been an able red-tape cutter. But OWMR was something else again...