Word: rfchairman
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Dates: during 1950-1959
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...Kaiser-Frazer Corp. to some $50 million, last week decided to ride along on the mule as well. To K-F's board of directors, the RFC appointed their own representative,* 26-year-old Detroit Lawyer Alan E. Schwartz. A Harvard Law School graduate (1950) who had caught RFChairman Harry McDonald's eye when pleading cases before government bureaus, Schwartz will attend all of K-F's board meetings, keep tabs on the company's finances (K-F's losses in the past seven years: $53 million). Explained RFC: "After all, their interest...
Rushing In. Under the circumstances, why had RFC approved the loan? Senator Fulbright put RFChairman Hise on the stand to find out, but got little satisfaction. "I don't think I want to attempt to justify this particular loan," said Hise, slouching in his chair. "I have heard nothing to indicate it was a bad loan." Besides, he added, there was "no reason to hold up the disbursement." In fact, his staff lawyers thought it might be illegal for RFC not to go through with its loan commitment. RFC was firmly of the opinion that with more capital Texmass...
...review committee had bluntly reported that the loan would be "largely a bail-out of investors and certain creditors." Furthermore, out of RFC's five directors, the loan had been approved by a mere two-to-one vote (a fourth director was absent, while RFChairman Harley Hise abstained from voting because a distant cousin is married to a Texmass official...