The story of how Franklin Delano Roosevelt helped his son Elliott get a $200,000 loan, and then arranged for it to be settled at 2¢ on the dollar, was presented to Congress this week.
The testimony came out through a House Ways & Means Committee inquiry into a tax question: should the lender, John A. Hartford, president of the Great Atlantic & Pacific Tea Co., be permitted a $196,000 income-tax deduction for his loss on the loan? By a strict Democratic majority, the committee voted not to challenge the deduction. Minority Republicans dissented. They...
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