Competitor Jones

"The underwriting community wilted and reeled," reported the sympathetic New York Herald Tribune in telling how Federal Loan Administrator Jesse Jones last week offered to bid for public utility bond issues. "Investment bankers . . . saw the RFC as a potential competitor who could fix terms and rates, and put them entirely out of business."

On second thought, Jesse's plan struck Wall Street as much less alarming. What he had really offered was to backstop SEC with RFC cash if the former gets into trouble enforcing its new competitive bidding rule....

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