The many-armed U.S. Government last week was engaged in a tug-of-war with itself over Preston Tucker, designer of a rear-engined automobile named the Tucker 48 (once the Torpedo). The War Assets Administration had leased Tucker the $70 million surplus Chicago Dodge plant, world's largest. He had promised to have $15 million in cash on hand by July 1 to build cars.
Last week the Securities & Exchange Commission made it hard for Tucker to keep his promise. SEC refused to let Tucker sell $20,000,000 in common stock to finance his car. Said SEC:...
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