GOVERNMENT: Out of Business

America's biggest bargain counter closed down last week; the War Assets Administration officially expired. For the $25.2 billion worth of surplus property (original cost) which WAA sold in a little over three years, it got $4.2 billion.

Peddling war plants, fishhooks, girdles and bulldozers, WAA had a peak of 58,795 workers, more than 100 offices. WAA still has on its books $1.8 billion in property, mostly real estate. Like other Washington bureaus which have outlived their usefulness, WAA will not die completely. Most of its 2,550 employees will be transferred for close-out bookkeeping chores to the new General Services Administration.


Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!