GOVERNMENT: Thorny Money

In Houston, rough, tough Oilman Glenn McCarthy is known as a man with plenty of irons in the fire and plenty of greenbacks to stoke it. He had built the $21 million Shamrock Hotel, put millions of his own and borrowed money into chemical plants, a radio station, oilfields, natural gas, real estate. But last week many a Houston citizen blinked in surprise. Glenn McCarthy had asked RFC for a $70 million loan.

Though both RFC and McCarthy were mum on why he needed such a whopping amount, oilmen gossiped that he wanted to pay off his corporate debts (estimated...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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