The old man had one bad eye and one bad ear and a bad heart. He did not have any real friends in Washington; he was not much of a judge of people; and his memory was none too good. His name was Walter L. Dunham, and he was a director of the U.S. Government's $1 billion Reconstruction Finance Corp.

Before the Senate Banking subcommittee investigating influence in the RFC, Director Dunham, 69, leaked excuses like a wet paper bag. But his story was the most detailed report yet of the sordid state of...

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