INVESTIGATIONS: Lucrative Maze

Lucrative Maze A Senate committee last week turned its attention to a question involving eight war-surplus tankers with fancy names, e.g., Oywhee, Antelope Hill, and even fancier postwar histories. How did a group of highly placed Washington promoters manage to buy the ships for a mere $101,000 investment and then unload them with a $3,250,000 profit? To find out, the committee had to wade through a maze of interlocking corporations.

Corporation No. 1 was formed in 1947 by Joseph E. Casey, 52, onetime Democratic Congressman from Massachusetts.

It floated a $9,700,000 loan from...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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