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Penn Central Loan Gamble Triggers White House Shakeout
The Nixon administration backs away from a 200 million Penn Central loan under the Defense Production Act amid concerns of political risk and bank interests. Congressional aides cite business influence and possible financial danger as reasons for not defending the decision publicly. Hearings were set for the week of June 22 as Patman pressed for a banking credit evaluation.
MENTIONED IN THIS ARTICLE
Washington
Penn Central
Nixon
White House
Congress
Uie Antinting
Iray
Pennsy
Kennedy
Volpe
Treasury
David M. Kennedy
Business Council
Hot Springs
Stuart T. Saunders
Penn Central Board
Transportation
John A. Volpe
Senate
Hugh Scott
Texas
Wright Patman
House Banking and Currency Committee
Defense Department
Banking and Currency Committee
Patman
Interstate Commerce Commission
ICC
Arthur F. Burns
Federal Reserve Board