Business: Chug-Chug
With a grinding clash of gears, the Tucker Corp. lost a major cog last week. Harry A. Toulmin Jr., machinery manufacturer and patent attorney, resigned as chairman of the board.
In a letter to SEC, Toulmin said that he quit "because of the manner in which Preston Tucker is using the funds obtained from the public through sale of stock." President Tucker, charged Toulmin, had ignored persistent requests that the $15 million "be spent and administered under . . . controls normal to legitimate business." To newsmen, Toulmin described Tucker as "a tall, dark, delightful, but inexperienced boy." He added that the Tucker 48 does not actually run, it just goes "chug-chug." Furthermore, "I don't know if it can back up." To all this Tucker snapped: "Absurd. I am surprised at the man." He explained that he had asked Toulmin to resign "to make way for a prominent man now active in the automobile industry."
Most Popular »
- Five Things the U.S. Can Learn from China
- World Leaders Put Off a Climate Change Treaty
- China Investigates Deaths After Swine Flu Shot
- How a Bank Robber Became an Antihero in France
- Good and Bad News for Boxing: Only One Pacquiao
- The Prisoner Review: A Pretentious Reimagining
- Box Office Weekend: 2012 Masters Disaster
- The Meaning and Mythos of Manny Pacquiao
- Happiness Paradox: Why Are Americans So Cheery?
- YouTube Effect: Making Money From Viral Videos
- Five Things the U.S. Can Learn from China
- China Investigates Deaths After Swine Flu Shot
- Good and Bad News for Boxing: Only One Pacquiao
- Did a Time-Traveling Bird Sabotage the Collider?
- Happiness Paradox: Why Are Americans So Cheery?
- In Fight Against AIDS, Kenya Confronts Gay Taboo
- Beijing: 10 Things to Do in 24 Hours
- How a Bank Robber Became an Antihero in France
- Time Essay: The Death Penalty: Cruel and Unusual?
- Gay Weddings in Washington by Winter?







RSS