GOVERNMENT: New Blood
The Reconstruction Finance Corp., which has grubstaked Kaiser-Frazer Corp. to some $50 million, last week decided to ride along on the mule as well. To K-F's board of directors, the RFC appointed their own representative,* 26-year-old Detroit Lawyer Alan E. Schwartz. A Harvard Law School graduate (1950) who had caught RFChairman Harry McDonald's eye when pleading cases before government bureaus, Schwartz will attend all of K-F's board meetings, keep tabs on the company's finances (K-F's losses in the past seven years: $53 million). Explained RFC: "After all, their interest is the same as ours—to make money for the company."
*As it has already done with such other debtor companies as Lone Star Steel and Tennessee Central Railroad.
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