OCR Interpretation


Evening star. [volume] (Washington, D.C.) 1854-1972, August 19, 1951, Image 15

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1951-08-19/ed-1/seq-15/

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'Air Officer Accused
Os Black Market Deals
Faces Action in D. C.
The Federal Government made
another move yesterday to attach
the assets of an Air Force finance
officer who allegedly made a profit
of $136,000 by exchanging Govern
ment money on the Turkish black
market.
The Government, however, is re
ported to have lost no money
through the transactions. It is
suing the officer for his alleged
profits.
A complaint, similar to one filed
recently in the Fairfax Circuit
Court, was filed yesterday in Dis
trict Court to collect his Washing
ton assets and the present value
of three insurance policies. Others
are named bneflclaries in two of
the policies.
Roberson in Turkey.
The finance officer is Chief War
rant Officer Kenneth E. Roberson,
now in Ankara, Turkey.
' Roberson is accused of pocketing
the difference he obtained in lira
at a higher rate of exchange for
checks cashed on the black mar
ket
The complaint filed here seeks
to attach an expensive automobile
which he Is said to own in the
District.
In addition it seeks the present
value of several 20-year life in
surance policies issued by the
Acacia Life Insurance Co. One of
these according to the complaint,
is for $4,000 in which Roberson is
named beneficiary: another for
$5,000 fn which his wife, Mrs.
Janice L. Roberson is named bene
ficiary, and a third is for $2,000
in which Gertrude P. and Archie
E. Watson are named beneficiaries.
The petition filed recently in
Virginia said Roberson owns a
house in Falls Church.
Petition Outlined.
The petition filed here said that
Roberson “was responsible for the
disbursement, through United
States Treasury checks, of large
sums of money.” The Treasury
checks, the complaint said, were
made out to Roberson’s order and
“were to be exchanged by him in
part for Turkish lira and there
upon disbursed and accounted for
as his official duties required.” '
The petition added:
“In violation of his duties to the
United States and the laws of
Turkey, defendant converted the
United States Treasury checks to
Turkish lira, not at the standard
and legal rate of exchange, but
at higher rates of exchange in
black market currency channels.”
The complaint states further
that Roberson “thereupon replen
ished his official Government ac
counts by depositing thereto the
equivalent sums at the regular
legal rate of exchange, but kept
for himself the excess derived from
j his black market currency trans
actions.”
i Boundaries of New Mexico were
'established in 1863.
MEMBER ASSOCIATIONS
OF THE
DISTRICT OF COLUMBIA BUILDING AND LOAN LEAGUE
i
Pledge Support to the
“Program for Voluntary Credit Restraint ”
AUTHORIZED BY THE DEFENSE PRODUCTION ACT OF 1950
/
The Board of Governors of the Federal Reserve
System has requested all financing institutions in the
United States, including all building and loan as-
sociations, banks, life insurance companies, and in- <
vestment bankers, to act in accordance with its
“Program for Voluntary Credit Restraint”, and has
established a Voluntary Credit Restraint Committee,
and a regional sub-committee for the Fifth Federal
„ .
Reserve District.
The Statement of Principle* contained in
the Program provides:
“It shall be the purpose of financing institutions to
extend credit in such a wav as to help maintain and
increase the strength of the domestic economv
'
through the restraint of inflationary tendencies and
at the same time to help finance the defense program
and the essential needs of agriculture, industry and
“Co-operation with this program of credit restraint
make* it increasingly necessary for financing in-
atitutions to screen loan applications on the basis of
The following is set forth in the preamble of the “Program for Voluntary Credit Restraint”—
"It is appropriate to point out that this Program of Toluntary Credit Restraint does not haie to do with
tuck factors as inflationary lending by federal agencies, unnecessary spending, federal, state or local, and
the wage-price spiral and other muck more seriously contributing factors. These should be vigorously
dealt with at the proper places. It assumes that the proper governmental authorities will exercise the
requisite fiscal and monetary controls.”
DISTRICT OF COLUMBIA
BUILDING AND LOAN LEAGUE
THE SUNDAY STAR, Washington, D. C.
Bt’XDAT. AI’GCST l», IBM
their purpose, in addition to the usual tests of credit
worthiness. The criterion for sound lending in a
period of inflationary danger boils down to the fol
lowing: Does it commensuratelv increase or main
tain production, processing and distribution of essen
tial goods and services?”
...... . ..
The Program states that, In general, fi
nancing institutions should NOT make the
following types of loans under present con
ditions:
, (T , , .
Loans for speculative investments or purchases. Ihe
.. . ,
first test of speculation is whether the purchase is
. , , .......
for any purpose other than use or distribution in the
. , , . , . „.
normal course of the borrower s business. Ihe sec
..., . , ,
ond test is whether the amounts involved are dispro
. . , , , , •
portionate to the borrower s normal business opera
tions. This would include speculative expansion of
real estate holdings or plant facilities as well a*
speculative accumulation of inventories in expecta
tion of re-sale instead of use.”
A-15

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