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WALTER E. COSORIFF OF THE HFC MJ^WATJSINS. Mr. President, the activities of the Reconstruction Finance Corporation have been under Investigation for some tiine. A report which reflects on members of the boatd of the RFC has been made by a subcommittee of the Banking alpd purroncy Committee^ I t a l i c hearings fty this subcommittee are now lit progress. I do notarise today to dfccues^any of the chaisesVhieifhave beett-marle or the findings of tfc* fcfcmmittef4 However, as a matter of^Mipple Jxistlfie t^Pbne qf the n e i i m e r a i w J t y theJWijU a'citizen of the State afcjCftih, M ^ M l t e r IfXGd* gritr. I.desire te.make cltf* that ha is in; nowise involved 4n the -eeUvitles of the RFC which were criticJaeti to the subn committee report. Ja t> it r Mr. Cosgriff was *bbpintfc0 by the President last summfcrjO 'vacancy o n the board. He vrsk not applicant f6r the "position. I ' haVe *epn correspondence and memoranda relating to his appointment which demonstrate beyond doubt t h a t the President in factpractically drafted Mr. Cosgriff. When first offered the appointment, Mr. CosgrifT declined, stating that he was not interested. The President, however, was insistent to sucbiui extent that he convinced Mr, CoegrAff U.ut ha should accept as a matter of paldotlc service. Let me repeat]: Mr. tatident, that what I have }t&t> said te^ased-on a personal examination of ccrtYespondence and other factual material. ; The activities Of RFC w h i a T j m e the subject of the report, and are BOW under investigation by the Senate sufa&efumittee, all happened prior to M n Ccsgriffs connection with the RFC^ :» Me' Is not implicated In any manner whatsoever with any of the matters uhddf investigation.. , •iLet me also say thaj 1^jr.7^sgriff is one of the younger bankers initiie State of Utah, a man who before; coming to Washington directed operations in several Western States. a young man, he succeeded Uf the Management of a banking enterprise Which had been built by his father. Since his facer's death, Walter Cosgriff has operandi and expanded this business and has made an outstanding success of it/my that today it is one of the largest ahd most successful banking enterprises in the iAlfcrmountain West.' H e ' has 3fh '?jcCetfcnt reputation for i n t e g r i t y , e f f i ciency. not only in Utah, put i n every other State where he has operated. <a « The appointment was not x*>Bttcal. I t came to Mr. Cosgriff because Of his ability, his independence, end his reputation as an able citizen who had made an excellent record in the business $Upd banking field. 5e# Mr. President. I am making this state- •' ment today to the Senate and to the eeo- 1 pie of the United States so there WIIHNP no misunderstanding with respect?Utlfir. Coigrlfl and jMagjel^Uon tythe RFC and the investigation which has been and is ndw being conducted. .«j r f i t m » Congressional .fieoord 2/26/51
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