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Senate / Lockheed Loan #217808

CBS Evening News for Monday, Jun 07, 1971
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(Studio) Senator banking committee opens hearings on government loan for Lockheed Aircraft Corporation
REPORTER: Walter Cronkite

(DC) [Senator William PROXMIRE - asks if free enterprise system's vitality jeopardized by bailing out large company threatened by bankruptcy.] [Treasury Secretary CONNALLY - says free enterprise system already highly regulated; helping Lockheed not departure from government policy.]
REPORTER: Daniel Schorr

(Studio) Thousands of jobs at stake in Congress consideration of loan.
REPORTER: Walter Cronkite

(Palmdale, California) 30,000 workers could lose jobs if Congress doesn't approve $250 million loan to continue Tri-Star Airbus development [Rudy BORQUEZ - says probably have to go on welfare if loses job.] [Navy material command spokesperson Gordon RULE - says Lockheed military production will continue without loan; doesn't see why Congress should approve loan for unnecessary Tri-Star.] McDonnell-Douglas Corporation also building airbus. [Aerojet-General Corporation spokesperson Jack VOLBRECHT - says if government bails out Lockheed, other companies will expect same help when in financial trouble.] [Lockheed spokesperson Dan. HAUGHTON - says loan approval would pay government back many times over.] Lockheed project successes, failures listed. [HAUGHTON - doesn't like to ask government for money.]
REPORTER: Terry Drinkwater

Reporter(s):
Cronkite, Walter;
Drinkwater, Terry;
Schorr, Daniel
Duration:
00:07:50

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