Search the Archive

Senate / Lockheed Loan #217808

CBS Evening News for Monday, Jun 07, 1971
View other clips in this broadcast →

Material supplied by VTNA may be used for educational analysis or research only. Any editing, reproduction, publication, rebroadcast, public showing or public display may be prohibited by copyright laws.

(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

Cronkite, Walter;
Drinkwater, Terry;
Schorr, Daniel

Note to sponsor members: The Vanderbilt Television News Archive video player requires a modern operating system and browser to work properly. If you are experiencing playback problems, check the minimum requirements and adjust your setup accordingly. After adjustments, if you continue to experience problems, please contact us.

Welcome! Above is the abstract of the item that you're interested in viewing from the Vanderbilt Television News Archive's collection. You have three options if you'd like to view this item:

  • You may request a loan of this video by registering on our website and placing an order.
  • You may visit the Television News Archive on the Vanderbilt campus to view on-site from the Archive's collection.
  • If you are associated with a college or university, you may ask your library if they would like to become a sponsor, which would give students and faculty at your institution the ability to view items from our collection.

If you believe that you are associated with a sponsoring college or university and have received this message in error, please let us know.