American Broadcasting Company which were related to advertising and were indexed compared to the number of listeners/viewers, failed to compensate for its heavy investments in purchasing and building stations. In 1951, a rumor even mentioned that the network would be sold to CBS. In 1951, Noble held a 58% ownership stake in ABC, giving him $5 million with which to prevent ABC from going bankrupt; as banks refused further credit, that amount was obtained through a loan from the Prudential Insurance Company of America. Leonard Goldenson, the president of UPT (which sought to diversify itself at the time), approached Noble in 1951 on
Edward J. Bermingham the two men met at least twice at the White House. Bermingham was a member of the financial committee of the Republican National Committee and instrumental in Eisenhower's nomination. In retirement he raised cattle on his Wyoming ranch. At the time of Birmingham's death he was a trustee of the Eisenhower Foundation in Abilene, Kansas. Edward J. Bermingham Edward J. Bermingham (1887–1958) was a prominent investment banker and correspondent of Dwight D. Eisenhower. Bermingham worked for Lehman Brothers and Dillon, Read and Company, and was a trustee of Columbia University. Bermingham was a member of Columbia University's graduating class of