Beginning in October 1974, the Whitlam government sought overseas loans to finance its development plans, with the newly enriched oil nations a likely target. Whitlam attempted to secure financing before informing the Loan Council which included state officials hostile to Whitlam. His government empowered Pakistani financier Tirath Khemlani as an intermediary in the hope of securing US$4billion in loans. While the Loans Affair did not result in a loan, according to author and Whitlam speechwriter Graham Freudenberg, "The only cost involved was the cost to the reputation of the Government. That cost was to be immenseit was government itself."