  We present the first near-IR spectroscopy of the z=1.5 radio-loud BALQSO
FIRST J155633.8+351758. Both the Balmer decrement and the slope of the
rest-frame UV-optical continuum independently suggest a modest amount of
extinction along the line of sight to the BLR (E(B-V)~0.5 for SMC-type screen
extinction at the QSO redshift). The implied gas column density along the line
of sight is much less than is implied by the weak X-ray flux of the object,
suggesting that either the BLR and BAL region have a low dust-to-gas ratio, or
that the rest-frame optical light encounters significantly lower mean column
density lines of sight than the X-ray emission. From the rest-frame UV-optical
spectrum, we are able to constrain the stellar mass content of the system.
Comparing the maximal stellar mass with the black hole mass estimated from the
bolometric luminosity of the QSO, we find that the ratio of the black hole to
stellar mass may be comparable to the Magorrian value, which would imply that
the Magorrian relation is already in place at z=1.5. However, multiple factors
favor a much larger black hole to stellar mass ratio. This would imply that if
the Magorrian relation characterizes the late history of QSOs, and the
situation observed for F1556+3517 is typical of the early evolutionary history
of QSOs, central black hole masses develop more rapidly than bulge masses.
[ABRIDGED]
