Word: adm
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Dates: during 1990-1999
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...rancorous annual meeting today despite a federal price-fixing inquiry. Dwayne Andreas, the powerful chairman and CEO, and the 17-member board of directors were re-elected with 80 percent support, despite dissident shareholders' charges that the board is too cozy with management to review allegations that ADM and several competitors fixed prices on major commodities. "It was clearly Andreas' show," reports TIME's William McWhirter. "He looked tan and fit and superconfident, so much so that at the very end, he plucked a red rose from a vase on the stage and popped it into his lapel." An accidental...
...blurted the truth to special agent Brian Shepard, "a very trustworthy guy" who ran the Decatur office. Whitacre soon agreed to carry a recorder hooked to his inside coat pocket while working in the office and to tote a briefcase rigged with a taping device to sessions between ADM representatives and those of other companies. He also tipped the FBI to meetings where prices might be discussed with representatives of other companies so the agents could videotape the proceedings. "It's amazing, some of the stuff that came up on the tapes," Whitacre said. "There were meetings where agree ments...
Whitacre's cover was blown after the FBI raided ADM offices on June 27. By prearrangement, agents interviewed Whit acre along with other executives to make it appear that he was no different. The FBI warned Whitacre to get an attorney without ties to ADM. But the advice was given casually, and Whitacre did not keep it in mind. As a result, Whitacre spent four hours talking to attorney John Dowd, whom ADM had hired. The next morning, Whitacre said in his magazine account, "someone at ADM called me and said, 'Hey, Dwayne told me your attorney just told...
...discovery of Whitacre's role has made him a villain in Decatur, the home of ADM, where residents like Earl Gates argue in the local newspaper that Whitacre "violated the code" by going "public with internal problems." But Whitacre's neighbors in Moweaqua have rallied to his side, painting him and his wife as an unpretentious couple who give away a garageful of toys at Christmas and spend a lot of time with their children. Insists attorney Robert Allison, who works out of an office behind Mayor George Forston's barbershop: "The only codes that mean anything in this country...
Until he emerges from his current silence, Whitacre will continue to mystify--as the man intolerant of deception who spent two years deceiving his colleagues, and as the hyperambitious ADM executive who seemed to think he could expose his company and still...