Word: adm
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...plea bargain turned ADM (1995 sales: $12.7 billion) into an informer for the government. In exchange for immunity, company officials agreed to become witnesses against other firms under investigation for conspiring with ADM to rig prices in the $1.2 billion citric-acid market...
...ADM employees may also be called on to testify against their own, notably executive vice president Michael Andreas, 47, longtime heir apparent to his father, ADM chairman and CEO Dwayne Andreas, 78. Prosecutors are continuing their investigation of both the younger Andreas and Terrance Wilson, 58, who heads the ADM corn-processing division. Neither was granted immunity--meaning that both could face indictment. ADM said last week that Andreas was taking a leave of absence and that Wilson had decided to retire...
Importantly, the Justice Department will not pursue a potentially larger case against ADM for fixing prices in the market for high-fructose corn syrup, a ubiquitous soft-drink sweetener. This $4 billion industry is nearly four times the size of citric acid, and some consumer advocates have charged that shoppers pay higher prices for soda because of ADM's practices...
...Justice Department's case hinged on a company executive turned FBI informant, Mark Whitacre, who secretly taped meetings that allegedly included the younger Andreas, Wilson and executives of rival companies. "The competitor is our friend; the customer is our enemy" was a favorite saying around ADM, according to Whitacre. Such talk ended when the feds raided ADM's Decatur, Illinois, headquarters in June 1995. Although the company fired Whitacre and charged him with embezzlement, which he denies, and although Whitacre later attempted suicide, the case was strong enough to force ADM's directors to capitulate...
...plea bargain was a public humiliation for Dwayne Andreas, a political insider who has funneled millions in corporate contributions to Republican and Democratic candidates. Andreas has particularly close ties to Bob Dole, who has used ADM corporate planes for campaign trips and vacationed with Andreas in Bal Harbour, Florida; Dole and his wife Elizabeth purchased an apartment there from Andreas. Dole has championed myriad agricultural subsidies that have benefited ADM. With Dole's support, Washington has paid out more than $6 billion in subsidies since 1980 for ethanol, the corn-based fuel that ADM makes; it holds a 65% share...