Word: antitrust
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Dates: during 1950-1959
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...President was granted $600 million to lend as he sees fit to expand the industrial war effort; another $1.4 billion would be provided for the same purpose later on. Firms could be exempted from antitrust laws, when, working in combination, they furthered the defense effort...
When the Department of Justice filed antitrust suit against Ohio's Lorain Journal (circ. 21,143) last year, Owners and Isadore Horvitz admitted there was a basis for the charges; had indeed canceled Journal contracts with advertisers who also patron a competing radio station. But they denied any wrongdoing. The Horvitz defense: freedom of the press gave them the right to reject any ads they pleased...
...banks from Transamerica Corp. (TiME, July 10), Giannini ignored the order. The FRB-and Giannini, too-were well aware that the purchase would cut Transamerica's holdings in California to only four banks, and thus take much of the steam out of the FRB's antitrust suit against Transamerica...
Bethlehem Steel's Chairman Eugene G. Grace went even further. With voluntary allocations and freedom from antitrust prosecution, said he, the industry could handle all military requirements without even the necessity of a "drastic reduction" in civilian production...
...didn't see it that way The circuit court ordered Giannini and Husbands to appear this week to show cause why they should not be held in civil and criminal contempt. It looked as if Transamerica's efforts to wriggle out of its antitrust troubles might have entangled it more deeply than ever...