Word: antitrust
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...time they reached Cleveland-Hopkins International Airport on their way east, Csonka was a good deal cooler. He and Keating learned that N.F.L. Commissioner Pete Rozelle had ruled against any W.F.L. player's joining the N.F.L. this season. His reason: Bassett had threatened an antitrust suit against the N.F.L. if the league tried to sign his men. Csonka the realist shrugged his massive shoulders. "Let's face it," he said. "We had a power play going. Now I have to start thinking about next year...
...plunged the oil industry into big political trouble. In one of the milder manifestations of anti-industry sentiment, the Federal Trade Commission last week took only hours to overturn a recommendation by one of its own administrative law judges and resolved to press ahead with a two-year-old antitrust suit that seeks to break up eight major oil companies...
...Antitrust Act specifically prohibits sharing of directors between banks, but for 61 years it has been interpreted as not applying to links between the boards of banks and nonbanking firms. Now the Justice Department is saying that it does. To the defendants, this sudden new interpretation of the law seems very tenuous and unwarranted, and they intend to fight. Prudential refused to sign a consent order, and no company plans to fire its shared directors...
Another issue is an ancient one in antitrust law: under what circumstances can two companies be judged "competitors"? To most of their customers, banks and insurance companies may not seem to compete; not only are their main businesses different but they make different types of investments. Insurance companies, for example, sometimes buy buildings, like the Landmark office complex in Atlanta, owned by MONY, a practice uncommon to banks. The Government nonetheless argues, with some justice, that banks and insurers do compete. Both make mortgage loans, and both manage pension funds. In making loans to corporations, banks have traditionally concentrated...
...that the bankers have more expert knowledge of what loans are wise; prohibiting the practice, they say, would deny policyholders the benefits of shared financial expertise. That contention points up the greatest problem for federal trustbusters. They deeply believe that concentrations of economic power injure everyone, but, as the antitrust laws are now written, they find themselves frequently unable to do more than take potshots at giant companies on peripheral issues...