Word: antitrust
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...Nixon Administration's earliest scandals is also turning out to be one of its most persistent embarrassments. The affair centers on the charge, flatly disputed by all officials involved, that the Justice Department in 1971 settled an antitrust case against the International Telephone and Telegraph Corp. on relatively favorable terms to the company shortly after ITT had pledged up to $400,000 to support the 1972 Republican National Convention. Last week it was revealed that President Nixon himself had personally and bluntly intervened in the case...
...attempt to establish the principle that business competition can be unlawfully hindered by the growth of conglomerates, which expand by acquiring unrelated businesses, as much as by corporate growth in a single industry. The test suit was being pushed by Richard McLaren, chief of the Justice Department's antitrust division and now a federal judge. It had the support of then Deputy Attorney General Richard Kleindienst and Solicitor General Erwin Griswold. (Attorney General John Mitchell had withdrawn from the case because his New York law firm had handled some ITT matters.) ITT, fearing an adverse Supreme Court ruling...
...command, and that Mitchell should tell Nixon this. McLaren and Griswold also would resign, Kleindienst suspected, rather than drop the suit at Nixon's behest. Within a couple of days Mitchell told Kleindienst: "I've talked to your friend [Nixon]. He says do anything you want on antitrust cases...
...Brown was a $25,000-a-year product manager with General Foods and Goodwin was a $14,000-a-year Justice Department antitrust lawyer; but neither of the two former prep school chums (Choate) was having much fun. They examined some 20 industries for prospects and chose juvenile equipment because of its lack of innovation. Then they persuaded an engineer friend, Jim Sloan, to design a product, and the Umbroller rolled out. Brown and Goodwin raised $120,000 from their bank accounts and relatives, quit their jobs and founded Cross River Products Inc., with headquarters in their living rooms...
...suit and the size of the damages, he had attempted to settle the case all at once. In his original ruling, Christensen figured that certain "predatory" practices by IBM had damaged Telex to the tune of $117.5 million, a figure that he then tripled in accordance with antitrust law. But in this rush to judgment, he ruefully admitted last week, he had underestimated a crucial factor: much of Telex's potential business came from marketing disc drives and other "peripheral" computer components based on secret IBM designs. In his earlier finding that Telex had gained the designs by hiring...