Word: antitrust
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...other hand, those polled viewed a number of recent political misdeeds as "routine." These included the attempts to sabotage the campaigns of Democratic presidential candidates and the evidence that the Nixon Administration gave ITT a favorable antitrust settlement in return for a $400,000 Republican Convention pledge...
Black, now United Brands' chairman and president, has begun replacing the company's aging banana boats with modern container vessels. He has settled several antitrust suits, which were draining the firm of $ 1,000,000 a year in legal fees, by selling its Guatemalan banana division to Del Monte. In Central America, United Fruit had long been improving company-paid education, housing and medical care for plantation hands; Black has redoubled those efforts...
...pursuit of profits so successful, unprecedently so, as engrossing as the diplomatic and political techniques which have made ITT a household word. With interest and perhaps amazement we read of ITT president Harold S. Geneen's management system of continuous expansion; of his reassuring observation (to an antitrust committee concerned at his attempted takeover of the American Broadcasting Company) that "the highest ingredient that a newsman has for sale is his professional integrity;" of his company's notorious attempts to finance the Republican convention and the Chilean counter-revolution; and of his public relations director Edward Gerrity's comment...
...Justice Department's Antitrust Division has never been an object of affection in executive suites, and recently there has been less love lost than ever. Reason: it is seeking to shrink some of the nation's very biggest companies. In 1972 the division asked the federal courts to order a breakup of IBM. Now it is demanding that Goodyear and Firestone, two giants of the rubber industry, get rid of enough operations to make the tire business as competitive as it was in 1959-when Goodyear accounted for 23% of sales, against 28% now, and Firestone...
...Tire & Rubber had not produced a single tire in the past 30 months before it was acquired by Goodyear in 1966. Firestone issued a statement saying that the Government suit against it "is absurd and untenable and has no foundation in economics or law." In its view, traditional among antitrust defendants, the Government is merely trying to penalize size and success...