Word: antitrust
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...Senate subcommittee investigating antitrust implications of the proposed ABA-NBA merger was told yesterday that it is the ABA's failure to draw fans, not the bidding war with the rival NBA, that is the prime reason some ABA teams are in danger of folding...
...about everything the company is up to. The troubles began with the publication of the famous Dita Beard memo linking the company's offer to help bankroll this summer's Republican National Convention, through its Sheraton hotel chain, to the Government's settlement of a major antitrust suit against ITT. The settlement will force ITT to sell several companies but allows it to keep the big one it really wanted, Hartford Fire Insurance...
...some ITT executives, shaken the reputations of some Nixon Administration officials, and hurt the nation's political relations with certain foreign governments. In the U.S., the ITT controversy has dragged out the confirmation of Richard Kleindienst as Attorney General-because as Deputy Attorney General he approved the antitrust settlement-and handed Democrats an easy opportunity to portray the Nixon Administration as too readily swayed by giant corporations. More generally, it has reopened an old debate about whether business bigness, particularly conglomerate bigness, is bad. Business men around the U.S. complain that the ITT affair has hurt them, too, because...
...seems vulnerable in some other ways. In the past, it has grown largely by acquisition. Between 1964 and mid-1971, it absorbed no fewer than 98 companies. The antitrust settlement now effectively bars ITT from acquiring any U.S. company with annual sales of $100 million or more, and the bad publicity that has lately befallen ITT might impose further limits. ITT has made almost all its past acquisitions in exchange for stock. The recent controversies have driven down the price of its shares from an early 1972 high of $64.50 to $55.75 last week, making it less attractive...
When does the bubble burst? Will the inflation of the nineteen sixties lead to deflation in the nineteen seventies? Are the new athlete-capitalists on a collision course with their employers? Or is everybody on a collision course with antitrust laws and a decade of legal tangles...