Word: antitrust
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...Senate Finance Committee, and is the logical shepherd for Administration fiscal programs opposed by Conservative Byrd. But Long, like Kerr, often conditions his support on what his own state gets in return, and his stands are even harder to categorize than Kerr's. On many issues -such as antitrust legislation-Russell seems proper heir to his father's red-clay radicalism. But. like Kerr, Long bitterly fights any attempt to alter the oil-depletion tax allowance, is opposed to tax crackdowns on business expense accounts...
Though the Justice Department glared at the 54.7% of the autotruck market captured by G.M. (it already has seven antitrust suits pending against G.M.) and the United Auto Workers chided the corporation for not lowering car prices, G.M.'s management took its history making in stride, devoted as professional managers to the dictum once voiced by another great manager, General Electric's Philip Reed: "Profits are a measure of effective, efficient operation and should be worn as a badge of accomplishment and of honor...
...Shomaker (pronounced shoemaker). Shomaker, 57, has been one ever since he went to work in a Brown factory at 14. A no-nonsense production expert who specializes in cost cutting, he replaces Clark R. Gamble, 69, who will continue as chairman. The stickiest problem Shomaker faces is an antitrust ruling requiring Brown to sell the G. R. Kinney Corp., a 360 shoe-store chain that Brown acquired in 1956. Brown wants three years to accomplish the unstitching, but the trustbusters are pushing for a six-month deadline...
...fight started as a mere skirmish between television giants maneuvering for position in the uncertain color-TV market. Philco charged that RCA, with some 12,700 patents, was freezing other manufacturers out of color, and in an antitrust suit asked $150 million in treble damages. RCA in rebuttal accused Philco of patent infringements and false attacks on the reliability of RCA's three-gun color tube, demanded $174 million in damages. As years went by, the fight descended into a hopeless tangle of side issues, including a Philco attempt to take over a Philadelphia television station operated...
...spirited bidders turned up last week when Western Bancorporation, a big holding company, carried out antitrust orders to sell off California's First Western Bank & Trust. Of the six, a little-known Texas insurance man named Troy Victor Post, 56, showed a clear and present advantage. Said a Bancorporation director: "Post's offer had something unique about it-money." Where most of the bidders offered complicated deferred-payment deals. Post unpocketed $69.5 million in ready cash. He quickly got First Western, which has assets of $612 million...