Word: antitrust
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...been damaged.' We intend to resist. It will be a neat problem to prove damages." Of course, he went on. "if we've unwittingly damaged any customer anywhere, we wish to make an adjustment." He cited a rash of suits that followed G.E.'s 1949 antitrust conviction for monopolizing electric bulbs. The suits, which totaled $104 million, were settled for $1,395,000. Just in case things go against G.E. Treasurer John D. Lockton told the meeting, the giant electric company at the end of 1960 had cash assets totaling more than $400 million...
More Trouble. The companies' troubles will not end with the paying of fines, the completion of jail sentences, or the issuance of public relations disclaimers. The antitrust law gives defrauded customers the right to sue for as much as treble damages-and many customers are spoiling to get at the conspirators. More than a dozen cities, including New York and Chicago, are considering suits, and the National Institute of Municipal Law Officers may seek treble damages for many of the 171 cities who bought price-fixed and bid-rigged equipment. The Justice Department announced that it will bring suit...
...declaring that sympathy for the arrested was misplaced, denied that it had any "business policy or alleged conformity" that would lead its executives into violations of the law; it then called the defendants "nonconformists" who deliberately broke G.E.'s "Directive Policy 20.5" insisting on strict obedience to the antitrust laws. Judge Ganey said that it would be "naive" not to believe that top company officials knew what was going on in such vast and prolonged shenanigans, noted that G.E.'s rule "was honored in its breach rather than in its observance...
...Alabama-become aroused over a succession of almost identical bids. It tipped off the Justice Department, which began digging into the conspiracy in 1959 under the direction of Republican Trustbuster Robert Bicks (who recently entered private law practice). Often the Government has a hard time gathering evidence in antitrust cases, but this time it got a break. In October 1959, four Ohio businessmen were sentenced to jail for antitrust violations, the first in history to go to jail after pleading nolo contendere in an antitrust case. (One of them committed suicide on the way to jail.) This news sent...
Handcuffs & Guards. G.E. has already demoted, shifted or cut the pay of 48 employees involved in the antitrust violations, including 16 who were indicted. Several of the G.E. men indicted who drew fat salaries ranging from $60,000 to $125,000 have had their salaries cut as much as $50,000. But G.E. made no move at all to discipline its most important figure in the trial: Vice President Ginn, head of G.E.'s important turbine-generator department at a salary of $125,000 a year. G.E.'s lame reason: Ginn's illegal activities in the transformer...