Word: antitrust
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Said Attorney General Tom Clark: "This case is one of the largest and most important in the history of the antitrust laws." Said the accused: "Utter nonsense," "fantastic," "ridiculous." With such give & take, the long-heralded battle between the Government and Wall Street's investment bankers was finally joined last week. Thanks to newspaper stories that "leaked out" to Washington reporters in the last month, Wall Street was not surprised by the civil suit filed in a New York district court by the antitrust division of the Department of Justice. It charged 17 of the biggest U.S. investment banking...
...statement that touched off the season's cascade of antitrust suits, Attorney General Thomas Campbell Clark had called for jail sentences for those who "conspire to maintain or increase present prices." Ever since, the antitrust division's 160 lawyers have been working overtime filing charges against leaders of the rubber, brake-lining, color film and oil industries (TIME, Sept. 1). All were accused of conspiracy to fix prices...
...crusade swung into its third week, the antitrust division had lost none of its fervor but some of its bounce. It brought action against the National Association of Real Estate Boards and its local Washington chapter, charged them with fixing brokerage fees and thereby contributing to the high cost of houses. But the charge did not carry any threat of jail sentences...
Many a businessman last week nodded agreement. The Federal Trade Commission's attack on the steel industry's "price-fixing conspiracy" (TIME, Aug. 25) had hardly left the headlines when the Department of Justice's Antitrust Division sprang into feverish action...
...have slowed their fastest freight lines to the speed of their slowest competitors. The railroads justify it by saying that to speed them up would congest freight yards, disrupt passenger service and create locomotive shortages (by increasing the number of short, fast trains). But the U.S. Government, in an antitrust suit, charged that the slowdown was primarily to prevent rate cuts by slower lines trying to compete with faster ones...