Word: antitrusters
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...Justice Department issues new antitrust regulations
Will this merger tend to create a monopoly or will it further competition? That simple question can often lead to a bewilderingly complex discussion among economists and antitrust lawyers about what exactly constitutes a market. Whether the product in question is shoes or steel, it is first necessary to size up the market before deciding whether or not a merger or acquisition endangers competition...
Last week the Justice Department took an important step toward clearing up the confusion. In the first major revision of antitrust guidelines since 1968, Attorney General William French Smith released a 44-page document designed to help businessmen determine whether a merger or takeover effort is likely to be challenged by the Government...
...judge what is "significant," the guidelines use the so-called Herfindahl index, a mathematical formula developed by the late Orris C. Herfindahl, a Washington economist. Traditionally, antitrust lawyers have relied on a rule-of-thumb approach. It was believed that the Justice Department would permit any mergers that did not concentrate 75% or more of a particular market in the hands of four or fewer companies. The Herfindahl index sets up a clearer, although more complex, set of guidelines...
Richard Kleindienst, 58, became Attorney General in June 1972 after Mitchell left Cabinet to head Nixon re-election committee. Pleaded guilty to giving false testimony to Senate Judiciary Committee about antitrust suit against ITT. Suspended sentence. Acquitted last year in home state of Arizona on twelve counts of perjury allegedly committed while representing a swindler. Arizona Supreme Court suspended him from practicing law last month. U.S. Supreme Court suspended him last week from practicing before...