Word: antitrusters
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...weeks after the far-reaching agreement that settled the U.S. Government's seven-year-old antitrust suit against the company, AT&T officials are still trying to absorb all the implications. After 48 years as the world's largest corporate monopoly, Ma Bell faces the prospect of being freed from federal regulation to compete, like any other company, in whatever businesses it chooses to enter. The consequences for consumers and businesses alike are certain to be historic. Says Ralph Acampora, an investment analyst for the New York City brokerage firm of Kidder Peabody & Co.: "It is Gulliver...
Though the settlement gave the Justice Department much of what it had sought in its original antitrust suit, the divestiture will also be of enormous potential benefit to AT&T. Taken together, the changes will enable a slimmed-down-and toned-up-company to plunge head long into the explosively expanding new world of computer-based information processing, a postindustrial business universe that embraces everything from personal computers to space technology, and all points in between...
...encore to the spectacular wind-ups to the A T & T and IBM antitrust suits, the Government last week dropped its nine-year effort to break up Kellogg Co., General Mills and General Foods, three breakfast champions that control 80% of the ready-to-eat cereal market. The case was the last of Washington's marathon antitrust battles against Big Business, which have clogged courts and enriched lawyers for more than a decade...
...Justice Department's suit against IBM became a black hole that swallowed up corporate resources. By the time the actual trial began in 1975, some 5,500 pages of testimony had been gathered, and more than a dozen other companies wound up filing spin-off antitrust actions of their own against IBM, producing 66 million more pages of documents. Concedes Thomas Barr, a senior partner in the New York law firm of Cravath, Swaine & Moore, which managed IBM's defense and trained a whole generation of young antitrust lawyers in the process: "We made a lot of money...
...conclusion of the two cases set an important landmark in antitrust law. Said Assistant Attorney General Baxter: "What we learned today is that a company that is large and has a large market share should be allowed to compete aggressively. Period." The giant A T & T was indeed abusing its privileged monopoly position and will be broken up. But the giant IBM has legally achieved its important position in the computer industry and will be allowed to continue in its present form. Last week's decisions will help strengthen competition in both the communications and computer industries. -By Christopher...