Word: antitrusters
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With some 40 antitrust lawsuits pending against it, the giant American Telephone and Telegraph Co. (assets: $125 billion) is fast becoming one of the nation's most familiar courtroom defendants. Charged by competitors with service delays and unfair pricing to drive out competition, Ma Bell has entered into several agreements and is currently appealing a $1.8 billion antitrust award to MCI Communications Corp., which successfully argued that A T & T stalled in supplying telephone hookups needed for MCI to operate a rival long-distance telephone network...
...Federal Trade Commission. This 65-year-old agency has in recent years single-mindedly pushed costly and complex antitrust actions and headline-grabbing proposals. Example: the 1978 recommendation to ban television commercials for sugared products such as candy and presweetened breakfast cereals that are aimed at audiences composed largely of small children. No new chairman has yet been formally appointed, but James Miller is a likely choice. Even before the new chairman arrives, policy is shifting. Last week the commission announced that it would not oppose Standard Oil of Ohio's takeover of Kennecott Corp., the nation...
DIED. Robert McNeil), 75, who as chairman of Manufacturers Hanover Trust from 1963 to 1971 led the banking industry in a successful four-year fight for federal clarification of how antitrust laws affect bank mergers; in Orlando, Fla. McNeill worked his way up from a small-town bank teller to become a vice president of Hanover Bank in 1940, and went on to help engineer its merger with Manufacturers Trust...
Baxter says that he intends to rewrite the antitrust division's 13-year-old guidelines on mergers in a way to permit more corporate couplings. He says he does not believe in putting more "weight in the saddlebags of the faster runners." In other areas, the Reaganauts seem to be giving the green light to practices that have previously been regarded as anticompetitive, or nearly so. One of the most important is that the U.S. may allow American companies to form joint ventures for doing international business. That would make U.S. firms more competitive with foreign enterprises, which have...
...Reagan Administration, though, will continue fighting several big antitrust cases that have been pending for years. The case against International Business Machines has been droning on since the first papers were filed on the final working day of the Johnson Administration in January 1969. Last week, with IBM still preparing its surrebuttal to the Government's rebuttal, Baxter said: "I don't think it was well handled by the Government, or IBM, or the court. It's very troublesome...