Word: antitrusters
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...their expertise in geological exploration at a time when many other areas of diversification have been blocked. Asks Wall Street Analyst Joseph Clark of Wertheim & Co.: "Where else can the oil companies go?" They can hardly buy up more oil and gas properties without running afoul of antitrust laws. At the same time, oil companies' investments outside of natural minerals have often been bummers. Exxon has reportedly lost heavily on its venture into office equipment, and Mobil has been forced to pump millions into the Montgomery Ward retail chain that it bought in 1976. Moreover, natural resources look like...
...year monopoly on long-distance calls. Last June a Chicago federal court ruled that AT&T had to pay MCI $1.8 billion in damages, because the telephone giant would not allow it to use AT&T lines to relay calls between 1971 and 1975. It was the biggest antitrust judgment ever, and AT&T has appealed the ruling...
...many controversial issues tossed at Ronald Reagan last week was the tentative settlement of the Justice Department's six-year-old antitrust suit against A T & T that had been reached during the last days of the Carter Administration. Ma Bell's competitors immediately voiced fears that Carter officials had made too many concessions to A T & T in their rush to wrap up the case before the new President took office. Said William McGowan, chairman of MCI Telecommunications, which is battling Bell for the long-distance telephone market: "It sounds like a slap on the wrist." Added...
...rival party. Before President John Adams left office in 1801, he appointed more than 200 "midnight judges" in an effort to pack the judicial system with his fellow Federalists. On Lyndon Johnson's last working day in the White House, the Justice Department filed a monumental antitrust suit to break up IBM. Twelve years later, the case is still dragging through the court...
Despite the static that is crackling through the telecommunications industry, President Reagan is not expected to reactivate the suit or hold out for stronger sanctions against A T& T. Though Reagan himself said nothing specific during the campaign about antitrust actions, some members of his task force on Government regulatory reform said privately that neither the IBM nor the A T & T case had much merit. Reagan swept into office on a pledge to "get the Government off the backs" of both the public and businesses. One of his first applications of that philosophy may be with Ma Bell...