Word: antitrusters
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...companies that are allowed to merge. So long as inflation continues, the number of companies that have $2 billion in sales or assets will grow fast, and yet each firm will have a smaller share of the nation's markets than at present. Meanwhile, the new activism in antitrust would concentrate more and more power in the Justice Department's and FTC's enforcement bureaus. Assistant Attorney General John Shenefield, the antitrust chief, told the group that the public has concluded, though reluctantly, that Big Government is a necessary counterweight to Big Business. If businesses continue...
Nationalization hardly seems an immediate threat to U.S. business. At a time when the U.S. is struggling to curb inflation, create jobs and sharpen its competitiveness in world markets, the purpose of antitrust policy should be to enhance efficiency. Most conference participants felt that a further tightening of antitrust policy might promote inefficiency by immunizing some big slow-moving companies from takeovers and protecting inept managers from being tossed out. Kennedy-Metzenbaum, remarked Rohatyn, "could be called the Large and Inefficient Business Protection Bill." The way to reduce conglomerate mergers, he added, is to improve economic policy. Bringing down inflation...
What most people at the conference agreed upon was that the debate over antitrust will continue and intensify-unsettled, and unsettling to the nation. Yet if so much is uncertain, perhaps the U.S. should be cautious about enacting new laws. In short: If you don't know, go slow...
...entire IBM systems for commercial use, and with keeping competitors out of the market. A decade later U.S. vs. IBM is still droning on, a costly monument to the law's delay. The frustrating case, Yale Professor Robert Bork told TIME'S conference, is the antitrust division's "Viet Nam." Thomas Barr, the Cravath, Swaine & Moore attorney who is leading the IBM defense, explained at the meeting why he sees no light at the end of the tunnel...
Assistant Attorney General John Shenefield has repeatedly told Congress that his antitrust division is trying to speed the case. But it is difficult to see how. This winter, Barr recounted, the Government subpoenaed IBM Chairman Frank Cary to produce virtually every document relating to computers accumulated by the company since 1973. That amounts to 5 billion pieces of paper, said Barr, who claims that to comply would take 100 lawyers 620 years working full time. Staal, however, called Barr's figures "grossly exaggerated" and contended that the parties could easily work out a compromise, but that IBM refuses...