Word: antitrusters
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...EARLY AS 1959, the Atlantic Refining Company, ARCO's predecessor, signed an antitrust decree following a House investigation. Since then, brushes with the law over allegations of deliberate business practices unfair to consumers and competitors have become part of business as usual for ARCO. Here are recent highlights of the company's record...
Sneath is bucking the current trend of the CEO's increasing political involvement. The large corporation is no longer content to merely send contributions to members of Congress in the hope that they will remember the generosity of corporate America when antitrust legislation and the like comes up for consideration. Big business now sends its titular heads as emmisaries to Washington. Like the ruler of a foreign nation, the CEO's charisma--derived from his control of billions and billions of dollars--gives him access to the powers-that-be in Washington. In principle, every citizen has equal political right...
...enthusiastic support of Teddy Kennedy? Of all things, deregulation of the trucking industry, which is likely to ignite one of the hottest fights in Washington over the next year or two. Stealing a march on the Carter Administration, the Massachusetts Senator last week outlined a bill to repeal the antitrust exemption that for the past 30 years has enabled groups of truckers to get together and set freight rates. As new chairman of the Senate Judiciary Committee, Kennedy has jurisdiction over antitrust matters, and perceiving deregulation to be a popular cause, he is eager to lead it. Illustrating his consummate...
...proceeded to put trucking into the same straitjacket that it had fashioned for railroads. Truck routes were spelled out in minute detail New lines were permitted to enter interstate trade only if they could prove they would provide a service that existing carriers could not. Thanks to an antitrust exemption granted by Congress in 1948 truckers have been allowed to set their own rates, and they have prospered greatly. Indeed, over the past eight years the eight largest truck lines have earned an average of more than 20% a year on shareholders' equity, a return higher than that enjoyed...
...recent case, the accounting firm Arthur Andersen & Co. stalled the State of Ohio in its attempts to get at some records in Switzerland. A federal judge ordered the company to pay Ohio $60,000 in legal costs. Another judge, citing "flagrant bad faith," simply threw out the antitrust claim of New York City's Metropolitan Hockey Club Inc. (later Golden Blades) after it failed to respond to hundreds of interrogatories from the defendant, the National Hockey League, for 17 months. Upheld by the Supreme Court, the ruling has led to what University of Texas Law Professor Charles Alan Wright...