Word: antitrusters
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...including one Vice President, two U.S. Senators, six Congressmen and one Governor. There may be more. Earlier this year, Assistant Attorney General Richard L. Thornburgh, chief of Justice's criminal division, set up a new Public Integrity Section. Drawing on the expertise of Securities and Exchange Commission lawyers, antitrust experts and Internal Revenue Service investigators, the Public Integrity Section is ready to help federal prosecutors anywhere in the country with the complexities of nailing corrupt public officials...
...slowed to a torpid snail's crawl. Reported TIME Correspondent David Beckwith: "It was almost as if the bar was withdrawing from its leadership role in public discussion of today's issues." Delegates sidetracked a resolution opposing restrictions on abortion as not "germane." Despite a pending federal antitrust suit against the A.B.A.'s strict limits on lawyer advertising, conventioneers were in no mood to go beyond the modest liberalizing of ad rules five months ago (TIME, March 1). When Jimmy Carter appeared to talk about the need to reform the appointment of regulatory-agency officials, A.B.A. members...
...able to raise $1 billion, and 2) get approval of the Federal Trade Commission. If qualified, call Kennecott Copper Co. in New York City -and call collect. soon as the U.S.'s biggest copper company acquired Peabody in 1968, the FTC charged it with violation of a dubious antitrust law. That led to a formal FTC ruling in 1971 that Kennecott must get rid of Peabody. The order demanded a divestiture that ranks with the largest in American business history and expanded antitrust law to say, in effect, big mergers and acquisitions are almost by definition...
Given these gloomy alternatives, it is little wonder that Kennecott badly wants to keep Peabody. But that is prevented by a narrow reading by the FTC and the courts of a much debated section of antitrust law; this is the concept that mergers can be stopped not because they reduce competition but because they eliminate "potential" sources of competition. Back in the mid-1960s Kennecott decided that it would make a major attempt to diversify out of copper. Among other things, it bought a small coal field for the purpose, according to Kennecott, of assuring its own fuel supplies...
...marks for its prescience in getting into the coal industry ahead of everyone else. Yet that obviously was a mistake on Kennecott's part too. No other big purchaser of a coal company has been bothered by the FTC, even though some might provide clearer examples of potential antitrust violations than Kennecott. In other words, the FTC ruling, despite its success in court, has not been followed as a precedent, even by the FTC itself-though that hardly helps Kennecott...