Word: antitrusters
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...William T. Seawell and TWA Chairman Charles C. Tillinghast Jr. estimate that the swaps will save each airline at least $25 million a year, and some Wall Street analysts think the savings could run double that. The deal is not certain to go through. The Justice Department may register antitrust objections, since approval of the agreement would reverse the Government's overall policy of insisting that at least two U.S.-flag airlines serve each major overseas route. The CAB favors the agreement in general, but it still must approve the details. On the other hand, if the swaps come...
Flanigan had also played a role in ITT's favorable 1971 antitrust settlement by getting a former White House intern to produce an analysis that supported the corporation's position...
...California's Lieutenant Governor Ed Reinecke was asked if it was correct that he had had "no conversation" with anyone in the Justice Department about the fact that "the ITT people had promised to do certain things in San Diego" before the settlement of a federal antitrust suit against ITT. Replied Reinecke: "That is quite true." For those four words, Reinecke, 50, was convicted of perjury last week by a federal jury in Washington...
Reinecke admitted to the Senators that he and then Attorney General John Mitchell had discussed ITT's pledge of up to $400,000 to support the 1972 Republican Convention then scheduled for San Diego. But, he said, this discussion took place only after the antitrust suit was settled in July 1971. In the course of his two-week perjury trial, Reinecke was forced to admit that he had mentioned the ITT offer to Mitchell a full two months before the settlement...
...intimidate political opponents, the widespread surveillance of Government officials and newsmen and the raising of milk prices after the promise of a $2 million campaign contribution from dairymen. But the President seemed to be cleared of charges that he had forced a settlement of an antitrust suit against ITT in return for a pledge of up to $400,000 contribution to the G.O.P. National Convention. He tried to order the Justice Department to drop the suit, however, because businessmen were unhappy about the Administration's temporarily aggressive antitrust policy. Buttressing a narrative of events was an impressive array of documents...