Word: antitrusters
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...most lucrative areas in the American economy. Because they are so powerful and pervasive, they have been under almost constant Government scrutiny-and the investigations have intensified as a result of the nation's first peacetime gasoline shortages. Last week the Federal Trade Commission filed a massive antitrust complaint, charging the nation's eight largest oil companies with illegally monopolizing refining, driving competitors out of business, aggravating recent gasoline scarcities and reaping excessive profits. The complaint may drag through courts and hearing rooms for years, but it could lead to the most significant restructuring of the industry since...
...complaint does not charge the companies with conspiring to bring about their dominant market position. Rather, it seeks to make illegal a form of business behavior known to antitrust lawyers as "conscious parallelism." According to the FTC, the companies-simply by keeping close watch on one another-were able to coordinate their pricing, production and marketing decisions in ways that restrained trade. The courts will have to determine whether these actions-which have not previously been held to be illegal-violate the antimonopoly laws. The FTC does not specify what it wants the companies to do in order...
...exciting place to be in business, despite its conservative aura at the time." Shapiro won his stripes by directing its epic battle with the Justice Department over divestiture of the company's General Motors stock-a struggle that finally ended in 1965 with Du Pont losing the antitrust action but disposing of the stock on favorable terms. Lately Shapiro has been the company's key negotiator in Securities and Exchange Commission hearings on Du Font's plan to merge with and dissolve Christiana Securities, the Du Pont family holding company-a move that would further reduce family...
...Everything has stopped," declared a frustrated Washington attorney. "We've got stuff over in Antitrust and at Treasury. We can't get any decisions. And at the Price Commission it is hopeless. We've got a raft of exceptions we're trying to get settled from Phase...
...since the legendary trustbusters cracked John D. Rockefeller's Standard Oil empire in 1911 has the petroleum industry been under so much antimonopolistic fire. Last week the Florida state prosecutor hit the big oil companies with an antitrust suit, while in Los Angeles a federal grand jury opened a massive probe of price fixing and monopolistic marketing. In Washington, the Federal Trade Commission staff turned over to a Senate subcommittee a report charging that gasoline shortages are in part the result of widespread "anticompetitive" practices. In Congress, legislators introduced a number of bills that would break the oil companies...