Word: antitrusters
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...also advocated a deconcentration of monopolized industries through stronger enforcement of the antitrust laws. "Some of the biggest price hikes allowed by the Price Commission have been for industries that were already charging far in excess of legitimate competitive returns due to their monopoly position." McGovern said...
...committee is still trying to determine whether Administration-approved settlements of three antitrust cases against International Telephone & Telegraph were linked with the ITT offer to pledge at least $200,000 toward underwriting the Republican National Convention in San Diego in August. The now famous Dita Beard memo quoted by Columnist, Jack Anderson, clearly implied a link. Mrs. Beard denied authorship, but admitted she had written another similar memo on convention financing and had delivered it personally to William R. Merriam, head of ITT's Washington office. Last week, however, Merriam told the committee that he knew of no such...
Double Action. In federal court in Los Angeles, the department filed three far-reaching antitrust suits against the networks, claiming that they use their control of air time to block "free and open competition in the broadcasting of entertainment programs." Specifically, the department said the networks monopolize prime time with shows and films they own or partly own, thus denying air time to competing producers, distributors and advertisers-or compelling them to give the networks a stake in their shows-and controlling the prices paid for TV rights to feature films...
...that political motives may have determined the thrust and timing of the action, which the department conceded had been pending for years. "Is it the ITT case?" asked one, and answered himself: "Possibly it's an attempt to blur that image with this and a slew of other [antitrust] actions." Another saw the filing of the cases at this particular moment as a symbolic gesture designed to serve as "highly visible proof that the Justice Department is not in bed with big business...
...also stayed mum on a revelation about the now famous antitrust compromise that allowed it to hold on to Hartford Fire Insurance in return for selling all or part of six other companies. In fact, the Wall Street Journal revealed last week that ITT will not have to sell all of ITT Levitt & Sons. Several weeks after Justice Department officials outlined the terms of the antitrust compromise to the conglomerate's officers, ITT was allowed to buy one of Levitt's fast-growing subsidiaries. The transaction was not reported in any of ITT's financial documents...