Word: antitrusters
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...began with Columnist Jack Anderson's charge that the Administration last summer settled antitrust suits against ITT in exchange for a $400,000 pledge by an ITT subsidiary to help underwrite the Republican National Convention in San Diego. The settlement was relatively favorable to ITT, though by no means a bonanza, and no specific quid pro quo arrangement has been proved. Indeed, it seemed naive to suggest that a superconglomerate with assets of $6.7 billion would try to buy the favor of the Department of Justice for such a comparatively trifling sum-or that it could be successful...
...confirmation of Richard Kleindienst as Attorney General (TIME, March 20). Kleindienst and others speaking for the Government kept changing the details of their stories. Beyond that, the case was arousing mounting wonder about the Administration's intimacy with big business, especially with men whose companies were entangled in antitrust litigation. Last week's first witness, former Attorney General John Mitchell, approached the proceedings with a certain contemptuous coldness. Then, with a grim voice and a slightly shaking hand, Mitchell read a five-page preliminary statement. He denied categorically that he had played any role in the ITT antitrust...
...meeting," Mitchell said, "on the express condition that the pending ITT litigation would not be discussed." According to Mitchell, Geneen argued that the Justice Department was prosecuting corporations merely for their "bigness." Mitchell claimed that the discussion was "entirely theoretical," yet at the time it was held, the antitrust division had only four "bigness" cases pending; three were against ITT. Mitchell also declared that twice last April he had met with ITT Director Felix Rohatyn, but not to discuss any ITT business...
...another key question, California Lieutenant Governor Ed Reinecke had previously claimed that he saw Mitchell in mid-May and told him of the ITT commitment to back the convention in San Diego. If that is so, then Mitchell knew of the ITT convention offer weeks before his antitrust division agreed to the out-of-court merger settlement. "Mr. Reinecke must have had me mixed up with someone else," Mitchell told the committee, and insisted that he had seen him in April and September. Before Mitchell's appearance, Reinecke changed his story and denied talking to Mitchell in May. Instead...
...other top officials of ITT and an ITT subsidiary sold 41,280 common and 8,500 convertible preferred shares of ITT stock. ITT spokesmen said the sales were mere coincidence, yet at least some ITT officials learned around June 18 that the Government had proposed the ITT antitrust settlement. As it turned out, the settlement caused a $7 a share drop in the price of ITT stock on Aug. 2, the first trading day after the public announcement. The settlement was relatively favorable to ITT, allowing it to keep the Hartford Fire Insurance Co., but requiring it to divest itself...