Word: antitrusters
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...sedate hearing room of the Senate Judiciary Committee had rarely rung with such harsh language. Columnist Jack Anderson was pressing his charges that the Nixon Administration had settled antitrust suits against the giant ITT Corp. in return for up to $400,000 in backing to bring the Republican National Convention to San Diego (TIME, March 13). As the second week of tense testimony unfolded, Republican officials were still on the defensive. The Administration had requested the hearings, hoping to dispel quickly any whiff of a deal. Thus far it had failed, and gleeful Democrats were only too happy to prolong...
...integrity of the President's closest political and legal adviser, John Mitchell, and the fitness of Mitchell's deputy, Richard Kleindienst, to be confirmed by the Senate to succeed him as Attorney General. Equally assailed was the trustbusting reputation of Richard McLaren, Mitchell's former antitrust chief and now a federal judge. Over it all loomed the blemished image of a hard-drinking, tart-tongued ITT lobbyist, Dita D. Beard, who was ill in a Denver hospital and unable to testify. It was her memo, as reported by Anderson, that described the supposed deal...
...affect Ramsden's objectivity. "No," replied McLaren, "it wouldn't bother me a bit." But could not a negative report by Ramsden have adversely affected the stock's value? "I have no comment," said McLaren. The angry McLaren attributed his reversal to this report, his own antitrust experience and consultation with the Treasury Department. But he conceded under questioning that the Treasury involvement consisted of one brief telephone call...
...million but also provides the large cash flow vital to an expanding company. The settlement was almost identical to a proposal made by the company in 1970-which McLaren then flatly rejected. Moreover no court has allowed a company's plea of economic hardship to excuse an antitrust violation-which was the basis for Ramsden's recommendation and presumably McLaren's change of view. The antitrust laws are designed to protect competitiveness in business, not to protect shareholders. The out-of-court settlement also cut off Supreme Court clarification of whether new laws are necessary to control...
...fired because of her abrasive personality and that she fabricated the memo to get even with ITT. The corporation has officially denied that the contribution to the G.O.P. was in any sense a political payoff, and insisted that there was no deal of any kind to settle the antitrust case...