Word: antitrusters
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...behalf of all the people of the U.S.," a militant housewife named Carol Yannacone last week filed a federal court suit against five major manufacturers of DDT. Charging that the pesticide has gravely damaged the nation's natural resources, she claims that the companies have violated both antitrust laws and the citizenry's constitutional rights. Mrs. Yannacone, a Long Island conservationist, proposes a remarkable remedy. She seeks not only an injunction against further advertising of DDT without a warning but also the payment of $30 billion in reparations to local, state and federal governments. Whatever its fate...
...many Europeans last week from the U.S. Justice Department's announcement that it would sue to prevent British Petroleum from acquiring control of Standard Oil (Ohio). In fact, much to the chagrin of the State Department, Justice lawyers appeared to be mechanically applying their strict interpretation of antitrust law to what they saw as just another merger-without appreciating that this merger was special enough to call for more delicate handling...
...subtleties of U.S. antitrust policy were largely lost on the cartel-minded Europeans, who are used to far less severe trustbusting, if any at all. Die Welt of Hamburg voiced suspicion that the U.S. market is a closed shop to Europe. In Britain, which has never refused a U.S. oil company's application to enter its markets, the reaction was especially bitter. Some members of Parliament hinted at retaliation against U.S. business in Britain. Foreign Secretary Michael Stewart protested to Secretary of State William Rogers...
...financed largely out of BP's eventual revenues from the sale of Alaskan crude. The combination would create a company able to compete aggressively against oil giants like Jersey Standard, Mobil and Texaco. As London's Financial Times commented last week: "The tragedy is that [U.S.] antitrust legislation was devised to encourage competition in the U.S. Yet the manner in which it is being implemented is having the effect of deterring European companies from entering the U.S. and so bringing with them a completely fresh wind of change...
WHILE every special interest has a lobby in Washington, the U.S. consumer does not. Yet he is supposed to have one: the Federal Trade Commission. The FTC was created in 1914, partly to enforce antitrust laws and partly to stop misleading advertising, false labeling and deceptive sales practices-precisely the abuses that are most infuriating consumers now. By all expert accounts, the FTC has failed in its task. Last week a special commission of 16 lawyers, professors and economists appointed by the American Bar Association explained the reasons for that failure. The agency, charged the commission, is a model...