Word: antitrusters
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Without comment, he released a hitherto-secret report by a Johnson Administration antitrust task force headed by Phil C. Neal, dean of the University of Chicago law school. The group recommended new laws that would empower the Government to break up companies in industries "where monopoly power is shared by a few very large firms." It proposed a "Concentrated Industries Act" that would apply when four or fewer firms controlled 70% of an industry with $500 million a year in sales. Each firm would be forced to reduce its share of the market to no more than 12%. The scheme...
Assistant Attorney General McLaren is trying mightily to dispel the dark. Since January, when he switched from lucrative private practice as a lawyer defending companies in antitrust cases, he has flailed conglomerates for evils ranging from excessive economic concentration to "human dislocation." Proud that Republicans "have historically been vigorous enforcers of antitrust," McLaren is becoming the most active-and visible-trustbuster since the days of Teddy Roosevelt; his broadsides have helped chill investor enthusiasm for multimarket companies...
Getting Out of Hand. In McLaren's view, the great "challenge and opportunity for trustbusters" lies in the area of conglomerate mergers. He charges that his Democratic predecessors, by taking the position that mergers of companies in unrelated businesses were not subject to existing antitrust law, "let the merger movement get clear out of hand." In rapid succession, he has announced actions against three big conglomerates. His trustbusters are contesting Ling-Temco-Vought's takeover of Jones & Laughlin Steel; ITT's acquisition of Canteen Corp. and Northwest Industries' attempt to buy up B. F. Goodrich. Such...
...mannered man who likes to insist he is embarrassed by the publicity that he has received ("I don't like running a law office in the public press"), McLaren took his law degree at Yale in 1942. Since then he has spent most of his career specializing in antitrust cases at the Chicago firm of Chadwell, Keck, Kayser, Ruggles and McLaren. As head of the American Bar Association's Antitrust Law Section since 1967, he updated a 1955 report on antitrust activities, and was recommended by his colleagues as an unusually well-qualified candidate...
When McLaren took over at Justice there was no lack of work on the books; the count of pending antitrust cases alone came to 107. The ambitious 51-year-old trustbuster has been setting a 12-hour-a-day pace in the office, and is not likely to slacken. He plans to increase his staff, which now includes 280 lawyers and 320 other workers, to take on a still larger caseload. He disclaims any interest in defending "established company managements from takeovers." Still, if he gets his way in court, future takeovers in the form of conglomerate mergers are going...