Word: antitrusters
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...Chairman-President Harold Geneen, who had hoped to fashion the two firms into a $2.5 billion telecommunications colossus, the decision was largely a matter of money. Announced in December 1965, the merger has been held up by Justice Department antitrust litigation after being twice approved by the Federal Communications Commission. During the delay, a sharp increase in ITT's stock sent its purchase price for ABC soaring...
...reforms: 1) a multinational investment guarantee system within the World Bank to ensure against what he called "nonbusiness" (political) risks, 2) an international legal code to protect private property from expropriation, 3) development of the European capital market, 4) more closely meshed national patent systems, 5) broader approaches to antitrust problems and 6) a freer flow of technology. "We have created the illusion of multinationalism without the reality, the shadow without the substance," he argued. "To borrow from Cassius, the fault is not with the concept but with ourselves...
...recent surprises of the computer business has been the swift rise of middlemen who buy the machines from manufacturers and lease them to users. The middlemen operate with vast sums of other people's money, depend on federal antitrust pressure against dominant IBM for survival and on favorable income tax breaks for much of their profit. Yet a dozen companies, none more than 15 years old, have thrived so splendidly that computer-leasing stocks were among Wall Street's hottest glamor issues this spring...
...leasing companies as welcome intruders, partly because their purchases help meet the manufacturers' need for vast amounts of cash to pay for research and development. IBM, with 70% of the U.S. computer market, dares not use its size to crush the dis count lessors, because of a 1956 antitrust consent decree...
...precedents on the latter question are scanty at best. In more than two years as Assistant Attorney General in charge of antitrust, Donald...