Word: antitrusters
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...clients. They were 19 major electrical manufacturers, including General Electric Co. and Westinghouse Electric Corp., charged by the Government with conspiring to rig bids and fix prices in the sale of $7 billion in electrical equipment (TIME, Dec. 5). In the largest criminal case in the history of the antitrust laws, most of the companies were allowed to plead nolo contendere (no contest) in certain cases, provided they pleaded guilty in seven major cases. On each indictment the companies are liable to a $50,000 fine; some 46 individuals involved face possible jail sentences...
...courtroom drama was enhanced by the presence of two distinguished antagonists. Attorney Herbert Brownell Jr., acting as counsel for Westinghouse, rose seven times to state "Westinghouse pleads guilty." Opposing Brownell in court: U.S. Attorney and Trustbuster Robert Bicks, who in 1953 was brought into antitrust work in Washington by then U.S. Attorney General Brownell. "Bicks," said Judge J. Cullen Ganey, "has done a splendid job." To teach the guilty electrical companies a lesson, Trustbuster Bicks is expected to urge jail terms for some of the conspiring executives when sentence is pronounced next month...
Into U.S. District Court in Philadelphia last week crowded more than 80 lawyers, intent on making the best deal possible with the Government in one of the biggest antitrust suits in U.S. history...
...field of antitrust action, Kennedy has so far said nothing-but his policy in this field could hardly be tougher than the Eisenhower Administration's. In the labor area, Kennedy has promised to pass a minimum-wage bill raising hourly wages to at least $1.25. Most businessmen believe that Kennedy, while promising to be beholden to neither labor nor business, will not openly antagonize the business community, will prefer to win its cooperation rather than fight it. Kennedy realizes that the welfare of U.S. business, with its decision-making and spending powers, is essential to the health...
...Caught in a squeeze play between the potential power of a third league and the actual power of a Senate antitrust subcommittee, National League club owners, meeting in Chicago, expanded the circuit to ten teams by adding Houston and New York. The foot-dragging American League is also expected to vote new franchises (leading candidates: Dallas-Fort Worth and Minneapolis-St. Paul...