Word: antitrusters
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Halsey, Stuart's President Harold Stuart has seldom missed a chance to take a potshot at Morgan Stanley; in fact, he was an important Government witness in the antitrust case* against 17 investment bankers (TIME, March 31). With his help, the U.S. hoped to prove that Morgan Stanley and its Wall Street colleagues long monopolized the securities business by the negotiated-bid methods which Stuart objected to. But Stuart was of little help, and Morgan Stanley steadfastly denies such charges. It points out that it has invited Stuart to join in several of its negotiated deals, only...
...fear of Big Business reflected in U.S. antitrust laws, Lilienthal says, is based "largely upon prejudice created by abuses long since corrected ..." and against the danger of future abuses of power by Big Business "we either already have adequate public safeguards or know how to fashion new ones as required." In fact, the nation should abandon limitations upon Big Business for a governmental policy which will promote "those principles and practices of Bigness that can bring us, in increasing measure, vast social and individual benefits...
...proposes that Congress pass a Basic Economic Act pro claiming its prime concern with "productivity and the ethical and economic distribution of this productivity." Lilienthal's law would automatically repeal "the Sherman and Clayton acts, and all other existing laws, administrative policies and judicial interpretations of the antitrust laws" insofar as they were inconsistent with the Basic Economic Act. Under its terms, "the legal test Bigness would have to face would thenceforth be whether the particular aspect of size challenged by the Government does in fact further the public interest." Such a law, says Lilienthal, would mark a transition...
...Government finally opened its antitrust suit designed to force the Du Ponts...
Politically, the most sensitive cases the new Attorney General will have to deal with are in the antitrust area. There, more than anywhere else, the Democrats will be watching Republican Brownell most sharply. Their quest: evidence to support charges that the new Administration is favoring big business and that the Attorney General is playing politics...