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Executives of the Archer Daniels Midland Company, one of the most influential corporations in the country, easily quashed a shareholder rebellion at a rancorous annual meeting today despite a federal price-fixing inquiry. Dwayne Andreas, the powerful chairman and CEO, and the 17-member board of directors were re-elected with 80 percent support, despite dissident shareholders' charges that the board is too cozy with management to review allegations that ADM and several competitors fixed prices on major commodities. "It was clearly Andreas' show," reports TIME's William McWhirter. "He looked tan and fit and superconfident, so much so that...
...that's how you played the role so well.' Well, no! I'm an actor, and I created that role. My dream was to be in the theater and be a great actress; Suzanne's ambition is to be on TV and be famous. Now I'm playing Isabel Archer--does that mean I am Isabel Archer...
Even when Republicans do manage to hit their white-collar allies, they can't help whacking a more vulnerable constituency. The House Ways and Means Committee did approve last week a bill designed by its chairman, Bill Archer, that eliminates some tax breaks for business. But as part of the same package it also proposes to squeeze the earned-income tax credit by $23 billion over seven years. An even bigger cut--$32 billion--is proposed by the Senate Finance Committee...
Will whole industries then be dominated by single overlords and smaller niches ruled by barons who brook no competition? Perhaps not. Arrogance will alienate. The alleged philosophy for the agribusiness giant Archer Daniels Midland, uttered on tape by the chairman's son, was supposedly, "The competitor is our friend, and the customer is our enemy." Such attitudes will not trickle down well...
...cuts, met in early September with a group of first-term House Republicans and presented them with a fistful of newspaper clips about breaks that the new Congress had given to business. "We have to do something," he entreated them. "This is killing us." With prodding from Kasich, Bill Archer, the business-friendly chairman of the House Ways and Means Committee, is offering a response that has stunned colleagues from both parties. For months he had fended off efforts to eliminate corporate tax breaks. To do that, he said, would amount to a "back-door tax increase." Last week...