Word: cartels
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Dates: during 1960-1969
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Died. Lord McGowan, 87, longtime leading British industrialist and cartel-championing munitions maker ("I have no objection at all to selling arms to both sides; I am not a purist in these things"), a working-class Scotsman (born Harry David McGowan) who started at 15 as a $1.25-a-week office boy with Nobel's Explosives Co., became co-founder and chairman (1930-50) of the monolithic Imperial Chemical Industries, Ltd.; in London...
...Reporting to the stockholders of the great diamond cartel, De Beers Consolidated Mines Ltd., Chairman Harry Oppenheimer, 52, professed unshaken confidence in South Africa's future, at least economically: "Political upheavals . . . will not affect the basic wealth of the country, which is underground." De Beers' 1960 sales, said Oppenheimer, were down $4.5 million, to $250 million, but its diamond sales in 1961's first quarter hit a new record. Another reason for Oppenheimer's optimism: De Beers is about to begin manufacture of a synthetic diamond that he hopes will cut deeply into...
...cheese on the treadle of a Communist trap. A smelter would give employment to only 100 workers. It would force Bolivia to import large quantities of costly British coke to refine its relatively low-grade (30%) ore. It would put Bolivia in competition with the international tin cartel, thousands of expensive miles from potential markets. Bolivia would have to accept platoons of Soviet "technicians" and go through with the first Russo-Bolivian exchange of diplomats in history...
There were other facts of life, too, Gibson admitted. The cartel paid $9,000 to Hoodlum Frank ("Blinky") Palermo, who is allegedly running Carbo's boxing empire while the boss is in jail. While Gibson doodled, Subcommittee Investigator John Bonomi summed up his testimony: "Almost every leading manager or promoter in the U.S. is either closely associated with or controlled by Frankie Carbo in some degree...
...Justice Department spent seven years re-examining the merits of its case, which even the trustbusters knew was none too strong. Last week two of the defendants, Jersey Standard and Gulf, while not admitting any guilt, signed consent decrees promising not to enter into any cartel deals for the next 25 years. Although the suit continues against Socony Mobil and the other two companies, Socony went along with Jersey Standard's terms for breaking up Standard-Vacuum...