Word: donner
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...Donner denies vehemently that G.M. "has ever worked aggressively to stifle competition." But he insists with equal fervor that General Motors does not-and cannot-attempt to hold down its auto sales for fear of antitrust action. No institution, he argues, can sensibly set out to be second best, or to do less than its best. So long as General Motors continues to grow on the strength of price competition and product performance, he believes that both law and equity are on its side...
Always a G.M. Another threat from Washington that currently worries Donner is the Kennedy Administration's proposal (already passed by the House) to tax the income U.S. companies earn abroad at the time that it is earned rather than when it is brought back to the U.S. Under the present law, U.S. companies are permitted to keep an unlimited amount of their foreign earnings abroad free of tax, to expand their overseas facilities. General Motors has used this provision to good advantage to build up the strength of its foreign subsidiaries. Of the cars that G.M. produces overseas, Opel...
...Treasury, argues Donner, is by far the richer for all this. Since World War II, G.M. has brought into the U.S. through dividends from its subsidiaries and exports from its U.S. plants a staggering $5 billion in foreign earnings. Of this, almost 25% came during the past three years to help out when the gold overflow became critical. (One reason why Detroit raises little outcry against foreign car sales in the U.S.: last year the U.S. spent $400 million on foreign cars, but exported autos and auto parts worth three times as much-$1.2 billion...
...Donner expects the rest of the world to buy more than 10 million cars and trucks by 1970-equal to what the U.S. car market is expected to be by then. "The U.S. automobile industry," he says, "can make its contribution in these expanding markets overseas only if investments continue to be made abroad. If direct overseas investments by U.S. business are discouraged by unwise tax policy, our economy will lose an important and rising long-term source of income...
...Other Donner concerns of the moment...