Word: dow
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...group of 48 Roundtable member firms, among them AT&T, General Motors, Exxon, Procter & Gamble, Dow Chemical and Eastman Kodak, were examined for the added costs caused in 1977 by just six federal regulatory agencies and programs. The total: $2.6 billion, which was equal to about 16% of the companies' net profits, 10% of their capital expenditures and 40% of their R. & D. budgets for the year. IBM Chairman Frank Gary, who supervised the study, reckoned that the $2.6 billion figure, extrapolated to cover the whole U.S. economy, would yield an overall cost of regulation that is "not inconsistent...
...Dow Chemical Co., a major producer, denied there was any proof that in normal agricultural use the herbicides hurt humans and promised court action to stop the ban. But the EPA said it had no choice. Explained Deputy Administrator Barbara Blum: "The warning signals from the miscarriage study, the preponderance of strong animal test data and the low short-term economic impact compel emergency action. Taken together these facts sound an alarm...
Much of the later press coverage was based on Bulkeley's article. The Globe originally reprinted the Journal story unchanged, then followed with the story on Fouraker and the Dow Jones subsidiary...
According to a Boston Globe article, Fouraker "reacted bitterly" to the story and "threatened to cut off a textbook subsidiary of Dow Jones from free use of Harvard Business School cases." (Dow Jones publishes the Wall Street Journal.) The article also stated that Fouraker "asked Harvard General Counsel Daniel Steiner '54 to call Dow Jones's outside attorneys...
Neither Fouraker nor Irvin L. Grimes, president of the Jones subsidiary, would comment on the article. Steiner, however, termed the story "inaccurate." "Dean Fouraker never asked me to contact the Dow Jones outside lawyers," he said, adding, "I knew the lawyers personally and thought of speaking to them strictly in that sense, but I never did actually contact them. And certainly no legal action like a law suit was ever considered...