Word: fcc
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Dates: during 1960-1969
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...column with tips are celebrated as outstanding statesmen. Senators Wayne Morse and Ernest Gruening, for example, fall into this category. President Johnson is an on-and-off friend. Pearson cites as an example of dubious ethics Johnson's service on the Senate Commerce Committee (which oversees the FCC) while his family TV and radio stations in Texas were making him a millionaire. On the other hand, Pearson has been helpful to L.BJ. too-on the assumption that the two men can be useful to each other. In 1964. a life insurance salesman charged that he had been forced...
...doubtful that the offer, which has another week to run, will succeed. The Federal Communications Commission has entered the scene, particularly because Hughes already owns one television station in Las Vegas (KLAS-TV) and control of ABC would give him five more stations, one above the legal limit. The FCC last week ordered Hughes not to try to exercise control of the network without its approval...
Bell stock is hung up partly on the uncertainties surrounding the complex and seemingly endless FCC probe even though A.T. & T. Chairman H. I. Romnes points out, "the commission has clearly recognized" that A.T. & T. earnings should provide "ample incentives to progress...
Last year, after taking 10,000 pages of testimony, the FCC determined that a fair return on Bell's interstate capital investment would be 7% to 7.5% v. the 7.5% to 8.5% that Bell had asked for. The FCC thereupon ordered interstate phone rates cut by $120 million, or about 3%. After a vigorous appeal, Bell got the FCC to temporarily suspend $20 million of the cut. Two weeks ago, A.T. & T. petitioned to have the $20 million thrown out altogether to compensate for the recent wage settlement and other rising costs...
...FCC has still to tackle a host of other issues, most importantly A.T. & T.'s relations with Western Electric, the nation's eleventh biggest manufacturing company. Though Bell avoided divestiture of Western Electric on antitrust grounds through a 1956 consent decree with the Justice Department, other questions are being raised about the subsidiary, which manufactures almost all Bell System equipment. Critics charge that Bell deliberately pays inflated Western prices in order to increase the Bell System rate base by raising the value of its plant. A.T. & T. denies this, pointing to Western's slim (4.1% last year...