Word: ftc
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Dates: during 1950-1959
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Stopping it is another matter. Because the misrepresentation is in the beguiling pitch rather than the written contract, FTC got a "cease and desist" agreement with only five of 30 firms it investigated. To give FTC some teeth, the subcommittee is considering a bill providing a maximum penalty of $5,000 fine and/or five years' imprisonment for advance-fee operators, hopes that new public awareness will weaken the racket...
...June 25, 1952, Northfield received a letter from the Federal Trade Commission charging the company with mislabeling its products. A similar letter came on Dec. 12, 1952, still another on June 10, 1953. Goldfine testified before the House subcommittee that he thought Northfield had settled the FTC complaint then "with the correction of our labeling practices." But Goldfine's son, H. Maxwell Goldfine, talking to a TIME correspondent a few weeks before his father's testimony, had another version of how the hoped-for settlement was sought. He blamed Einiger Mills, Inc., a Goldfine competitor, for prompting FTC...
Even so, the settlement came unstuck -and another letter, dated Dec. 4, 1953, came from the FTC to Northfield, charging mislabeling. This letter so bewildered Bernard Goldfine, said he in sworn testimony, that he took it to his friend Sherman Adams to find out what it was all about. Adams then called FTC Chairman Edward Howrey, received in return a memo from Howrey that passed on advice on how the matter might be settled...
...Adams aware that disclosing this confidential information was a violation of FTC rules? Replied Adams crisply...
...Chairman Harris who put another dimension on Adams' calls to the regulatory agencies by getting Adams to admit that he had quite a bit to do with the selection of appointees; he had, for one thing, recommended Ed Howrey for the FTC. Adams clasped his hands, unclasped them, gripped them again as they trembled. He pressed his chin into his fists, dueled...