Word: ftc
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Dates: during 1980-1989
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After clerking for a federal Court of Appeals Justice and spending two years in the Solicitor General's office, Reich moved on to the FTC where he concentrated on protectionism, parallel pricing, and industry trade practices. It was there that he formulated the ideas that have become Campaign '84 required reading and could be a major part of the Democratic platform. He calls his FTC tenure "an extremely important experience," but in order to write. "I needed time to think and the Kennedy School couldn't be a better environment to work...
...rivals want the Federal Trade Commission to bar the venture as a violation of antitrust law. An official of the FTC, which is reviewing the deal, said that a decision on whether to challenge it would be "a very close call." The GM-Toyota linkup has congressional critics too. One opponent, Ohio Representative John Seiberling, has urged early hearings on the agreement...
Gulf needed Cities Service's valuable energy reserves to bolster its declining oil production. Soon after Gulf made its bid, though, several Wall Street analysts said that the company had acted hastily and paid too high a price. Then the FTC raised antitrust objections. The agency argued that if Gulf bought Cities Service, the combined company would have too large a share of the gasoline and kerosene jet fuel markets in some areas of the Southeast and would own too much (31%) of the Colonial Pipeline Co., which transports petroleum products from Texas to New Jersey...
Waidelich knew the deal was in trouble but remained optimistic that Gulf and the FTC could reach a settlement. Minutes before Gulf's stunning announcement on Aug. 6, Waidelich anxiously telephoned Gulf Chairman James Lee. "Can't you tell me what is going on?" Waidelich asked. After some hesitation, Lee admitted that Gulf was canceling the merger. "Jim, that's terrible," Waidelich gasped. "I know. I feel terrible too," replied...
Cities Service felt terrible enough to file a $3 billion lawsuit charging that Gulf was guilty of "intentional and malicious breaches of contract that are of a dimension unprecedented in the annals of American business history." Waidelich contends that Gulf used its dispute with the FTC as an excuse to back out of a deal that it no longer considered financially attractive. John Carley, the FTC'S general counsel, seemed to support that charge: "We were ready, willing and able to negotiate on any aspect of the proposed merger." But Gulf obviously was not. Said Chairman...