Word: geneen
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Dates: during 1970-1979
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When it was written several months ago, International Telephone and Telegraph seemed the beau ideal of corporate success: under the twelve-year reign of Chairman and President Harold Sydney Geneen, it had run up a dazzling profit-growth record by expanding into almost every conceivable business in some 80 countries round the world. But by the time the report was issued in March, ITT was enmeshed in a series of controversies that have seriously undermined its "public acceptance." Indeed, they have provided a case history of the perils of relationships-for both sides -between big multinational corporations and Government...
There was still more confusion about what role-if any-the White House played, and the amount ITT might contribute to the convention. Mrs. Beard testified that a White House telephone call to Merriam mentioned $600,000. Wilson said, ITT President Harold S. Geneen spoke of a "guarantee" for $400,000. Geneen earlier in the hearings had testified that there was never any commitment for more than...
...executives speak to and socialize almost exclusively with other ITT people. The club has a mania for security; paper-shredding machines like the one that chewed up ITT's Washington files whine continually in most ITT offices. Returning from Washington on a company plane last week, Geneen cracked: "Now I guess we'll have to acquire a company that makes paper-shredding machines...
...underdeveloped part of the host country. Close ITT watchers do not find it the least unusual that the company-or, for that matter, many a large, powerful firm-when threatened with antitrust prosecution, would approach Administration leaders directly and do everything possible to weigh the scales in its favor. Geneen, cloistered in the company, might well be unaware of how damning some of these moves could appear to the U.S. public...
...questions about its future growth. True, the trustbusters could have given the company a tougher deal; for example, they could have forced it to sell off Hartford Fire instead of the lesser Avis, Levitt and several other companies. ITT stands to collect about $600 million from those sales, and Geneen figures that he can reinvest the money-mostly in Europe-in ways that will raise profits by 10% to 12% a year. But the trustbusters have forbidden ITT from making any major acquisitions in the U.S. for at least ten years, and that will crimp its imperial aims at home...