Word: geneen
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Dates: during 1970-1979
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...Mitchell conceded that he had met with ITT President Harold Geneen for 35 minutes on Aug. 4, 1970, at Geneen's request. "I assented to the meeting," Mitchell said, "on the express condition that the pending ITT litigation would not be discussed." According to Mitchell, Geneen argued that the Justice Department was prosecuting corporations merely for their "bigness." Mitchell claimed that the discussion was "entirely theoretical," yet at the time it was held, the antitrust division had only four "bigness" cases pending; three were against ITT. Mitchell also declared that twice last April he had met with ITT Director...
Shredding. After Mitchell came ITT President Geneen. He too disavowed any connection between the ITT settlement and the convention offer. In fact, he said, that offer, made by the Sheraton Corp., an ITT subsidiary, was not for $400,000 but for $100,000, and on condition that the presidential headquarters would be set up in a new Sheraton hotel. An additional $100,000 was offered if needed and if matched by other businesses. Geneen said the money was a routine investment to publicize the opening of a new hotel...
...particularly intriguing chapter in the week's testimony. Last month Jack Anderson's assistant, Brit Hume, had appeared in ITT's Washington office and showed the original of the Beard memo to Mrs. Beard and her boss, ITT Vice President W.R. Merriam. According to Geneen and ITT Senior Vice President Howard Aibel, the Washington staff was ordered "to remove any documents that were no longer needed for current operations, as well as documents which, if put into Mr. Anderson's possession, could be misused and misconstrued by him so as to cause embarrassment to the people...
...which the court had never ruled. In the early summer of 1971, San Diego had little interest in bidding for the Republican Convention, but Nixon wanted it there. Local financing was one problem. At a private dinner meeting in San Diego on May 12, ITT President Harold S. Geneen told Republican Congressman Bob Wilson of San Diego that ITT would pledge up to $400,000, if needed, to finance the convention. San Diego was selected as the convention site on July 23. On July 31, the Justice Department announced that it was dropping its suits against ITT and had reached...
...part of the price for peace, ITT also agreed to make no more major acquisitions in the U.S., an apparently crippling moratorium for a company that has relied heavily on mergers for its remarkable record of increased earnings for 49 consecutive quarters. But Geneen, a wily, English born accountant, had calculated the odds. In return for the U.S. companies that are on the block, ITT will get some $600 million. It will pump much of this into Europe. Thus, by restricting ITT in the U.S., the trustbusters helped to provide the company with both the funds and the incentive...