Word: geneen
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Dates: during 1970-1979
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...profit of almost $4 million in the year before ITT bought it, lost $14 million under ITT's management last year. Home building is a business that demands quick, intuitive judgments, and it defeated ITT's management style, which is based on incessant reports to Chairman Harold Geneen that are supposed to put everything in numbers. Says Levitt, who headed the company for ITT for a while but then left: "We are not the type of company that can be run with their methods...
...Sampson's writing that we find the accounting techniques which have made ITT's pursuit of profits so successful, unprecedently so, as engrossing as the diplomatic and political techniques which have made ITT a household word. With interest and perhaps amazement we read of ITT president Harold S. Geneen's management system of continuous expansion; of his reassuring observation (to an antitrust committee concerned at his attempted takeover of the American Broadcasting Company) that "the highest ingredient that a newsman has for sale is his professional integrity;" of his company's notorious attempts to finance the Republican convention...
...Colson, ITT Vice President Edward J. Gerrity Jr. had written to Agnew, an old friend from Army days: "Our problem is to get John Mitchell the facts concerning McLaren's attitude because . . . McLaren seems to be running all by himself." In a meeting between ITT President Harold S. Geneen and Presidential Assistant John Ehrlichman, Gerrity continued, Ehrlichman had "said flatly that the President was not enforcing a bigness-is-bad policy [against ITT], and that the President had instructed the Justice Department along these lines." This document, Colson noted, was embarrassing because it "tends to contradict John Mitchell...
Later in 1970 Ehrlichman wrote Mitchell of an "understanding" he had reached with Geneen. On May 5, 1971, Ehrlichman again wrote to Mitchell, alluding to the "agreed-upon ends" at the high level of the President and Mitchell in resolving the ITT case, and asking Mitchell whether Ehrlichman should deal directly with McLaren in the sensitive matter...
...feel for you from Dita as to what is required." On June 25, 1971, Dita Beard wrote to Merriam, her superior, that ITT's "noble commitment" of funds for the Republican Convention had "gone a long way toward our negotiations on the mergers eventually coming out as Hal [Geneen] wants them...