Word: geneen
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Dates: during 1970-1979
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John McCone, an ITT director and former head of the CIA, testified last week that he had offered as much as $1,000,000 in corporate funds to CIA Chief Richard Helms and National Security Adviser Henry Kissinger at the behest of ITT Chairman Harold Geneen. The money, he said, was to help bankroll whatever plans the U.S. Government might have to "encourage the formation of an anti-Allende coalition in Chile." McCone, who is still a consultant to the CIA, explained that what Geneen had in mind was not to create "chaos," but to channel money "to people...
...Could Mr. Geneen hold his next management meeting at my home in Puerto Rico, where ITT owns the telephone company? They might then solve the difficult problem of repairing my telephone, which has been out of order since December...
...your article about ITT, you state that I took part in a meeting with Connecticut Insurance Commissioner William Cotter, Mr. Geneen, local politicians, and others prior to Mr. Cotter's approval of the acquisition of Hartford Fire...
...available for companies after acquisition by ITT indicate that they have maintained strong profit-growth rates of about 10% a year. But it is impossible to determine how much of that resulted from changes that ITT made in their accounting systems as soon as it took them over. Whenever Geneen's company has faced a choice between two accounting methods, it has selected the one that enables it to report the highest immediate profits. Depreciation, interest costs, changes in pension plans, investment tax credits, foreign exchange losses, to name only a few items -all are treated in ways that...
...onetime columnist for the Scranton Times, joined the company in 1958. For a publicist, the generally affable Gerrity wields unusual clout. He is in charge of all ITT's advertising and public and Government relations and is a member of the 12-man management policy committee, headed by Geneen. He confers every day with Geneen, travels with him and acts as a sort of privy counselor. Geneen will say to Gerrity: "Here's what we've been thinking of doing. How will it sound? What can we say?" Last year the conglomerate spent $93 million in advertising...