Word: geneen
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...Harold S. Geneen, chairman of the board of ITT, perhaps the most imperialist of U.S. corporations. Aside from trying to topple the socialist government of Chilean President Salvador Allende, Geneen, via Dita Beard, seems to have bedded down comfortably with the Nixon Administration. ITT's rise to industrial preeminence was accompanied by all sorts of shadiness, even beyond what one has come to expect from American big business...
Despite the barrage of bad publicity, the moneymaking machine of Chairman Harold Geneen recorded its most profitable year ever in 1972. Worldwide operating net rose 12%, to $477 million, exceeding ITT's average increase for the past dozen years. Last week ITT announced that in the first quarter of 1973 operating profits rose 11% over a year earlier, to $105.6 million. Few if any customers were moved to shun ITT's myriad businesses-which include, among many others, running the Sheraton hotels, baking Wonder Bread and operating the U.S.-Soviet hot line. Even unfavorable Government action has turned...
...stock has fallen from a high of 60⅜ in January to as low as 30% at one point last month; it closed last week at 37. Lately, ITT shares have sold for as little as eight times annual per-share earnings, a low for the Geneen era. That is a painful blow to corporate ego. ITT executives have long pointed proudly to the company's record of profit growth, thus implying that its stock should sell at a price-earnings multiple considerably higher than that of the blue chips in the Dow Jones average-which currently...
SEPT. 9-10. Geneen told McCone at an ITT board meeting that he was willing to put up $1,000,000 for the U.S. Government to use in Chile. A few days later, McCone made offers to both Henry Kissinger and Helms of "up to $1,000,000 to support any Government plan for the purpose of bringing about a coalition of the opposition to Allende." McCone did not receive an answer...
...lose whatever compensation Allende had promised to pay; and unless the company can disprove the mounting evidence that its loss resulted from its attempt to interfere in Chilean politics, it may also lose its $92.5 million claim with the OPIC. To knock down that evidence will be Harold Geneen's task in testimony this week...