Word: geneen
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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...
SEVERAL years ago, Harold Geneen complained about the image of the company that he heads: "You can stop 15 people in the street and not one will know what ITT is. That bothers me." Geneen hardly has that worry today. ITT is a household name. Everybody who reads the headlines knows that the International Telephone and Telegraph Corp. is the multibillion-dollar firm that quietly agreed to put up at least $100,000 to help finance this year's Republican National Convention, and shortly thereafter negotiated a controversial settlement in a classic antitrust case. But Geneen's interests...
...company are really indistinguishable. In an era of colorless hired managers, trim, short-haired Geneen has shaped a corporation that everyone in business identifies with him. When he became its president in 1959, ITT already was large, with sales of $765 million, but it mostly produced and ran telecommunications systems abroad. Under Geneen, ITT through a dizzying series of acquisitions has become a hotel operator (Sheraton), insurance seller (Hartford Fire), car renter (Avis), baker (Continental Baking), homebuilder (Levitt), as well as a maker of pulp and cellulose and a major shareholder in Comsat. Overseas it has been rolling like Patton...