Word: geneen
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...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...
...Telegraph Corp., America's biggest conglomerate, surprised investors by agreeing to sell a clutch of household names that it had acquired in recent years. Among them were home builders Levitt & Sons, Avis Inc. and Hamilton Life Insurance. To ITT insiders, however, the decision was no surprise. Chairman Harold Geneen chose to sell because the alternative was a costly antitrust battle with the Justice Department that would have tied up his company in courts for years, and might still have ended in divestiture...
...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...
Ireland was a longtime associate of the late financier Robert R. Young. He was president of Young's Alleghany Corp., the holding company that controlled the New York Central Railroad and still controls Investors Diversified Services. In 1967 he moved to ITT as special assistant to Chairman Harold Geneen, but ITT insiders say that he did not cotton to Geneen's authoritarian ways and had been looking around for some time...
Subject to court approval, the parts to be severed are the Canteen Corp., Grinell Corp.'s fire protection division, Avis (Rent a Car) Inc., ITT-Levitt home builders, and the Hamilton and ITT life insurance companies. Geneen will have two years to dispose of the first two firms, three years for the rest. The divestiture, which ends three Justice Department lawsuits against ITT, is one of the largest trust-bustings in American corporate history. The subcompanies ITT will lose account for about $1 billion in annual sales, or about one-seventh of the conglomerate's total...