Word: itt
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Dates: during 1970-1979
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...ITT's acquisition of Hartford Fire Insurance Co. nearly four years ago has long been a financial and political cause célèbre. It was the biggest merger in American corporate history, and has been the subject of furious controversy concerning the circumstances under which the Justice Department settled an antitrust suit that had sought to break up the combination. Last week, after the dispute had finally faded, the Internal Revenue Service suddenly revived it.The IRS had paved the way for the merger in the first place by ruling that the insurance company's owners...
...ruling will not undo the merger. But if it is upheld by the federal courts to which an appeal will almost certainly be taken, it could cost ITT $35 million -one estimate of unpaid taxes owed on the deal. Although those taxes are due from the former shareholders of Hartford, ITT has pledged to reimburse them for any money they have to cough...
...what had changed its mind, but the reversal appears to be due to some facts unearthed by lawsuits filed by former Hartford shareholders, who now oppose the merger. Initial IRS approval was based on ITT's selling to a disinterested third party a block of Hartford stock that the company had bought before the merger agreement. ITT sold them to an Italian organization, Mediobanca, under an agreement approved by the IRS. It has since developed that a then-secret agreement between ITT's investment bank, Lazard Freres and Co., and Mediobanca modified the terms of the contract...
...student pressed on: Wasn't that a rationalization? Wasn't Morgan sidestepping the question of right versus wrong on the legal issue of everyone's right to a trial? Was Nixon any more entitled to a defense than ITT...
...other grand juries have yet to report on such Watergate-related situations as the clandestine operations of the White House plumbers, the President's dealings with ITT and milk producers, and possible campaign-funding violations by Nixon's political moneymen. Any of these juries could produce more indictments that would give new impetus to the impeachment sentiment in Congress. Indictments may be handed up this week in the plumbers' case. Said one Republican member of the House Judiciary Committee, "Impeachment is most likely to come in the area of obstruction of justice ? the tape erasures, the possibility that...