Word: itt
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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...
institutions generally single out a few stocks-including IBM, Xerox, Polaroid and ITT-for the big play. "This is an airshaft market," complains Shearson Hammill Vice President Lee Silberman. "A hundred or so blue chips move up and down while other stocks languish...
...knows better than Guterman. A year ago, he was hired to rescue the chain of 32 New York-area restaurants from a deep slump that caused it to lose $15 million in 1971 and 1972. Guterman, 52, has no background in the food business; he spent 13 years at ITT as an executive in the aerospace, electro-optical and industrial-products divisions...
...Asians. "My dear brother," Amin wrote, "it is quite true that you have enough problems on your plate, and it is surprising that you have the zeal to add on fresh ones." Amin then ticked off some of the "problems": racial strife in the U.S., Viet Nam, the ITT fiasco in Chile, and, of course, Watergate: "At this moment you are uncomfortably sandwiched in that unfortunate affair." Big Daddy signed off with a heartfelt benison from one hard-pressed statesman to another: "I ask almighty God to help you solve your problems...
...Since ITT frequently uses its stock to acquire new companies, low share prices also have the effect of forcing the company to shop with devalued dollars. ITT's buying opportunities in the U.S. already are restricted by an antitrust settlement that limits the size of new acquisitions, but the stock slide is restricting them further. Last week, indeed, ITT was rebuffed by a company that had previously agreed to let itself be bought. Directors of G.P. Putnam's Sons, the publishing house, asked ITT to postpone the takeover indefinitely. Since they had agreed...