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...corporation grow so huge and powerful that it becomes immune to the effects of even the most sensational scandal? If ever a company presented a test case of the answer, it is International Telephone & Telegraph Co. ITT is the biggest of all multinational conglomerates (annual revenues: $8.6 billion), and for slightly more than a year now it has been accused of making political payoffs in the U.S. and conspiring to overthrow the government of Chile. This week ITT executives will face stockholders at the annual meeting with a mixed report: profits are up, but the company's stock...
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...
...ITT's 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...
Some FBI agents believe that among the burned papers was a memo based on Hunt's reportedly secret interview with ITT's Washington lobbyist Dita Beard, who had linked an ITT offer of contributions to the Republican National Convention with the Justice Department's settlement of antitrust suits against ITT. This memo, agents believe, was highly embarrassing to the Nixon Administration. It was not clear whether there might have been other Hunt documents in the file that were relevant to the FBI investigation...
...ITT's annual meeting is March 9, so the subcommittee presumably could still vote for disclosure by that company