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...ITT Annual Report...
...ideal of corporate success: under the twelve-year reign of Chairman and President Harold Sydney Geneen, it had run up a dazzling profit-growth record by expanding into almost every conceivable business in some 80 countries round the world. But by the time the report was issued in March, ITT was enmeshed in a series of controversies that have seriously undermined its "public acceptance." Indeed, they have provided a case history of the perils of relationships-for both sides -between big multinational corporations and Government...
...ITT has been hit by a public relations version of the domino effect: one charge against the company has led to an intensified examination by newsmen and politicians of just about everything the company is up to. The troubles began with the publication of the famous Dita Beard memo linking the company's offer to help bankroll this summer's Republican National Convention, through its Sheraton hotel chain, to the Government's settlement of a major antitrust suit against ITT. The settlement will force ITT to sell several companies but allows it to keep...
Next, newspaper reporters spotlighted the fact that some ITT officers had sold substantial blocks of stock shortly before announcement in mid-1971 of the settlement-an announcement that temporarily knocked down the stock price. Then the assault was heated to new intensity as Columnist Jack Anderson (TIME cover, April 3) published authentic-looking ITT memos describing a 1970 plan to prevent Marxist Salvador Allende from taking office as President of Chile by causing "economic collapse" in that country. And most recently, Democratic politicos have been decrying the fact that ITT has paid only relatively modest current federal and Canadian taxes...
Fuel for Critics. To be sure, ITT has not been proved guilty of any wrongdoing; for example, its methods of computing its taxes seem entirely legal. But in attempting to lay to rest the suspicions, Geneen and his aides have sometimes seemed like small boys caught stealing ripe apples. Testifying at Senate hearings, they have told confusing stories and committed some incredible gaffes. The most memorable, perhaps, was Vice President William R. Merriam's explanation of why he ordered ITT's Washington files fed into a paper shredder after publication of the Dita Beard memo. Democratic Senator...