Word: itt
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...years after scandals that enveloped it during 1972, ITT Corp., the giant multinational conglomerate, finds itself in a new scrape. Last week the Federal Trade Commission charged that the ITT Continental Baking Co. Inc., a subsidiary and the nation's biggest baker, had engaged in illegal pricing practices to monopolize markets for its Wonder bread. The FTC asked that Continental be divided into two or more separate firms; in effect, ITT would have to sell off half of the subsidiary...
...Continental are old antagonists; in 1971 the agency charged that Continental was misleading the public when it implied that Wonder bread was something special, in ads that claimed the loaf "helps build strong bodies twelve ways." Now the agency accuses ITT management of nagging Continental to build itself up too rapidly; James Halverson, director of the FTC'S Bureau of Competition, says that "ITT set profit and market goals for ITT Continental that forced the subsidiary to adopt predatory practices." According to the FTC complaint, Continental practiced a classic monopolistic scheme: it would use high profits from areas where...
...reckoning of outgoing Ohio Democratic Senator Howard Metzenbaum, depressed stock market prices offer newly rich oil-exporting nations the opportunity to control AT&T, Boeing, Dow Chemical, General Dynamics, General Motors, IBM, ITT, Lockheed, United Air Lines, U.S. Steel, Xerox and ten other major companies. A 51% interest in all these firms could be bought for some $47 billion, and the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) will accumulate much more surplus capital than that by the end of this year...
Leaving Santiago in early April 1972, I caught a taxi to the bus station. Jack Anderson's disclosures concerning ITT were still big news. The cab driver decided I was an American and proceeded to tell me that the U.S. and ITT were making "a big mistake" in Chile. In a pained voice he said, "What I don't understand is how a country that loves democracy like the United States could try to use the CIA to stop democracy in Chile. Salvador Allende is the president of the Chilean people, we elected him. I respect the people of America...
...What ITT Suggested in 1970 with CIA Support...