Word: law
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Dates: during 1960-1969
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...draft has had little effect on students in their first and second years at Law School and has had no effect at all on those in their last year...
...blame for such notorious tax avoidance properly rests on the law, not its lucky beneficiaries. For a generation the guiding philosophy of loophole users has been that of the late Justice Learned Hand: "There is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Nobody owes any public duty to pay more than the law demands." Financier J. P. Morgan put it more bluntly: "If Congress insists on making stupid mistakes and passing foolish tax laws, millionaires should not be condemned if they take advantage of them...
...conglomerates have come under increasing fire, and Congress is considering bills to end favorable tax treatment of the debentures that are often exchanged in conglomerate takeovers.* Rather than wait for such legislation, though, Attorney General John N. Mitchell elected to bring a test case under existing antitrust law...
Until now, the courts have interpreted that law to forbid most "horizontal" mergers between competitors and, to a lesser extent, "vertical" mergers with suppliers or customers. But the courts have said little about corporate takeovers of companies in entirely different fields. Mitchell's chief trustbuster, Richard McLaren, plans to invoke the Clayton Antitrust Act's Section Seven, which prohibits corporate acquisitions that substantially lessen competition. He may well cite the anti-competitive potential of reciprocal purchasing arrangements, under which LTV subsidiaries, which use large amounts of steel, might favor J. & L. rather than go to the marketplace...
Tender Offer. One way of easing the load would be for LTV to increase its holdings in J. & L. from 63% to 81%. Under federal law, ownership of at least 80% is necessary before dividends can be freely transferred from one company to another on a tax-free basis. If LTV owned enough J. & L. stock, it would be able to collect about $20 million in dividends-a windfall that would help Ling pay his interest and retire some short-term debt. Thus Ling made a tender offer that expires this week. In exchange for more J. & L. stock...