Word: litton
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Dates: during 1970-1979
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...loan companies, while he served as chairman of the Senate committee which handled legislation regulating them. He had voted to let credit card companies collect 18 per cent interest in Mississippi, while Brown voted to hold the line at 12. And he had been retained as a lawyer by Litton Industries about the same time he was helping persuade Senators to put the full financial credit of Mississippi behind construction of Litton's giant shipyard on the Gulf Coast...
...Organization is policy," says Roy Ash, former president of Litton Industries and new director of the Office of Management and Budget. Apparently Richard Nixon agrees. He has taken the advice of Ash and a council he headed that the Government should be reorganized to make it more responsive to presidential command. Though Congress failed to act on Nixon's larger plans-to merge six Cabinet departments into four-the President has gone right ahead and created a super-Cabinet by Executive order. The effort is receiving mixed reviews-as a laudable effort to streamline Government, or as a worrisome...
...four of the super-Cabinet: H.R. Haldeman, White House chief of staff; Ehrlichman; Henry Kissinger; and George Shultz, Adviser for Economic Affairs. Whether Ash is the man to fill this awesome job has become a matter of debate. At issue in the first place is his management of Litton, whose profits fell from a lackluster $50 million in fiscal 1971 to only $1.1 million last year...
Wary. Of more concern is a possible conflict of interest, since Litton is presently at loggerheads with the Navy because of cost overruns amounting to $547 million. Last week a congressional hearing made the point that Ash had gone to the Pentagon in June to ask for a bail-out similar to Lockheed's Government-guaranteed loan. Ash argues that contracts are handled by the Navy, not by the OMB Director, but any contracts as big as Litton's are bound to affect the budget. If a proposal came up to bail out Litton, Ash would find himself...
BARNEY OLDFIELD Director, Special Projects Litton Industries Beverly Hills, Calif...