Word: mclarens
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...PETER MCLAREN...
...Democrats and Republicans on the committee thrust and parried in the dramatic duel, the testimony turned complex. Only a few basic facts had not yet been disputed. The Government, under the aggressive McLaren, had begun moving against ITT in 1969, trying to prevent the nation's eighth largest industrial corporation from expanding. McLaren, determined to pursue the issues to the Supreme Court, wanted clarification of the Government's powers to limit the growth of conglomerates-a matter on which the court had never ruled. In the early summer of 1971, San Diego had little interest in bidding...
...McLaren blew up at similar questions about whether others had influenced his decision to settle. "I was not pressured or influenced by anyone in any way!" he shouted. "I think it's absolutely outrageous the way these committee proceedings are going. There was no hanky-panky about it." Yet McLaren, too, had refreshed his memory since the week before. Now he conceded that he had talked to the chief White House troubleshooter on relations with corporations, Peter Flanigan (see box, next page). "Mr. Flanigan was simply a conduit," McLaren said. Flanigan obtained a report on the financial impact that...
...billion-a-year conglomerate, was paid $242-and delivered his report to Flanigan rather than the Justice Department. California Democrat John Tunney asked whether the fact that Ramsden's firm manages some 200,000 shares of ITT stock would affect Ramsden's objectivity. "No," replied McLaren, "it wouldn't bother me a bit." But could not a negative report by Ramsden have adversely affected the stock's value? "I have no comment," said McLaren. The angry McLaren attributed his reversal to this report, his own antitrust experience and consultation with the Treasury Department. But he conceded...
...together, earned less than $40 million last year. It was allowed to keep Hartford Fire Insurance, which not only earned $105 million but also provides the large cash flow vital to an expanding company. The settlement was almost identical to a proposal made by the company in 1970-which McLaren then flatly rejected. Moreover no court has allowed a company's plea of economic hardship to excuse an antitrust violation-which was the basis for Ramsden's recommendation and presumably McLaren's change of view. The antitrust laws are designed to protect competitiveness in business...