Word: orrick
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...mistake to think that antitrust prosecution swings from quiescence to vigor under different Attorney Generals," says William Horsley Orrick Jr., the Justice Department's chief trustbuster under Attorney General Robert Kennedy. "Antitrust is more like the Mississippi - it just keeps rolling along...
...rate, Orrick's Mississippi was in full spring flood last week. Capping a recent flurry of antitrust suits, Orrick and his trustbusters sued to break up three big proposed mergers in the chemical and oil industries- including a deal that involved giant Standard Oil (N.J.), a prime target for trustbust ers since the days of Founder John D. Rockefeller...
...Trustbuster Orrick contends that last week's suits were routine and signified no tougher policy on his part. But businessmen complain generally that U.S. antitrust policy is a vague and antiquated crazy quilt that has been haphazardly stitched together over the last 75 years. They fear that Orrick will be emboldened by the U.S. Supreme Court's decision fortnight ago to break up two big mergers-one between a pair of banks in Lexington, Ky., and the other between two pipeline companies-even though the deals already had the approval of other federal agencies. And they considered even...
Moreover, businessmen are concerned about evidence that Orrick equates bigness with badness. He recently pledged to prevent any "dominant company from engaging in any merger, consolidation or acquisition of stock or assets." What kind of company is considered to be dominant? In the opinion of Orrick and his trustbusters, it is any firm that has assets or annual sales of $1 billion or that controls more than one-third of a nationwide line of business...
Deeply disappointed, the Pennsy's new chairman, Stuart Saunders, 54, who had taken over the line on the very day of Orrick's pronouncement, and the Central's President Alfred Perlman denounced the Administration's stand as "impractical and unrealistic." The final decision about the merger is still up to the independent ICC, but the Administration will probably be able to make its stand stick. Before year's end President Kennedy will appoint two new ICC members, thus gaining a majority of supporters on the eleven-man commission before the Pennsy-Central proposal...