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General Electric has discovered that the cost of price fixing comes a lot higher than it had expected. When G.E. was convicted along with 28 other electrical-equipment makers in the Great Electrical Conspiracy three years ago (TIME, Feb. 17, 1961 et seq.), the company figured that $50 million would be enough to settle the damage suits from overcharged customers. Last week, as Chairman Ralph J. Cordiner, 63, retired to his cattle and citrus ranch in Florida, he gloomily reported that so many of the firm's 500 complaining customers were holding out for more money that the final...
...annals of international finaglers, first place is still held by Swedish Match King Ivar Kreuger, whose machinations in the 1920s caused hundreds of investors to lose a total of $500 million. The Great Salad Oil Scandal recently set off by pudgy Tino DeAngelis (TIME, Nov. 29 et seq.) stands to cost the banks and companies involved upwards of $100 million - putting DeAngelis second only to Kreuger...
...kind that so far disturbs the professionals more than the outsiders. The facts were bad enough: a $90 million brokerage house liquidated, companies defrauded and a long string of creditors and victims left to sort out maneuverings that may cost them well over $100 million (TIME, Nov. 29 et seq.). But one question most fascinated the Street: What had happened to millions of pounds of vegetable oil that either never existed or were somehow spirited away from a huge tank farm in New Jersey? All that remains behind are warehouse receipts that have little, if any, value...
...McShane also had the misfortune, as chief marshal, of being assigned to bring the late spy Robert Soblen back to the U.S. from Israel; as the plane approached London, Soblen took advantage of McShane's momentary absence to stab himself (TIME, July 13 et seq...
...greater growth. It was largely to brace Britain's already giant Imperial Chemical Industries against prospective Common Market competition that I.C.I. Chairman Stanley Paul Chambers launched his ill-fated attempt late last year to take over Courtaulds, Britain's biggest synthetic-fiber maker (TIME, Jan. 26 et seq.). On the same grounds, France's Saint-Gobain, Europe's biggest glass manufacturer and a burgeoning chemical maker, recently set up a joint market venture with Pechiney, another French chemical outfit. "We would probably have merged some day anyhow," says Saint-Gobain President Count Arnaud de Vogue...