Word: trust
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Dates: during 1940-1949
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...three children. Excerpts: "My grandchildren-God bless them all-who have been such a joy to me, may deem it strange that no bequest is herein made to them. I have each one of them in mind, and love them with all my heart. I have heretofore created a trust for each of them after a life estate to one of their parents. They can rely on it that their 'lovey' [his widow] who is also my 'lovey' will never see them lack. . . . I am also mindful that I have made no direction as to charities...
...Sherman Anti-Trust Act, which Chief Justice Hughes called "a charter of economic freedom," is 50 years old this year. And 1940 is the first of those 50 years in which Congress permitted the Department of Justice to spend more than $1,000,000 on its enforcement. It is the first year since the trustbusting days of Roosevelt I and Taft (Standard Oil, American Tobacco, Northern Securities, etc.) in which the Government has put on a real Sherman Act show. It is also a year of war, whose outbreak, in the words of Assistant Attorney General Thurman Wesley Arnold...
...futile anti-trust crusades "men like Senator Borah founded political careers." When Arnold confronted the Senate sub committee that was to approve his Department of Justice appointment, his chief questioner was Borah. Arnold said he believed in the anti-trust laws. Said Borah, closing The Folklore of Capitalism: "I've been sadly misled by your book." In office, Arnold continued to mislead...
Legal Blackmail. But as an enforcing agent the laughing professor is not funny at all. He launched and is prosecuting the most comprehensive anti-trust drive in U. S. history. A tiresome complainer about lack of funds, he has more than tripled his division's budget since 1938. Favorite Arnold statistic: in Roosevelt I's regime, the division had five lawyers, four stenographers. Arnold has 190 lawyers and wants 100 more. For wheedling money from Congress ($1,325,000 for 1941) he has a cogent argument: in the first six months of this year, his division secured judgments...
Like G. E., like Pullman, Inc. (indicted in July), like Aluminum Co. (entering its third consecutive year in the courts), many of Arnold's corporate victims are vital cogs in defense. Arnold himself confesses that an anti-trust indictment, even if successfully defended, is itself a punishment, "a financial hazard which should not carelessly be imposed on business." It is also demoralizing to the executives indicted and takes their valuable time. Hence, with the Defense Commission seeking all the businessmen's cooperation they can get, the heat is on Arnold to go slow...