Word: middlemen
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Dates: during 1970-1979
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...Senate Judiciary Committee approved the so-called Illinois Brick Bill by a 9-to-8 vote, led by Chairman Edward Kennedy of Massachusetts. Prospects for passage in the full Senate and House are doubtful, but, if enacted, the bill would overturn a 1977 Supreme Court decision. Not only could middlemen and retailers sue and collect treble damages from a company for antitrust violations, but so too could individual consumers who join together in class actions. Businessmen fear that the bill would engulf many companies in harassment suits. Often, such suits amount to little more than blackmail: plaintiffs know that companies...
...nearly two years, federal investigators have been probing overpricing in the oil industry, and last week they made their biggest charges yet. Even as the General Accounting Office was leaking a report criticizing the Department of Energy for foot dragging in its petro-probes of smaller middlemen, DOE was accusing seven of the largest oil companies of overcharging refineries by $1.7 billion since 1973. The alleged method: selling petroleum at far higher prices than permitted under domestic crude-oil controls...
...products, including 20 gal. of gasoline and 10 gal. of home heating oil. Of the two, heating oil is less expensive to make, and the oil majors spend little on advertising and transporting it. They sell this oil at about 48? per gal., a 14? markup, to wholesalers. These middlemen then sell it to retail dealers. Partly because the wholesalers pay for storage and the dealers pay for advertising and home delivery, they collectively add 14? to the final retail price of about...
Small and big traders and middlemen are charging huge spot-market premiums over and above the OPEC price. Because profits can reach billions a year, you have to expect that the spot trade will increase by hook or crook, and I mean the words literally. When OPEC sees how much money is made on its oil by in-between traders, the producing countries will have no political choice but to increase their own prices and divert more oil to the spot market. That was clear from the moment the Iranian crisis broke. Our Government was made well aware...
...troupe of about 300 international profiteers have become the principal beneficiaries of the galloping oil price increases that occur daily on the "spot market." They are the mysterious players in a loose old-boy network of private investors, former oil executives, foreign government officials, Arab sheiks and assorted middlemen, brokers and hustlers. "Many of them," says Joe Roeber, a London-based analyst of the spot market, "got out of trading used tires or razor blades or whatever else they were doing to start dealing in oil." Adds Roeber: "There is very little morality in this business...