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Uses of Power. Many of the facts of Du Font's size and reach are beyond dispute. The company employs 13% of the Delaware work force; its $288 million payroll in Delaware is bigger than the state budget. The family controls two of the state's four largest banks. Irenée Jr., for example, is president of the family-controlled Christiana Securities holding company, a director of the Wilmington Trust Co., the News-Journal Co., Delmarva Power & Light and chairman of the Greater Wilmington Development Council. The state's sole U.S. Representative is Pierre S. du...
...Nader report pries at every chink in the uses of the Du Fonts' corporate and family power. Among the Raiders' charges-and Du Font's rebuttals...
...Delaware are undervalued for tax purposes. Irenée Jr. says that he knows nothing about any contacts made with Senator Williams in the family's behalf. To the other point, Vice President Irving Shapiro, the company's first Jewish director, replies: "If the accusation is that Du Pont is chiseling on existing tax laws, that's absurd. If the criticism is that tax laws should be changed, that may be needed...
...PRESS. Through Christiana Securities, the family owns 100% of the stock in the company that publishes the state's two largest and most influential newspapers, the Wilmington Morning News and Evening Journal. Creed Black, editor from 1960 to 1964, quit when a Du Pont public relations man was put in above him; the owners, said Black, obviously wanted "house organs instead of newspapers." But now, insists Irenée Jr., the editors "call the shots the way they see them." He says that if the papers were sold to two separate owners, as the report recommends, they would probably...
PATERNALISM. Du Pont pensions may be revoked even after retirement for "any activity which is harmful to the interest of the company." Governor Peterson got a written exemption, the report says, in case he had to act in office against Du Pont. What is more, adds the report, the company has fired employees who sought to bring in a national union. Shapiro says that in 30 years the pension revocation clause has been used in three cases, all involving salesmen who took customer lists to competitors. The company contends that it treats its employees so well that they have felt...