Word: forrestall
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In place of competition Jimmie Forrestal advocated a monopolistic chosen instrument. Congress, said he, should require all U.S. companies engaged in international communications to merge into one big government-backed corporation.
Before the Senate's Interstate Commerce Subcommittee, now busily mulling over monopoly v. free competition, Secretary Forrestal unfolded the Navy's plan in clipped words. He wants the Federal Government to form a new corporation, financed by private stock sales, to buy and operate the facilities of the...
The corporation, if the Forrestal plan is adopted, would be run by 20 directors. Five, appointed by the government, would represent the Departments of War, State, Navy, Commerce and the Post Office. But in any question of national policy, the five Government directors could overrule the 15 from private business...
When Secretary Forrestal sprang his proposal on Congress, he argued that only by such a government-backed corporation could the U.S. hold its own against similar foreign companies. In the past, he said, U.S. companies have been played against each other, have often had to make costly contracts. Also, the...
Unwanted Children. All this was only one side of the argument. Before the committee makes up its mind and perhaps a new U.S. policy, it plans to hear from all sides, particularly from the 13 companies concerned. Some of them, notably International Telephone & Telegraph Corp. and Radio Corp. of America...