Word: itt
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Last year ITT's power and presumptuousness came to light with disclosures that it stood ready to underwrite with cash any efforts the CIA might be considering to prevent the election of Salvador Allende, Chile's Marxist President. At home-if such a cozy term can be used for a multinational-ITT provided an early trickle to the Watergate. ITT Lobbyist Dita Beard's secret memo found its way into Jack Anderson's column, where it told of a $400,000 pledge for the 1972 Republican Convention. All this occurred shortly before the Justice Department settled...
Behn believed he could contribute to international understanding by constructing global telephone links. Central to ITT's European operations was a German holding company established in 1930. It was inevitable that Behn would have to do business with Hitler. "In trying to hold his system together," writes Sampson, "Behn gradually wove a web of corruption and compromise which left the idealism in ruins." From documents he found in U.S. archives, Sampson concludes that Behn cooperated willingly with the Nazis, choosing not to repatriate his German profits and agreeing to his German subsidiary's purchase of an interest...
...Surprises. In 1959, two years after Behn's death, the leadership of ITT passed to Harold S. Geneen, a small, owlish man who was trained in accountancy, and seems to prefer hamburgers to French cuisine. Even so, Geneen cannot resist comparing himself to Behn: "He was a man of his time; I am a man of my time." Born in Britain 63 years ago, Geneen came to the U.S. at the age of one. A wizard with figures, Geneen began his career as a New York Stock Exchange page and rose from accountant to executive positions in such companies...
Under Geneen, ITT has come to own some 260 companies in 86 countries. Crucial to his management is a system that can keep executives at meetings for up to ten days a month. The system is designed to avoid surprises. Ironically but predictably, the vaunted "no surprise" system produced shocks on the political front. Predictably, because most men who are trained to think in quantitative terms are insensitive to nuance and subtlety. Sampson fails to stress this inherent characteristic of business bureaucracies. He also fails to meet the challenge of Geneen's complex personality and conflicting drives...
...some ways, Geneen is close to genius: the management method he has imposed on ITT disciplines and tames territorial chieftains who might otherwise rebel and enables him to check the performance of a widely-almost wildly-diversified company. In other ways Geneen is a gambler on a monumental scale. Sampson neglects this facet of Geneen, although he does show that when Geneen acquired Hartford Insurance he knew full well that the antitrust division of the Justice Department would oppose him. In short, Sampson concludes, Geneen was under the utmost compulsion to try to change the trustbusters' collective mind...