July 31, 1971: ITT Makes Favorable Deal with Justice Department

The Justice Department reaches a deal with International Telephone and Telegraph (ITT) to drop the government’s antitrust lawsuit against the corporation (see 1969). The “consent decree” allows ITT to keep some of the firms with which it has attempted to merge. Perhaps coincidentally, ITT is allowed to merge with the firms that are relatively profitable, and dispose of the companies that will lose money for the corporation (see May 13, 1971). [The People's Almanac, 1981]