SELECT COMMITTEE ON SMALL BUSINESS NINETY-SECOND CONGRESS FIRST SESSION ON THE ROLE OF GIANT CORPORATIONS IN THE AMERICAN For sale by the Superintendent of Documents, U.S. Government Printing Office e72 Adams, Dr. Walter, distinguished university professor and professor of economics, Michigan State University, Economics Department, Page Galbraith, Dr. John Kenneth, Paul M. Warburg professor of eco- nomics, Harvard University, 207 Littauer Center, Cambridge, Mass. Mueller, Dr. Willard F., William F. Vilas research professor, The University of Wisconsin, 350 Agricultural Hall, Madison, Wis. Turner, Dr. Donald F., professor of law, Harvard University, Faculty 1136 Sixteen major questions to be considered by the subcommittee__ Legislative recommendations on corporate secrecy presented to the Monop- oly Subcommittee of the Senate Small Business Committee by Ralph Summary table.-Undepreciated value of plant and equipment of 6 princi- pal defense contractors: Federal Government share and corporate share, "Celler Report Explodes Myth: Financial Razzle-Dazzle Powers Con- glomerates," by Dr. Walter Adams, professor of economics, Michigan State University, from the Washington Post, Feb. 27, 1972‒‒‒ Letter dated Mar. 30, 1972, from Senator Robert Taft, Jr., to Raymond D. Watts, Counsel, Senate Select Committee on Small Business, with IV APPENDIXES I. Gross National Products of Countries and Net Sales of Companies III. Correspondence With Ling-Temco-Vought, Inc. concerning questions A. Letter dated Nov. 3, 1971, from Senator Nelson to Paul Thayer, B. Letter dated Dec. 3, 1971, from Mr. Thayer to Senator Nelson__ Page 1195 1203 1213 1213 1214 (NOTE. The following additional appendixes will be printed subsequently in Parts 2A and 2B. A complete listing of the contents of each appendix will be found in those parts.) IV. Exhibits supplied for the record by Ralph Nader. V. Correspondence between Professor John Kenneth Galbraith and certain plant and equipment. VI. Correspondence and materials concerning the Federal Trade Commission's collection, disclosure and withholding of corporate information. VII. Correspondence and materials concerning the Securities and Exchange Commission's collection, disclosure and withholding of corporate information. VIII. Correspondence and materials from the Financial Executives Institute concerning voluntary and required disclosure of segmental financial information by diversified companies. IX. Comment of Volkswagen of America, Inc. on the testimony of Ralph Nader regarding the case of Bollard v. Volkswagen of America, Inc., and text of judicial finding and default judgment in that case. X. Reprint: Hearing before subcommittees of the Select Committee on Small Business, "Planning, Regulation, and Competition," 90th Congress, first session (June 29, 1967). XI. Comments on and answers to the subcommittee's "Sixteen Major Questions" from the United Automobile, Aerospace & Agricultural Implement Workers of America-UAW. XII. Selected correspondence and materials on corporate giantism and corporate secrecy. THE ROLE OF GIANT CORPORATIONS IN THE AMERICAN AND WORLD ECONOMIES: CORPORATE SECRECY: OVERVIEWS TUESDAY, NOVEMBER 9, 1971 U.S. SENATE, SUBCOMMITTEE ON MONOPOLY OF THE SELECT COMMITTEE ON SMALL BUSINESS, Washington, D.C. The subcommittee met, pursuant to notice, at 10 a.m., in room 318, Old Senate Office Building, Senator Gaylord Nelson (chairman of the subcommittee) presiding. Present: Senator Nelson. Also present: Raymond D. Watts, committee counsel; and Keith A. Jones, minority counsel. Senator NELSON. The Subcommittee on Monopoly of the Senate Small Business Committee today resumes hearings on the role of giant corporations in the American and world economies. Part 1 of these hearings, held in 1969, dealt with the automobile industry. We had under consideration at that time seven questions about the aspects and effects of corporate giantism. The first and largest of those seven questions concerned corporate secrecy. Today we open Part 2 of our hearings, and this time our emphasis is reversed. Two years ago our subject was automobile industry problems, and corporate secrecy was one of many. Now our subject is corporate secrecy, and the automobile industry is but one of many in which it is practiced. Today and Friday (November 12) we shall receive overviews of our subject from five learned and eminent witnesses. On November 23, December 1 and 2, and on additional dates in January and February, to be announced soon,1 we shall be considering problems of corporate giantism and corporate secrecy in agriculture. We expect thereafter to explore the ramifications of secrecy in several industries and in industry at large. The subject matter of these hearings-corporate giantism and corporate secrecy-is as broad and complex as world commerce itself. But the basic issue may be expressed in one word. The word is power. The issue is power: economic, political, social, cultural power. 1The hearings referred to were held on Nov. 23 and Dec. 1, 1971, and Mar. 1 and 2, 1972. Sessions were not held on Dec. 2, 1971 nor in January or February 1972. The record will be printed as Part 3 of this series of hearings under the subtitle "Corporate Secrecy : Agribusiness."-Committee editor. (1041) |