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ROLE OF GIANT CORPORATIONS

HEARINGS

BEFORE THE

SUBCOMMITTEE ON MONOPOLY

OF THE

SELECT COMMITTEE ON SMALL BUSINESS

UNITED STATES SENATE

NINETY-SECOND CONGRESS

FIRST SESSION

ON

THE ROLE OF GIANT CORPORATIONS IN THE AMERICAN

AND WORLD ECONOMIES

PART 2
CORPORATE SECRECY: OVERVIEWS

NOVEMBER 9 AND 12, 1971

Printed for the use of the
Select Committee on Small Business

U.S. GOVERNMENT PRINTING OFFICE

3-437

WASHINGTON : 1972

For sale by the Superintendent of Documents, U.S. Government Printing Ofiice

Washington, D.C. 20402 - Price 75 cents

KF26

5 5 5658

1969

SELECT COMMITTEE ON SMALL BUSINESS

[Created pursuant to S. Res. 58, 81st Cong. )

ALAN BIBLE, Nevada, Chairman JOHN SPARKMAN, Alabama

JACOB K. JAVITS, New York RUSSELL B. LONG, Louisiana

PETER H. DOMINICK, Colorado HARRISON A. WILLIAMS, JR., New Jersey MARK O. HATFIELD, Oregon GAYLORD NELSON, Wisconsin

ROBERT DOLE, Kansas JOSEPH M. MONTOYA, New Mexico EDWARD J. GURNEY, Florida FRED R. HARRIS, Oklahoma

WILLIAM B. SAXBE, Ohio THOMAS J. MCINTYRE, New Hampshire J. GLENN BEALL, JR., Maryland DAVID H. GAMBRELL, Georgia

ROBERT TAFT, JR., Ohio

CHESTER H. SMITH, Staff Director and General Counsel

RAYMOND D. WATTS, Counsel
KEITH A. JONES, Minority Counsel

SUBCOMMITTEE ON MONOPOLY

GAYLORD NELSON, Wisconsin, Chairman JOHN SPARKMAN, Alabama

ROBERT DOLE, Kansas RUSSELL B. LONG, Louisiana

ROBERT TAFT, JR., Ohio THOMAS J. MCINTYRE, New Hampshire EDWARD J. GURNEY, Florida ALAN BIBLE,* Nevada

JACOB K. JAVITS,* New York

*Ex officio member.

(IT)

png 7 Dec 7 2

CONTENTS

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IV

APPENDIXES I. Gross National Products of Countries and Net Sales of Companies Pago interspersed : top 100, by rank, 1960, 1965, 1970----

1195 II. Working Paper “A” by Senator Gaylord Nelson and Raymond D.

Watts, "The Nature and Dimensions of Corporate Secrecy: The
Subcommittee's Major Questions 1 through 3: Discussion, Theories,
and Some Further Questions”-

1203 III. Correspondence With Ling-Temco-Vought, Inc. concerning questions raised in Working Paper “A”.

1213 A. Letter dated Nov. 3, 1971, from Senator Nelson to Paul Thayer, Chairman of the Board, Ling-Temco-Vought, Inc----

1213 B. Letter dated Dec. 3, 1971, from Mr. Thayer to Senator Nelson.. 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 infor

mation. VIII. Correspondence and materials from the Financial Executives Institute

concerning voluntary and required disclosure of segmental financial in

formation 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 Ques

tions" from the United Automobile, Aerospace & Agricultural Implement

Workers of America-UAW. XII. Selected correspondence and materials on corporate giantism and cor

porate secrecy.

THE ROLE OF GIANT

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, 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.

1 The 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)

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