Federal Antitrust Policy during the Kennedy-Johnson Years

By James R. Williamson | Go to book overview
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Appendix D: Directorships of Major U.S. Corporations Tightly Interlocked

SENATE COMMITTEE ON GOVERNMENTAL AFFAIRS
For the first time in over a decade, a congressional committee has taken a comprehensive look at interlocking directorships among the nation's largest corporations. Initiated by Senator Lee Metcalf, Chairman of the Subcommittee on Reports, Accounting and Management, the study identifies 530 direct and 12,193 indirect interlocks among 130 of the nation's top industrial, financial, retailing, transportation, broadcasting, and utility companies. The companies in the study represented about 25 percent of the assets of all U.S. corporations.A direct interlock occurs when two companies have a common director. An indirect interlock occurs when two companies each have a director on the board of a third company.The study disclosed an extraordinary pattern of directorate concentration:
123 firms each connected on an average with half of the other major companies in the study.
The 13 largest firms not only were linked together, but accounted for 240 direct and 5,547 indirect interlocks, reaching an average of more than 70 percent of the other 117 corporations. The 13 largest corporations ranked by assets were: AT&T, BankAmerica, Citicorp, Chase Manhattan, Prudential, Metropolitan, Exxon, Manufacturers Hanover, J. P. Morgan, General Motors, Mobil, Texaco, and Ford.
The leading competitors in the fields of automotives, energy, telecommunications, and retailing met extensively on boards of America's largest financial institutions, corporate customers, and suppliers.

Source: Senate Committee on Governmental Affairs, press release, April 23, 1978.

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