THE 1960s: BUSINESS AND THE ECONOMY: PEOPLE IN THE NEWS

In December 1965 Harold S. Geneen, CEO of International Telephone and Telegraph (ITT), announced plans to acquire the American Broadcasting Company (ABC). The Justice Department did not allow the merger.

On 4 March 1964 James ("Jimmy") Hoffa, president of the International Brotherhood of Teamsters, was convicted of tampering with a federal jury in 1962; in July he was also convicted on fraud and conspiracy charges. Fined ten thousand dollars and sentenced to eight years in prison, he was pardoned by President Richard Nixon in 1971.

In his January 1966 budget message President Lyndon Johnson gave his famous "guns and butter" speech, explaining that the United States could fight a war and expand social-welfare programs simultaneously. He said, "We are a rich nation and can afford to make progress at home while meeting our obligations abroad—in fact, we can afford no other course if we are to remain strong. For this reason, I have not halted progress in the new and vital Great Society programs in order to finance the costs of our efforts in Southeast Asia."

In 1962 Royal Little, CEO of Textron, retired. A pioneer in the conglomerate wave of the 1950s and 1960s, he built a midsized textile company into a huge diversified firm making everything from bathroom accessories to helicopters.

In 1963 George Meany, president of the AFL-CIO, referred to automation as a "curse to society."

In 1968 Robert Noyce left Fairchild Semiconductor to found Intel Corporation. By 1971 Intel had developed the microchip.

On 3 February 1967 Walter Reuther, head of the United Auto Workers, resigned from the executive council of the AFL-CIO, increasing the rift between Reuther and AFL-CIO president George Meany.

On 23 September 1969 Secretary of Labor George Shultz ordered into effect the Philadelphia Plan, guidelines for the hiring of minorities by six skilled-craft unions working in Philadelphia on projects receiving federal funds.

In 1960 Henry Singleton left Litton Industries to establish his own electronics firm, Teledyne. From this Singleton created a massive conglomerate; by 1987 Teledyne had sales of $3.2 billion and was the 134th largest industrial concern in the country.

On 8 August 1968 financier Louis Wolfson and three associates were convicted of stock manipulation in violation of Securities and Exchange Commission regulations during the liquidation of Merrit-Chapman and Scott Corporation.