CORPORATIONS: A Fantastic Picture

Ever since Textron Inc. decided to close its Nashua, N.H. plants and wipe out 3,500 jobs (TIME, Sept. 27), New Hampshire's excitable Republican Senator Charles W. Tobey had been gunning for Textron's President Royal Little.

As it turned out, things in Nashua were not as bad as people had feared. Working together, the union, a citizens' committee and Little had managed to save 1,200 of the jobs. But that did not quiet Tobey. As a one-man senatorial committee, he went after Little where he looked the most vulnerable. He attacked the bewildering hodgepodge of tax-exempt foundations and charitable trusts which hold...

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