Business: Rigging the Bids?

Ever since the TVA complained last spring about identical bids for electric-power-generating equipment, the Justice Department has been investigating the pricing policies of the nation's major electric-equipment manufacturers. Last week, in a series of criminal antitrust indictments, a federal grand jury in Philadelphia charged that General Electric Co., Westinghouse Electric Corp., Allis-Chalmers Manufacturing Co., I-T-E Circuit Breaker Co. and Federal Pacific Electric Co. conspired to submit "noncompetitive, collusive and rigged bids" on private and government business valued at $209 million a year. The grand jury also indicted G.E., Westinghouse, I-T-E Circuit Breaker...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!