Can a corporation grow so huge and powerful that it becomes immune to the effects of even the most sensational scandal? If ever a company presented a test case of the answer, it is International Telephone & Telegraph Co. ITT is the biggest of all multinational conglomerates (annual revenues: $8.6 billion), and for slightly more than a year now it has been accused of making political payoffs in the U.S. and conspiring to overthrow the government of Chile. This week ITT executives will face stockholders at the annual meeting with a mixed...

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