Antitrust: An Anchor in the Past

Of Washington's powerful hierarchies, none rouses more anxiety among corporate officers than the U.S. Supreme Court. Case by case, the court has been making life tougher for companies that wish to merge. In the past eleven years, the high court has decided in favor of the Justice Department in 45 out of 50 antitrust cases; for seven years, it has not ruled once against the Government's other arm of antimerger enforcement, the Federal Trade Com mission. In that record, remarked Jus tice Potter Stewart recently, one consistency stands out: "The Government always wins."

Last week the trustbusters triumphed again in...

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