Communications: Launching the Satellite Business

Probably no other company has ever been publicly touted by the President of the U.S.—particularly just as it was about to put its stock on sale. Yet that is just what happened last week to the Communications Satellite Corp., and there was little that the vigilant Securities and Exchange Commission could do about it. In a special report to Congress, President Johnson praised the company's "competent staff," discussed its prospects, and declared that the firm was "moving ahead" well.

If the situation was unusual, so is the firm that Johnson spoke of. It has little money, only 53 employees, and...

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