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Spectacular misuse of bank credit fuels takeover battle
Congress member Henry Reuss cites $5.6 billion in bank credit tied to Bendix, Martin Marietta, Allied, and United Technologies in a costly takeover fight. He faults high rates and diverted funds, urging better use for productive sectors. SEC data show banks funded purchases of vast share blocks, with details kept confidential until the fight ends.
MENTIONED IN THIS ARTICLE
Washington
Bendix Corp
Martin Marietta Corp
Congressional Gain Economic Committee
Yesteray
Henry Reuss
D-Wis
Reuss
Securities and Exchange Commission
Bendix
Martin Marietta
Allied Corp
United Technologies Corp
New York
Bankers Trust Co
Chemical Bank
Morgan Guaranty Trust Co
Reagan
Martin Fitzwater
Treasury
Donald Regan
Allied
United Technologies
Marietta
United
SEC