Magazine content is available exclusively for TIME subscribers.Business Ethics: Price Fixing (Contd.)
Robert Paxton, former president of General Electric Co., swore before Senator Estes Kefauver's Senate Antitrust and Monopoly Subcommittee last week that he had just not been aware of how much illegal price fixing had been going on all around him. How come? Replied Scots-born Robert Paxton, a most emphatic witness: "I was damn dumb."
Reminded that two former G.E. officials testified a fortnight ago that he had given instructions for them to meet with competitors to fix prices, Paxton heatedly denied the charge. But he admitted that as he took over new...
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