CORPORATIONS: The Clubby World of ITT

SEVERAL years ago, Harold Geneen complained about the image of the company that he heads: "You can stop 15 people in the street and not one will know what ITT is. That bothers me." Geneen hardly has that worry today. ITT is a household name. Everybody who reads the headlines knows that the International Telephone and Telegraph Corp. is the multibillion-dollar firm that quietly agreed to put up at least $100,000 to help finance this year's Republican National Convention, and shortly thereafter negotiated a controversial settlement in a classic antitrust case. But...