Good stuff, Sharif! I'd never heard of ITT, but now I fully expect to fall down a rabbit hole.
Two things jump out at me.
First, in any conglomerate, complexity is key. The bigger the corporation, and the more distinct divisions and holding companies it creates, the easier it is hide stuff, launder money, backchannel with foreign governments, etc. My mind couldn't help but think of Amazon as the successor to ITT.
Second, every U.S. company or U.S. division violates the FCPA. Look at how pitiful the fines are. As an expense, and a cost of doing business, company management would be foolish not to pay a small bribe here, and a small fine later, while reaping a massive windfall in between.
Yes, Amazon definitely has the diversification. General Electric also comes to mind for diversification.
There is another company that was active in Latin American politics. (https://en.wikipedia.org/wiki/United_Fruit_Company). "Bananas: How the United Fruit Company Shaped the World" is a great book written about this.
Good stuff, Sharif! I'd never heard of ITT, but now I fully expect to fall down a rabbit hole.
Two things jump out at me.
First, in any conglomerate, complexity is key. The bigger the corporation, and the more distinct divisions and holding companies it creates, the easier it is hide stuff, launder money, backchannel with foreign governments, etc. My mind couldn't help but think of Amazon as the successor to ITT.
Second, every U.S. company or U.S. division violates the FCPA. Look at how pitiful the fines are. As an expense, and a cost of doing business, company management would be foolish not to pay a small bribe here, and a small fine later, while reaping a massive windfall in between.
Yes, Amazon definitely has the diversification. General Electric also comes to mind for diversification.
There is another company that was active in Latin American politics. (https://en.wikipedia.org/wiki/United_Fruit_Company). "Bananas: How the United Fruit Company Shaped the World" is a great book written about this.
Hence the term, Banana Republic.