‘Make parent company liable for a subsidiary's losses,’ urges report

A FEW WEEKS AGO, Harold Geneen, chairman and chief executive officer of the now famous International Telephone and Telegraph Company, formally opened the giant 23‐storey ITT tower. It is the new headquarters of the corpora‐tion's European activities, on Brussels' well‐to‐do Avenue Louise. In banner headlines, the house magazine proudly announced ‘We're in! Europe under one roof’. It went on to praise the multinational effort involved in perfecting the new building (Bell Telephones—Belgium, Standard Elektrik Lorenz of Germany, LMT Pompes Salmson of France, Barking Brassware—UK, IVAC of Belgium, ITT Controls—UK), each one part of the worldwide network.