And another elephant story: a Congressional subcommittee under Emanuel Celler in 1969 investigated the dangers conglomerates posed to competition. International Telephone and Telegraph (ITT) was one of six companies singled out. Under Harold Geneen, ITT had become one of the largest conglomerates in the world, with more than a thousand companies under one corporate roof. Geneen argued that under the ITT system there were just as many companies competing. In fact, they gave each other mutual support and input, which helped them to be more competitive. Chairman Celler listened to this clever argument for a while and then said, "'You remind me of what somebody said before this committee some years ago: 'Every man for himself,' said the elephant as he danced among the chickens.'"
Sources
Peter Hay, Book of Business Anecdotes, p. 145
