2. International Telephone and Telegraph (ITT)

International Telephone & Telegraph (ITT) emerged in the 1920s, gaining early traction with its involvement in the telecommunication sector. It was particularly active in Latin America and the Carribean. 

After the Second World War, the forces of economic nationalism pushed many governments to nationalize their telephone networks. After venturing into the lucrative defense sector - which contracted after the end of the war -  ITT gradually emerged as a conglomerate with diverse interests including hotels, insurance, and manufacturing.

Controversy engulfed ITT in the 1970s when leaked documents suggested it had offered the CIA a seven-figure sum to prevent Salvador Allende from becoming president and possibly nationalizing its local subsidiary (which Allende did proceed to do). 

Suggestive cover of Anthony Sampson's book attacking the company 

The Chilean controversy earned ITT a terrible name, bringing much attention to the activities of multinational corporations and their influence on foreign policy. (For a portion of those hearings related to ITT's activities in Chile, see here and here; summary). A book criticizing the company became a best-seller. 

Fela Kuti, the Nigerian pioneer of Afrobeat, even dedicated a song to the company's corrupt practices in his own country. 

Continuing with its diversification strategy, ITT began facing financial difficulties in the late 1980s and early 1990s.

To address them, ITT started to break up and sell off its non-core businesses in the mid-1990s, which marked a turning point for the conglomerate. In 2011, it split into three companies, one of which still operates under the old ITT name.  Suggestive cover of the best-selling book about the company.