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Spy CapitalismITEK and the CIA$
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Jonathan E. Lewis

Print publication date: 2002

Print ISBN-13: 9780300091922

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300091922.001.0001

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“An excuse to sell”

“An excuse to sell”

(p.142) 10 “An excuse to sell”
Spy Capitalism

Jonathan E. Lewis

Yale University Press

This chapter explains that while Itek bathed in the glow of national press attention and Leghorn worked on plans for his next acquisition, the entire Corona Project team continued its effort to get a spy satellite into space. Itek stock appeared to discount an unusually favorable view regarding the firm's future earnings growth—despite the recent correction in the stock's price. When Itek's business plan was written, the phrase didn't mean building cameras for spy satellites, selling photocopy machines, or manufacturing and distributing tools for the printing industry. It meant the integration of advanced photo-optics with state-of-the-art computer technology to create a system that extended the limited memory of computers reliant on punch cards. Investors who read Itek's 1959 annual report, whether they were partners of Wall Street firms or individual investors, would still have no way of understanding the full risks associated with buying the company's stock.

Keywords:   Itek, corona project, business plan, spy satellites, state-of-the-art computer technology

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