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Sep 30, 1999

Sector survey: Tobacco

Looking at an industry dealing with change

There is a popular adage in the tobacco industry: whenever Bill Clinton needs money, he calls on Philip Morris. The consumer brand giant that also owns Kraft foods and Miller beer operates the largest international tobacco business and was Clinton's highest taxpayer last year. Philip Morris had the second-highest budget for lobbying ($23 mn, compared to Brown & Williamson's $24.9 mn), and courted congress with $2.3 mn in political donations – to no avail. Soon after November's Masters

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