27 DECEMBER 1968, Page 28

The stupid party

Sir: Capitalism may never have done anything for any nation, but Patrick Cosgrave (20 December) misquotes what he calls `its most enduring statement of faith.' What Charles Wilson actually said was 'what is good for the United States is good for General Motors.' Since he said this when being questioned about a possible conflict of interest between his new post as American Secretary of Defence and his former post as chairman of General Motors, in which he still had a large financial interest, it seems fairly unexceptionable. Perhaps this is why the quotation is almost always turned around.