20 Comments
Jun 15, 2023Liked by Matt Stoller, Todd Mentch

First, many big mergers occur not for strategic reasons but because executives want a capstone, something to indicate that their tenure was Very Important and Strategic.” 🎯🎯🎯🎯 the first thing I thought of after reading this sentence is Jack Welch and what he did to GE.

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This is a great analysis. Not a story. A thought provoking analysis. Thank you. What is also important is that citizens rally in support of the FTC and Lina Kahn because they are the only federal agency doing something so very important for our nation's future. If people don't tell their legislators then eventually they will change the playing field.

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founding

Great story on Illumina and M'soft! We have inside baseball, awesome reporting, muckraking at its finest, and the best piece of political economy I've read in a while. Just awesome.

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founding
Jun 15, 2023Liked by Matt Stoller, Todd Mentch

Thanks to you Matt, I have learned something today that I did not know yesterday. These companies with their endless greed will destroy, not only our economy, but every living thing on Mother Earth! This is our fight for all mankind.

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Jun 16, 2023Liked by Matt Stoller

Carl Icahn: “It’s anti-Darwinian: survival of the unfittest,” Icahn said. CEOs are simply former college fraternity presidents who advance in companies because they’re too dim to be threatening.”

I joke that a 5 year tenure of a CEO must include 1 major acquisition, 2 reorgs, and 1 mea culpa. Followed by a CEO who does 1 major divestiture, 2 reorgs and a mea culpa.

We can’t count on CEOs or BoDs to do the right thing. It’s up to government to force them to do so.

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Jun 16, 2023Liked by Matt Stoller

Great piece on the changing dynamics. I wonder if more shareholders will start getting angry and firing management for trying ridiculously illegal mergers. Will be interesting to see if anyone gets canned when/if Kroger/Albertsons gets challenged

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Just imagine what would happen if, say, the Sacklers had been brought up on the same charges that a common drug dealer would have been given. Instead they were fined a portion of the profits they made selling artificial heroin.

Imagine if the executives from HSBC who had rebuilt teller windows to make it easier to accept attache cases full of dirty money while they were knowingly laundering money for drug cartels had been charged with felony murder - after all they were obviously part of a criminal conspiracy that sold drugs and murdered thousands of people. They too were fined a small portion of the decade of profits they made from human suffering.

Imagine if the donor class was treated like the rest of us.

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Jun 15, 2023Liked by Matt Stoller, Todd Mentch

Beautiful explanation, thank you Matt. It would be a shame if Illumina’s last gasp effort to restrict the FTC’s enforcement power gained traction — deSouza’s hand reaching back from his CEO grave.

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Jun 16, 2023Liked by Matt Stoller

“...where they discussed microchip implant pranks.” Had me 😂! Careful or you’ll attract more conspiracy theorists to your Substack!

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Jun 15, 2023Liked by Matt Stoller, Todd Mentch

Really very good piece.

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founding

"34 members of Congress have filed an amicus brief on behalf of Illumina." Is there a link available to the amicus brief?

Also, I would be interested in a discussion about what we consider, or should consider, corruption. I find this incredible. Members of Congress should represent voters, not corporations.

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Superb write-up. A lot of people think 'politics' only occurs within various levels of government, instead of in all kinds of organizations, especially large ones.

Also...my god, i checked the link to the WSJ op-ed page and it's like a tabloid-level celebrity obsession with the number of spiteful opinion pieces about Lina Khan. She's quite clearly living rent free in their heads. Seems like a strong indication that she's doing something right!

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Caught red-handed: Tencent's ties to CCP revealed

23% of Tencent employees reportedly members of CCP

https://www.taiwannews.com.tw/en/news/3987506

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It’s always dangerous to put too much faith in one person. Movements are more powerful than individual persons.

But in this case, Lina Khan,

FUCK YEAH!

Get ‘em! There WILL be a backlash. But for now, go get ‘em! Fuck yeah.

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Of course that is supposed to be the job of the board. They are sadly paid so they won't fire the CEO.

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Acquisitions offer a chance for executives to cash out golden parachutes, juice bonuses and incentives as revenues grow and quietly arrange kickbacks and silent bribes. 85% of mergers and acquisitions result in a loss shareholder value it would be amazing if acquisitions resulted in ceo firings

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