The U.S. Needs Conglomerate Merger Legislation

A federal court recently held that there was no antitrust problem with AT&T purchasing Time Warner for $86 billion. In the judge’s view, this consolidation didn’t offend the merger law as it now is interpreted. Nor could many far-larger transactions be blocked under current antitrust doctrine.  For example, one of the largest U.S. companies in terms of market capitalization is Apple, which at one point hit the $1 trillion mark. Today, Apple could lawfully merge with Amazon (which has  about $800 billion in market capitalization), and also with other incredibly large firms (e.g., Exxon/Mobil and JPMorgan Chase), so long as … Read more