Congress vs Big Tech
The tech industry's four most powerful chief executives are called to testify before congress as lawmakers investigate whether they've become so big they stifle competition and harm consumers.
Grilled by Lawmakers, Big Tech Turns Up the Gaslight
"Everything all week just to give you the top five stories, and this week we're going to kick it off with the four major tech CEOs appearing before Congress. And as I looked at it, and as I watched the bits and pieces of it, it started to remind me of something, and I thought, What was that? What is that? I looked up in Webster's dictionary online, the definition of gas lighting. You know what that means? Gas lighting. It's a form of psychological manipulation. Distorting the truth. To confuse aren't still doubt is the official definition until the other person questions reality. Because there they were Amazon's Jeff because those apples Tim Cook, Facebook's Mark Zuckerberg and Google soon DARPA Che telling Congress why they shouldn't be broken up where they should be regulated. So America's CEO censors who for years have spied on all of us in a cellar data, and you tell this to be true, But Jeff Bezos actually said the on ly things People trust more than amazon dot com. Is their personal position and the U. S military, really. He's got AA lot of high hopes and not very humble opinion of himself, which I said that users clearly don't want to be tracked by those little bits of code called cookies, but Wait a minute. Didn't last year he have a speech where he defended them. Yes, he did. As a matter of fact, As for Tim Cook, he only got 30 questions compared to 60. The other Fab forgot. I guess they all like their iPhones there on the hill. And then there's Mark Zuckerberg, who argue that Facebook is not a monopoly, even though members of Congress Reference 2012 when Facebook bread they comprise 95% of all social media. And that's also right around the time that they purchased Instagram, which Zuckerberg considered a threat. He also did not remember paying teens to spy on them through Facebook research that app Which wasn't even two years ago. Maybe Mark needs little protection, don't you think? Well, the problem with these hearings is that the tech leaders or tech prose, and the folks at the hearing's not so much. One guy actually asked a question Mark Zuckerberg because he thought that Facebook on Twitter Goessling at its best, folks. Alright, Number
Lawmakers grill 4 Big Tech CEOs but don't land many blows
"Tech has its day before the House Judiciary antitrust subcommittee. Amazon CEO Jeff Bezos faced questions from lawmakers Wednesday about how his platform treat smaller retailers. There was some argument about Amazon copying gadgets. For example, his Moto's editor in chief, John Biggs, says Facebook CEO Mark Zuckerberg was asked about his platforms really Kinship with smaller companies. I think the intimation there is that Facebook was basically running around two smaller companies offering to invest and then stealing their ideas. The leaders of Google and Apple also fielded a range of questions from the company's relationship with China to censorship concerns. Big says lawmakers were under a spotlight to it also shows you how one prepared a lot of lawmakers are when it comes to technology and as a as someone who thinks about technology all day long and twice on weekends. It's kind of frustrating
Bezos doesn’t deny Amazon used third-party seller data
"Said that he cannot guarantee that his employees have never used sales data from third party sellers to develop Amazons own products. The Amazon has apologies policy against that practising in the passed. The company has denied that it engages in that practice. Meantime, the chairman of the House Judiciary Committee's antitrust panel, this is Democratic representative David said Selene, he said these companies as they exist today. Do have monopoly power, and some need to be broken up all need to be heavily regulated. American people confronted monopolise in the past, but the railroads or the oil tycoons or tea and Microsoft, we took action to ensure no private corporation controls our economy or our democracy. We face similar challenges today. This committee is basically wrapping up its a year long investigation. The number of Americans killed by the Corona
The Biggest Takeaways From the Big-Tech Antitrust Hearing
"CEOs of the four biggest tech companies testified before the House Anti Trust subcommittee today to review the tech giant's business practices. Heads of Apple, Facebook, Google and Amazon have been answering questions as lawmakers continue to find ways to rethink federal antitrust laws for more key CBS News anchors anchors Jeff Jeff Bell Bell and and Patty Patty Rising, Rising, spoke spoke with with tech tech expert expert Josh Josh Constantine, Constantine, a a venture venture capitalist capitalist was was signal signal fire fire Josh. Josh. One One of of the the things things that that struck struck me me watching watching this this morning morning was was the the scope scope of of the the questioning, questioning, it it seemed seemed to to veer veer far far from from just just antitrust antitrust issues. issues. Absolutely. Absolutely. These These senators senators who who shall shall we we spend spend most most of of their their allotted allotted time time just ranting and trying to come up with spicy sound bites to rile up their base. There's very little of the time actually asking the questions and when they did, they ranged into conspiracy theories like anti conservative bias on social media as well. It's fears about China and how U. S. Tech companies are furnishing technology for the Chinese government. What is at stake here, Josh? I mean, what is the endgame for Congress today? Do they have specific proposals in mind? Absolutely. There are a number of major antitrust cases in the works Right now the government is levying against these companies. They deal with Amazon being uncompetitive against other partners that cell on its marketplace. Google showing its results for its own products above other Internet companies and competitors, Facebook buying companies and copying them instead of competing fairly on its own on DH Apple, using its APP store. Give to take a massive cut of revenue from APP developers. Okay, So if we look at this is political theater at the risk of being a little cynical here any outstanding performances today, either from the CEOs or from members of Congress. You know, I don't really want Oh, deemed the senators and representatives actions worthwhile. They wasted so much of their time and could have gotten real answers for the American people. So they don't really deserve to be. Ah, applauded for grandstanding. I do think that some of the major points Included the reveal that there were emails showing that Mark's October talked about you buying instagram as a way to take out a major competitors to neutralize the competitive threat, and that could Beats of the reopening of the case about whether the instagram the acquisition by Facebook for a $1,000,000,000 should have been allowed on whether Facebook and Instagram should be broken apart. If you handicap things. Which of the should one of these big companies be disassembled into little pieces? What do you think Which company would be the most likely Google's businesses range the widest span of different areas. Amazon is by far the most powerful. I think in the U. S economy right now, But Facebook is certainly the one with the most political. Will they get the most questioning the most iron from the public. And so I think that they're the biggest political football for representatives to kick If they can break up Facebook. They can say that they were a champion to their people, even though it might not solve a major problem of Facebook because its scale actually helps it to prevent foreign election interference in some of the other problem. So it's hard to say which will have the most regulation levied upon it, But we're definitely seeing more and more political will to do something against companies. And that's tech expert Josh Constantine, a venture capitalist with SIGNAL Fire. Fire.
Big Tech Clashes With U.S. Lawmakers in Antitrust Showdown
"Subcommittee held a hearing today.
The Big Tech Hearing Proved Congress Isn't Messing Around
"The purpose of today's hearing is to examine the dominance of Amazon, Apple, Facebook and Google. Roger the covert 19 pandemic. These corporations already stood out as titans in our economy. As American families shift more of their work, shopping and communications online, These Giants stand to profit. Locally owned businesses. Meanwhile, Mom and pop stores on Main Street facing economic price is unlike any in recent history. Rhode Island Democrat David Cellini, opening today's House hearing with the heads of the world's big tech companies. Amazon's Jeff Bezos out of Apple's Tim Cook, Facebook's Mark Zuckerberg and Google Sunder Pitch I. The foremen faced hours of questions from House lawmakers over whether they've used their superpower status to crowd out competition. And enrich themselves. The House Judiciaries Antitrust committee, which Cellini chairs has been looking into that question for the last year. Joining us to talk about the hearing today is tech expert Tim Woo. He teaches at Columbia Law School and is the author of the book The Curse of Bigness, Anti Trust in the New Gilded Age. Him welcome back to press play. Thanks for having me here. Well, you've argued for a very long time that the's tech giants have gotten too big. What do you think today's hearing accomplished in terms of getting more support to break them up? Well, they I think there are you know, for the first time, putting the most intense documents right in front of them and seeing how they react, and I think what we've gotten out of them, especially on Facebook. Is already some admissions of anti competitive intent that to my mind, make the case for filing a complaint even stronger. And what were some of those admissions that you heard today. Well, Ah. Mark Zuckerberg was questioned about by Jerry Nadler about the his. Ah, why he bought Instagram and pretty much Zuckerberg admitted they were ah, dangerous competitors. We sought to eliminate them at Natalie reminded him that it's illegal to buy off competitors because I don't want to compete with them, and they left it there. But, yeah, that was, I think a big admission and the main thing I've taken from the hearing so far. But isn't that part of business of hostile takeovers and trying to squeeze out the competition isn't part of the American way of doing business, so there's a difference between beating out your competitors and buying them. And since about 18 90. It's been illegal to buy a company just because you're sick of competing with him. You know, you could imagine. Let's take Coke was tired of Pepsi People's Children, Coke and Pepsi, you know and said, All right, forget it. We'll just buy each other and, you know, settle the so so Now it's been illegal since 18 90 or so. Right. So when it comes to Facebook, what about the issues of how it Spreads misinformation, especially campaign misinformation, and, you know, fake news for lack of a better term. Yeah, I know. It hasn't so far. Um, it has a little bit sorry, especially hate speech. I think the big issue there that they're focusing on and Is this idea that that Facebook has an impunity because they have such a secure market position that they're not really afraid of advertising boycotts. They're not really afraid of people leaving That's the least a point that the House representatives were trying to make, and so therefore they don't really have an incentive to clean up their act. What about the other companies? Amazon that also has incredible market share. Can you first catalogue just how big Amazon is and how much bigger it's gotten since the current virus epidemic? Yeah, you know, the Amazon has closed in on the market cap of 1.5 trillion They have 280 billion in revenue. They have increased dramatically. Actually, stock prices increased since the beginning of the Corona virus by I don't know the exact percentage don't want to get it wrong, but by a tremendous amount, in fact, And there was one day in which Jeff Bezos gained $13 billion personally, so they are the biggest of big attack for the first part of hearing they didn't get any questions, but representative Dia Paul brought it in accusing them. Of lying in front of Congress about how they treat third party sellers and pressing bass. Those hard on how he runs his marketplace. So they they, they've got some of they've got some fire. Coming in. Yeah, I guess the problem. There is not only well they sell, you know products from third parties always there slow selling their own products, and so they are. I guess in competition with 1/3 party supplies on their own platform. How does that work? I mean, that's I think the acquisition or the problem is that people worry that Amazon has become more or less the dominant online retailer. They have some competition Homer, but you know, more or less dominant. So you make it on Amazon are Or you don't make it at all. And if that's the marketplace, the prospect of You come up with successful thing? I don't know Better mousetrap, and then Amazon makes their own copy of it. So the Amazon version of it and then sells it for less. You know, that turns into a sucker's game, and I think that's been the main complaint about Amazon is ah, less that they You know about their competitors or something but more that they have turned the marketplace into something of a rigged game for their own products. Right and a sweet noted Jeff Bezos is the world's richest man. Right now, the company is you outline is just so big. It's hard to even wrap your mind around it. Is there any way you could break up Amazon or hasn't just become too big to break up? That's a good question. You know, it hasn't been subject to a lot of discussion, probably for the reasons you suggest. Most of scrutiny of Amazon is how they treat the marketplace. I think for a true old school antitrust type who just believes that too much power to concentrated should always be broken. Would want to switch, you know, break Amazon into some kind of pieces. One way might be to break off their Web services division, which is a dominant in its space. You could also imagine, as with it and t breaking it into baby Amazons. I guess that are supposed to compete with each other. But I know it hasn't been unlike Facebook and even Google. Has been talks about how would you break them up? Think Amazon. It's been more about can they? Can you get them to run their at their market place better? And then Google. Obviously a search giant and it's become a verb. It's such an intimate part of who we are at this point again. How would you break up Google if you could It's a good question. Let me let me say that Google has come under fire this hearing both from Sicily knee on the idea that they are essentially eating their ecosystem That is to say. You know if you if you like like with Amazon actually similar that if You know, you could come up with a really successful Web service of some kind in your sort of small enough that Google will make a version of it and then send all the traffic to it so that that's the accusation against them. As for you know, what would you do to Google one You could say, don't do that. That's what the Europeans are trying to dio. Another would be to say, Well, listen, it Google, you run the search part and just leave it there. Don't do everything else. Okay. Maybe run Gmail, maybe right maps. But all these other little things that are just clones of other companies. Stay out of that, or make them be independent companies. I should add. By the way, there's you know, I'm maybe we get to this, but there's been AH, Google face us a lot of Republicans during the hearing, talking about different issues. Trying to get Google to admit that it Ah Is too friendly to China. Eyes too unfriendly to the US Pentagon. That's been another theme of this hearing is that I think should be mentioned. Well, you bring up China, and I guess the argument against breaking up these companies is that they're competing against Chinese companies, which In many cases have the backing of the state and there's there's no limit to their monopolistic practices. And so if these are global companies, should there be different rules when it comes to monopoly now than there were, you know, back in the 19th century. Yeah. Or the 20th? Yeah, that is the argument. So you know, kind of goes like this. If you break up Facebook or make fix books, life difficulty the Chinese will take over. It's kind of a national champion like argument. So we have to have our guys. Um I don't find it convincing at all. Last time we heard that kind of argument was when Japan was the all great mighty power that was going to take over everything in America. And they said it so you can't break up the tea and you can't break up IBM. I think we've had a better track record. Forcing American companies to be competitive. It's not breaking them up, at least putting him under heavy scrutiny like Microsoft and hoping a new generation arises. So yeah, I think that's a pretty lame excuse not to enforce the law that put it that way. So what do you think is going to come out of this? You know, I think from what I've heard there was some documents that were coming out of this that nobody has seen. And I think they put more pressure on the administration and also the states to file complaints. I would not be surprised if Google ends up on the receiving end of an antitrust complaint before November. And after this hearing, I wonder of Facebook's gonna get 12 or whether that's going to be something that the election decides. But, yes, I think it adds to the pressure to file actual cases as opposed to talking about it.
Zuckerberg paints Facebook as a 'proudly American company'
"Tech CEO is not to answer further company's practices before Congress today, possibly the company with the biggest microscope on them. Today, of course, will be Facebook and Mark Zuckerberg, particularly with their role and misinformation and haste. We know there's an Ongoing at boycott from some of the world's biggest friends on possibly pushing back against Chinese competitors like Tic Tac, Mark Zuckerberg said in his testimony, which CNN obtained overnight that Facebook is proudly an American company correspondent Donny Oh Sullivan, the
Jeff Bezos will testify about how Amazon is the quintessential American company
"Largest tech companies are due to appear before Ah House Judiciary subcommittee on Anna trusted to answer questions about whether they have become and a competitive and won't return. Now to Emily Chang. She is anchor of Bloomberg Tech. We were rudely interrupted before I'm delighted you could be back with us, Emily So let's talk about this. We're talking about the four cos they're all big. They're all tech, but they're actually quite different company. One from the other. How can there be a through line from this investigation on these four different companies? Absolutely, And that's a very good point, David, Each of these CEOs of each of these four companies could have their own multi day hearing. The issues are very different with Facebook. It's misinformation and advertising with Google is advertising and search, which, with Apple, it is The APP store with Amazon. It is how these companies treat third party sellers. Jeff Bezos is somebody that we're really going to be watching here, the CEO of Amazon and also the richest person in the world because he's never testified before Congress before, and there are a lot of people who want to hear what he has to say in his prepared remarks, which were also a little bit different. From the rest. He talked about how his parents invested in Amazon in the early days. A typical and true American success story. He's also the owner of The Washington Post says that that could bring out a little more idolatry from the lawmakers. We don't know, but it's definitely going to be interesting to see how these lawmakers throughout their questions because they could basically ask anyone Anything at any time. So there's a chance that this could be all over the map, especially given that this is a virtual hearing. You're gonna have some of the lawmakers in the room. The hearing has been delayed because they're basically cleaning up from the last hearing. You've got staffers inside now washing it down. But all of the CEOs will be calling in virtually So
Facebook's Zuckerberg at Big Tech Hearing: "We Compete Hard"
"Of criticism from both sides of the political spectrum. This afternoon, CEOs of Silicon Valley's biggest companies are testifying virtually on Capitol Hill to an antitrust subcommittee. Big tech, especially social media companies have earned bipartisan criticism Antitrust subcommittee to Chairman David Cellini simply put They have too much power. Facebook's Mark Zuckerberg, we compete hard. We compete fairly. We try to be the best. Meanwhile, Republicans like Ohio's Jim Jordan accused them of censoring conservatives. What's not great is censoring people censoring conservative and trying to impact elections. Steve Dorsey, CBS NEWS Washington knew this
Jeff Bezos Touts Amazon's Job Creation Efforts in Congressional Testimony
"Of Big Tech is under scrutiny on Capitol Hill with Facebook's Mark Zuckerberg, Amazon's Jeff Bezos, Sundar Pichai of Google and Tim Cook of Apple, all appearing before the House Judiciary Committee. Bezos says he's proud of the jobs that Amazon has created. The trust customers put in us every day has allowed Amazon to create more jobs in the United States over the past decade than any other company. Hundreds of thousands of jobs across 42 states. Lawmakers are looking at whether the companies have grown too big and powerful and whether that growth is stifling competition and innovation and raising prices for consumers.
Trump threatens to use executive orders against Big Tech
"Of the four of the largest tech companies air testifying in front of House Judiciary Committee's antitrust subcommittee today. It's the first time all four execs Amazon's Jeff Bezos, Apple's Tim Cook, Facebook's Mark Zuckerberg UN's Google's Sundar Pichai have testified together. Antitrust subcommittee chairman Congressman David Cecil. Any of Rhode Island says they're a lot of questions that need to be answered. More than a year ago, this subcommittee launched an investigation into digital markets. Our two objectives have been to document competition problems in the digital economy into evaluate where the current antitrust framework is able to properly address them ahead of that hearing, the president tweeted. If Congress doesn't bring fairness to Big tech, which they should have done years ago, I'll do it myself with executive orders.
Is it time to break up Amazon?
"Today with the CEOs of Apple, Google, Facebook and Amazon. Testifying virtually before the House antitrust subcommittee, which is investigating the market dominance of online platforms, the subcommittee is tasked with making potential recommendations on new competition laws. Or even breaking up Cos. Inverness Council chief investment officer Tim Ghriskey says If he had to pick one of those companies to be broken up, I'd probably say you know, Amazon is more easy to separate. Into a couple of companies than a lot of those the other's S O. That's probably where I would start, Ghriskey says. If any of those companies were broken up, the ensuing companies would wind up being worth Maurin total than the original company and shares in Apple, Facebook, Google and Amazon all heading higher today, around 1%. Pending home sales
Tech's four biggest companies are going on trial
"Important tech hearings up on Capitol Hill, where the CEOs the four largest tech companies are due to appear before Ah House Judiciary subcommittee on Anna trusted to answer questions about whether they have become and a competitive and won't return. Now to Emily Chang. She is anchor of Bloomberg Tech. We were rudely interrupted before I'm delighted you could be back with us, Emily So let's talk about this. We're talking about the four cos they're all big. They're all tech, but they're actually quite different company. One from the other. How can there be a through line from this investigation on these four different companies? Absolutely, And that's a very good point, David, Each of these CEOs of each of these four companies could have their own multi day hearing. The issues are very different with Facebook. It's misinformation and advertising with Google is advertising and search, which, with Apple, it is The APP store with Amazon. It is how these companies treat third party sellers. Jeff Bezos is somebody that we're really going to be watching here, the CEO of Amazon and also the richest person in the world because he's never testified before Congress before, and there are a lot of people who want to hear what he has to say in his prepared remarks, which were also a little bit different. From the rest. He talked about how his parents invested in Amazon in the early days. A typical and true American success story. He's also the owner of The Washington Post says that that could bring out a little more idolatry from the lawmakers. We don't know, but it's definitely going to be interesting to see how these lawmakers throughout their questions because they could basically ask anyone Anything at any time. So there's a chance that this could be all over the map, especially given that this is a virtual hearing. You're gonna have some of the lawmakers in the room. The hearing has been delayed because they're basically cleaning up from the last hearing. You've got staffers inside now washing it down. But all of the CEOs will be calling in virtually So your comments suggest there is another person not in the room who may be quite important that is Donald J. Trump the president, United States He's not been shy in his criticism of some of these tech companies at all. What is the potential influence of the president here? Absolutely. And David we actually just in the last half hour, So got another tweet from the president focused on Big tech, the president tweeting. If Congress doesn't bring fairness to Big Tech, which they should have done years ago, I will do it myself with executive orders in Washington. It has been all talk and no action for years and the people of our country are sick. And tired of it. Of course, the president tweets themselves have been the subject of much controversy, especially how Facebook in particular has handled his tweets. The one about looters and shooters threatening violence on the American people threatening violence on protesters in Washington, D. C. Facebook has made the decision to let those posts stand unflagging not behind. A warning of any kind, and that has kicked off. Ah lot of controversy. Facebook is in the middle of an ad boycott. Right now, you've got massive advertisers who have pulled their advertising from Facebook for the month of July and some for the foreseeable future. So you can expect Facebook to be the subject and Mark Zuckerberg in particular, probably of the most iron from these lawmakers. Lots of concern. About anti conservative bias on the right and also concerns from Democrats as well. You've seen Vice President Joe Biden, the Democratic presidential candidate, also taking aim at Facebook, and in fact, President Trump has already used his executive powers to sign an executive order asking The FCC to take a look at old laws that give companies like Facebook and Google and Twitter protection from liability over the content that those users users post so we could expect that to be a really hot button issue today. Well, it's a fascinating point. This is Washington where the rules as we both know are different, but this is the antitrust subcommittee, the House Judiciary Committee. Theoretically, they're supposed to do with competition issues. Not the substance of speech. And yet I wonder whether it would be a fair amount of questions that have nothing to do with that. I trust her competition at all it has to do with political bias. Absolutely. And look, I've talked to all of the company's going into this. They're expecting questions to be all over the map. It is not all going to fall under the antitrust umbrella, and we know that at some of these lawmakers, we're gonna have sort of personal bones to pick with these companies whether or not one of their posts personally was flagged. Or not, And it's been interesting hearing from the critics as well. You've got CEOs of other big tech companies like the CEO of Spotify, the CEO of Epic games and maker of Fortnight. I've spoken to these folks in the last couple of weeks in the last couple of months, and they've been speaking out about thes companies saying that Apple, for example. Is American, Apple and Google are a duopoly. You've heard a lot of criticism going into this about how these companies run their businesses, and that's what these lawmakers have been hearing now on. The other side of these four companies have massive lobbying operations that they've turned over. One source told me voluminous amounts of documents, millions and millions of pages. Stating their case stating their side to make sure that these lawmakers are informed and we should hope that these lawmakers are going into this with with some level of the right information you know in the past. When Mark Zuckerberg, for example, testified before Congress for the first time, some lawmakers didn't understand how Facebook's business model actually worked. So we'll be watching to see whether or not these lawmakers actually understand the businesses and the points That they want to make. It was a famous exchange. How do you make your money If you don't charge for, he said, Well, we sell advertising Senator. That was quite an exchange. Emily. Thank you so very much Want to treat you have you with us? That's Bloomberg technology anchor Emily Chang, and we're going to bring you the hearing when it finally gets underway on Capitol Hill. Meanwhile,
Are Amazon, Apple, Facebook, Google Too Big?
"Four titans of Tech are expected to testify virtually to the House Judiciary subcommittee on antitrust. Amazon's Jeff Bezos, Apple's Tim Cook, Facebook's Mark Zuckerberg and Google soon dark pitch high here to preview this star studded panel is our own star needs. Rachel Myrow, senior editor of Our Silicon Valley News desk. Hello, Rachel. Shocks. Hello, Brian. Just for context. Here is a challenge for the two of us who both worked at market place back in the day. Can you tell us how big these companies are without using a dollar figure Using a dollar figure? Okay. Facebook has roughly three billion with a B users across various social platforms. That's user numbers figure. Amazon controls 38% of US online sales. Wal Mart, For contrast, is Amazon's nearest competitors, not even 6% like not even in the game. Google process is about 90% of Web searches globally Apples APP store. You're there. You're nowhere in the apple universe. They take a 30% cut. 30%. Brian. Wow. You did it all right. Four very different companies. Four key parts of modern life and that raises for different sets of antitrust concerns, right It does indeed, And that face is big questions about what lawmakers hoped to accomplish with this hearing today, right? I mean, even though all of them are reportedly targets of probes by the Justice Department Coalition of State attorneys general, we could take all day talking about any one of these tech titans. All right. So let's pick one. Okay, I'll pick one. Amazon. You're a prime member, right? Yeah, me and just about everybody else in America. If I make and or market a product, I have to be on Amazon to sell it to America, and I have to pop up early in the rankings. When American shoppers search for my thing I have to pay Amazon to make that happen. Amazon, by the way, has been known to copy and prioritize marketing. Of its name brand version of popular third party products otherwise known as stealing or counterfeiting. Amazon also criticized for failing to shut down other counterfeiters. Let's say somebody else who shouldn't be making my product is making it and according to the Wall Street Journal fairly recently Amazon's venture capital fund steals ideas from tech start ups that pitch to it, So that's just a short list of things Amazon critics have to say about that company. Wow. So back to this question of why the House Judiciary subcommittee is holding this meeting today. Officially, it caps a big investigation. More than 1.3 million documents gathered. Yes, indeed. And I had to tell Brian it is anybody's guess. How much time Will actually be spent on that investigation. Despite that number of documents as opposed to the other hot, we hate tech topics like election security, hate speech and political bias. Wow. Well, Rachel, thank you. You bet. Cheese. Rachel Myrow, senior editor of Silicon Valley News Desk.
Tech Giants Gird for Tough Hearing in House Antitrust Probe
"Of the minds on Capitol Hill today. Big Tech testifies to lawmakers as the heads of Facebook, Apple Google And Amazon will be grilled on antitrust concerns. Facebook's Mark Zuckerberg, Google's soon DARPA Chai Apple's Tim Cook and making his first appearance before Congress Amazon CEO Jeff Bezos will all appear virtually before the House Judiciary subcommittee on antitrust as the subcommittee has been conducting a year long investigation of big tax market dominance. A central issue for lawmakers, as they reviewed these massive companies is whether existing competition policies and century old antitrust laws are adequate for overseeing today's tech giants.
Jeff Bezos' First Time: Amazon CEO Faces Testimony Before Congress
"A focus on Capitol Hill, The CEOs of Amazon, Facebook alphabet and Apple face a hearing on antitrust issues. Today, Sarah Friar covers the tech industry for Bloomberg. It's going to be quite historic because these men had never testified together in just days case. He's never testified at all. This will be his first time on the stand, so it is going to be quite noteworthy. Jeff Bezos, Mark Zuckerberg, son DARPA Shy and Tim Cook a run companies with the combined value of nearly $5 trillion. They'll face questions about privacy breaches, election misinformation, and the spread of racist and violent content will bring it all to you Live on Bloomberg radio and television at noon Wall Street Time. Also in
Apple, Amazon, Facebook and Google Testify Today
"Tech CEOs will testify before Congress Congress today. today. Mark Mark Zuckerberg, Zuckerberg, Jeff Jeff Bezos Bezos soon soon our our pitch pitch and and Tim Tim Cook Cook are are said said to to answer answer questions questions for for their their company's company's practice practice is is part part of of the the House House panels panels investigation investigation of of market market dominance dominance in the industry. Addict's question whether they stopped competition and innovation and raise prices for consumers will be testifying remotely.
Big Tech Funds a Think Tank Pushing for Fewer Rules. For Big Tech.
"Dig. Tech firms are schmoozing regulators into to not doing their jobs. Thirty four anti-trust officials were wined and nine last year by the global anti-trust into the suit, a part of the Antonin Scalia Law School at George. Mason University in Fairfax Virginia basically don't regulate us. Please enjoy this delicious meal. Global Antitrust Institute is funded mostly entirely by big companies affiliated foundations including Amazon Google qualcomm George Mason I covered it when I was at the Washington, Post they were always doing this kind of thing like putting up, you know. Being very friendly to corporate corporate citizens as I recall during this time when they were just getting started. Trying to attract a bigger level of professor there and so talk about this Mr Academics in terms of these things that get funded at universities, you institute Scott. Galloway Institute of Jabal Thank for example. That's right. like it's it's were. Universities are not immune from the lure of capitalism and a big component of. Your ability to get tenure is to get research funded, and it's difficult if you WANNA know. If. You WanNa. Know the outcome and a conclusion of research. Just find who's paid for it. Yeah, and in the case of most academic research. It's a lot of times it's funded. By nonpartisan sources are the university itself, and so if there is a a lease bad version of peer reviewed research, you're GONNA. Find it typically universities, but these think tanks if they're funded by. Certain And we have him on the left care we fund. We found groups to do research to basically support our know our narrative so i. don't think this is anything unusual. The question is abound power in that is. In addition to this think tank Sarah now more fulltime Amazon. Lobbyists making I would bet somewhere between four hundred eight hundred thousand dollars a year. Then there are sitting US senators now one hundred full time lobbyist from Amazon living in DC, taking all of these nice women and men to to golf into dinner and saying hey, we just a big fan of your leadership. We fight to get involved in your campaign by the way when this whole antitrust off comes up. We assume that you're you're for capitalism. Your four consumer lower consumer prices. And this is the danger, but I don't think these think tanks. We have on both sides nervous now whenever I time talking to one today and I was like Oh, where did you get your money? Like I never thought this like in terms of. The university and I was like I'm going to have to check in case, I'm. Saying something that sounded reasonable, but it was sort of like who's paying your bills and you know there was some controversy around some of this Kobe testing of where these these researchers have, it just feels like a lot of steph feels. Bogus like. It feels bogus when they're doing this and they're trying to influence, but I think many some universities are doing real research. Others are much more pay for play and I think that's that's really when I was a does. You've inspired her synapse farmer talking about this when I was? Five years into my Nyu Kerr invited me to a meeting where they were talking about doing some research about around financial markets and the impact on IPO's and They admitted meeting. And there was someone from the Nasdaq, and they were willing to fund it Funds Research and fund even fund center, and as one of the guys in the meeting Professor Bruce Buchanan who I think's one of the clear blue flame thinking economists in the world you know at the end of the meeting, said a not comfortable with the Nasdaq taking money. Money from the Nasdaq for research around the financial markets, because ultimately we're. GonNa end up saying that that the Nasdaq has the right you know. He just wasn't comfortable with private enterprise being injected into academic research, and then the meeting ended and I was like what the hell are you thinking? We have an opportunity to go great research here. Don't so pedantic. And as I've thought about it I'm wrong and he was right. Yeah, you can't help it. You can't help, but if they're paying for like all the smoking ones so much damage in terms of like smoking wants. We're like cigarettes aren't bad. That went on for a long time and Whatever the whatever the research is, it just seems like if it's cooked, it's cooked then. How do you pay for like the university should presumably just pay. Pay For right and live and die on the quality of the research, but that's sort of naive. I suspect you in the majority of about any sort of fifteen year overdue apology to a Professor Buchanan Vice. Chancellor Ingo Walter felt the same way that this was just. This creates too much opportunity for bias research so anyways. Net Net in it's a sample size of one, but Nyu takes that got role being a neutral arbiter very seriously. and. You have these funding you know. I'm thinking of all the different organizations are they seem like the like their criminal justice stuff Very Friedman! It feels like it's really good research right now, and that's the thing it's like who you have. They should at least be very clear about who's paying for it, so you know and and what they might turf. What what the what reports they might put in the drawer like the government is doing right now,
Rep. Matt Gaetz files criminal referral against Facebook CEO Mark Zuckerberg
"Facebook, and I'll have to admit I have a dog in the fight. In this case, we have a Facebook page. It's a number of years old. It's got quite a number of followers to it. Not as many as the big Hollywood celebrities, but Listen, I'm glad for every single one and we didn't buy one of them some people by their followers. I don't If people want to follow my Facebook page, that's fine. I think we put up good content there. But I do have a beef because Facebook has on occasion either Shut us down and not for anything that was untoward. Many times. They just say we don't know why it shut down. Your site just doesn't work. But there's a reason that conservatives do not trust Facebook. Mark Zuckerberg, I think broke the law when he told Congress that his company is politically neutral. Gateway Pundit Reports of Congress and Matt Gates today filed a criminal referral against Facebook CEO Mark Zuckerberg. And why what crime did he commit? You lied to Congress under oath that is a federal crime gate cited Project Veritas undercover investigation that found two brave whistleblowers. And he sent a letter off to the US Attorney General Bill Bar, his press really said during a hearing of the House Energy and Commerce Committee and a joint hearing of the Senate Judiciary Committee and the Senate Commerce Committee. Mr Zuckerberg repeated that's the head of Facebook, Of course, Mark Zuckerberg repeatedly and categorically denied that his company engaged in bias. Against conservative speech, persons policies or politics. He also denied Facebook censored and suppressed content that was supportive of President Donald Trump and other conservatives. In June of 2020 project Veritas published the results of an undercover investigation featuring two whistleblowers who worked his Facebook. Content moderators revealing that the overwhelming majority of content filtered by Facebook's A I artificial intelligence program was content in support of President Donald Trump. So in other words, they were filtering out pro trump content. They also filtered out content related to Republican candidates for office or conservatism in general oversight is an essential part of Congress's constitutional authority. I think that Mark Zuckerberg knows exactly what they're talking about. And if it is the CEO of Facebook, he doesn't know all he needs to do is call in the people in charge of content, moderation and say, Is there a pattern to what we are excluding? And is there a pattern to what we're including if he didn't do that before he went to talk to Congress? Then he did it deliberately. You know, if you know that you're going to talk to Congress and you say, what are they going to ask me about? Well, they're going to ask me about conservative content filtering. Great. I'm going to call in the heads of those various departments and I'm gonna ask him straight out. Are you filtering Mohr Conservative content. If you are, I need to know And if we are, then we need to either justified or Corrected one of the other if he kept himself deliberately ignorant of the facts of things going on inside his own company. That's not an excuse to lie to Congress. And maybe maybe this criminal referral will actually get his attention. By the way, I got this e
Tech's Top CEOs Prepare to Battle Congress in Antitrust Hearing Set for Wednesday
"Big Four going to testify before Congress this week. The high tech CEOs are supposed to answer for their company's practices for big tech CEOs will appear Wednesday before the House Judiciary subcommittee to discuss antitrust issues. The Judiciary Committee has already been conducting an investigation over the past year with a focus on the tech giant's market. Dominance and that effect on consumers. It's the first such congressional review of the tech industry. The investigations are seeking to find out if existing competition policies and century old antitrust laws are adequate or if new legislation is needed in the Internet age before CEOs are expected to testify remotely. Scott Sam's NewsRadio 10 80 k R. L D.
Epic Games CEO speaks out against Apple, Google app store 'monopoly'
"More on the trust antitrust front the CEO of epic Games, says that Apple's APP store is an absolute monopoly, and that Google's control of android essentially stifles competing stores. So. He knows that there's more than one APP store then. An piece published late last week CNBC had epic CEO Tim Sweeney Railing against both companies. Where apple is concerned, CNBC cuts to the heart of the matter, the epic game store access a platform for both windows and the Mac taking a twelve percent cut from game makers. But says the report, the game store has yet to launch on iphones because apple has strict guidelines preventing competing software stores on the APP store. This elicits words from Sweeney somewhere between fighting and APOPLECTIC. CNBC had CEO saying apple has locked down and crippled the ecosystem by inventing an absolute monopoly on the distribution of software on the monetization of software. They're preventing an entire category of businesses and applications from being engulfed in their ecosystem by virtue of excluding competitors from each aspect of their business that they are protecting. Sweet also upset with Google. which he says essentially intentionally stifles competing stores. By, having user, interface, barriers and obstruction. Sweeney had been able to side load the game fortnight on the android phones though. That was difficult for the end user. Then Google said there was a security problem this installer. Eventually he started offering fortnight through the Google play store, which meant paying Google thirty percent of money made from downloads. And CNBC things said that is Sweeney's real issue. Addressing the fact that apple has a billing system breads APP store while Google has own billing system for the play store. Sweeney is quoted as saying if every developer could accept their own payments and avoid that thirty percent tax by and Google, we could pass the savings along to our consumers and players would get a better deal on items. And he'd have economic competition.
Tech CEO Antitrust Showdown With Congress Set for Wednesday
"Tech CEOs will face questioning from Congress this week. We get more from Bloomberg's Susanna Palme. A statement from the House Judiciary Committee says chief executives of Amazon Facebook alphabet and Apple will testify before a rescheduled congressional hearing on antitrust in Big Tech at noon on Wednesday hears Bloomberg reporter Sarah Friar, There's so much Lifting pressure and trying to hold these companies accountable. They are popular thie hearing with Jeff Bezos, Mark Zuckerberg, Sundar Pin shy and Tim Cook was postponed from tomorrow because of plans to honor the late civil rights icon John Lewis at the Capitol. Susanna Palmer. Bloomberg Daybreak Asia.
Tech Antitrust Hearing: What to Expect From Apple, Facebook, Amazon, Google
"Wednesday is going to be interesting. The HAUSCH Hausch judiciary. Antitrust Committee man. The House judiciary antitrust subcommittee. Will have a hearing. About big tech at which we are going to see some big tech guys the CEO's of Apple. Tim Cook facebook Mark Zuckerberg Amazon's Jeff. bezos and Google Sundar Pichai. That's the big. The only thing not in there in the fangs. Fangs! That's what the stock market calls it facebook. Amazon, Apple. NETFLIX's in Google. So. There's no Netflix there I don't think that we don't always Netflix Netflix. No they're not a monopoly apple. You might not really know because They only do Mac stuff and iphones. They're not even there about half the market of smartphones in the US. That's not monopoly. facebook well. There is no other facebook, but they're not the only social network. Of course they do on instagram and WHATSAPP so that means they pretty much dominate. Three big social media categories messaging photo sharing. And Life Sharing Amazon! Monopoly. No Walmart just started their competitor to Amazon prime. Walmart plus. Hundred Bucks, you get this. You know a year. You get the two day shipping and all that. So I mean Walmart's Ju- Amazon one hundred percent, but you know it's powerful. And then Google, which does. Dominate. I think it's eighty percent of searches. It's not not ninety ninety five. I don't know what the threshold for trust is low. It's higher than eighty percent. So, these guys are not monopolies, even though they're going up in front of the antitrust subcommittee, they're they're really just very powerful tech companies there seems to be some concern. that. These have become too powerful. What do you think, are they? They're they're wealthy. They generate a lot of money, but that's because very successful, right? FACEBOOK controls. Pretty much I think you know at least mind share control social media twitter others. Twitter's out there. Yeah, a facebook cutting controls it. And I think the concern with facebook is they have so much power. What don't they all not apple so much but Amazon. FACEBOOK and Google lots of power. If it's not on the Google search. Does it exist on the Internet yeah not really. Go how you find it. So, that's a lot of power, Amazon. While, they're not the only online commerce by any means. The pretty darned dominant, aren't they? And and their rapidly getting more and more of the market share and more and more of the mind share their big I think big is the only thing you could say about these guys. They're just big apple, big, biggest biggest, most valuable, anyway, corporation history of human endeavor, one and a half trillion dollars. But that's the stock market value and part of that is pumped up. Because apple keeps buying back its own stock, they invest billions and billions in the buying their own stock, which increases their market value, their market capitalisation as the. Jim Cramer would say it. CAP PD? I don't know if the stock market has to do with reality anymore I don't. I don't think I don't think I honestly. Congress has a clue about what to do about this. The Republicans will be asking him about bias anti conservative bias. The Democrats will be asking of about monopoly too big too powerful. To dominant. Both sides are worried about them for different reasons, but it's Kinda the. TAME same reason for different reasons. I wait it'll be fun. It'll be fun. It's always fun to watch. Primarily elderly congressman. Try to understand this stuff. What is, how do I get onto the facebook? Always enjoyable always. Always, laugh.