21 Burst results for "Lena Khan"
Monitor Show 14:00 10-01-2023 14:00
"Interactive brokers' clients earn up to USD 4 .83 % on their uninvested, instantly available cash balances, rates subject to change. Visit ibkr .com slash interest rates to learn more. Thanks for listening to us here at The Big Take. It's a daily podcast from Bloomberg and iHeartRadio. I'm Wes Kosova. Stay with us. Today's top stories and global business headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is a Bloomberg Money Minute. When FTC chair Lena Khan announced a lawsuit against Amazon this past week, she did not mince words accusing Amazon of unlawful tactics and a coercive scheme, practices that cost you money, anti -discounting tactics, the FTC accusing Amazon of playing games, monopoly, a nice, ruthless, money -hungry family game. But if the FTC proves its case that Amazon is acting like a monopoly, what remains unclear is what will actually happen to Amazon. Terry Haynes of Pangea Policy says he sees no sign that a judge would order a breakup. What this comes down to is suggesting that tweaks would be enough. That's a long way from structural separation. Then again, the complaint does use the term structural relief. In antitrust lingo, that often means breaking up a business. Amazon says what the FTC is looking for would lead to higher prices and would hurt businesses. Michael Isak, Bloomberg Radio.
"lena khan" Discussed on This Week in Tech
"Gigi soane. They fought. They fought for months, 16 months or nomination has been stalled. She's finally withdrawn, which is a loss for all of you listening because she understood net neutrality. She was fighting for the good fight for us, not for the telecommunications industry, which is of course why certain members of Congress decided and cable and media industry lobbyists decided to hit below the belt and attack the fact that she was gay and it's appalling. It's appalling. It also means that there's a two two split, which means a lot of the things that we would like to see the FCC do to make the world a better place won't happen. Thanks, Joe Manchin, among other people. Joe Manchin. Well, it's also thanks to the influence of money in politics because a lot of billboards were bought in states where democratic members of Congress were in purple states where their seats were kind of at risk. So Mark Kelly of Arizona is against it. Let's see. I think in Nevada member of Congress who didn't support it. And if you don't get those votes, you can't get the nomination through. It's just so frustrating, especially if they put Lena Khan in as the chair of the Federal Trade Commission. I'm like, the distance between Gigi solon and Lena Khan in terms of where they are on the political spectrum, how they align with Biden's positions on regulation. It's very small. Gigi's absolutely qualified. She's all the history we know all about her. We know she stands, she doesn't, I mean, the problem is when people don't invest in interest, that makes vestige interest very unhappy. And I think that's what happened. Among the groups opposing Gigi son was the fraternal order of police who criticized her rights, her tie to the electronic frontier foundation, her ties. Because the EFF is fighting to protect encryption and the fraternal order of police wants law enforcement have access to encrypted data and since the EFF is fighting for it and she is somehow associated with it, the senator Jacqueline Rosen from Nevada, the democratic center from Nevada, also didn't vote for her. So Biden didn't put Biden didn't do a full court push on her. I don't think he saw it. His administration, yeah, his administration didn't see it as important. A fight to get her in place and he should have because I think it affects the role of the FCC has overseeing media. Plans too, because that has to go through the FCC. So she's since he's pushing to make more tech infrastructure defined as infrastructure infrastructure as we understand it. There is some good news coming out of The White House, the administration has proposed a new security framework which interestingly would hold software companies liable for security issues with their software. They've been pushing for this since they got into The White House. If you take a look at the first year of the Biden administration, almost every month there was either an executive order or a meeting with somebody where they've been really focused and consistent on the messaging that companies need to be held responsible for data security, data security is a national security issue. Companies have an obligation if they're going to operate within the U.S. to uphold a reasonable standard of security for both nation and citizens. They've been hammering this message home for years for two years now. And this honestly just feels like more of the same. They also now say that cloud security is a huge problem. Government is saying they're embarking on the nation's first comprehensive plan to regulate the security practices of cloud providers like Amazon, Microsoft, Google and Oracle, because they say, if it's disrupted, it could create a large potentially catastrophic disruption to our economy and our government, it would take the Internet down like a stack of dominoes. So that's I think it's really broad stroke. There's a lot of regulatory issues in cloud computing that I think we're going to see both state and federal governments and diplomatic organizations grappling with for the next few years, because in addition to just the data security in the sense that we don't want bad actors hopping onto our hosted cloud service and sucking down everything, you're also going to have industry specific compliant issues along the lines of our industry industry requires all conversations to be recorded. These recordings have to be secure. And you have to be able to guarantee the methods of security up to our country or state requires that this data has to be kept secure and private and you have to make sure the individual users privacy is respected in all cloud transactions. And what we've seen from companies overseas is the art, especially the EU is on this. She's on a pizza. Where they're arguing, it doesn't matter where the data is hosted, what matters is if people within the EU's jurisdiction are affected by how you're hosting the data and what the privacy measures are. And since one of the chief attractions of the cloud is you don't have a one to one physical location. I'm in this physical location. That's it. We're genuinely looking at something where the U.S. is going to have to really coordinate aggressively with other countries on what does it mean to what are the minimum security requirements, what are the minimum privacy requirements? What are individuals rights when it comes to their data in the cloud? Or their
"lena khan" Discussed on On The Media
"Compete with this. Why do you just need to buy them out? Yes, exactly. You know, trying to cut off these kinds of anti competitive practices that have made the tech companies so big. So we can think about Facebook's acquisition of Instagram and WhatsApp, making it one of the most important communications platforms in the world. And federal judge looked at the FTC's efforts to block that acquisition and said, you know, I don't think that this is a good legal argument. They could have challenged it further. They didn't. So meta is acquiring within. But a lot of the guidelines that are coming out are going to really focus on this exact kind of acquisition. So acquisitions happening in emerging markets. So cutting off potential anti competitive conduct before markets even come to fruition. And that could really, according to the con and her allies, create competition from the outset, but it also is a very controversial legal position. Let's talk about the crackdown on tech companies collecting personal info. What is the agency doing to sort of stymie or regulate this practice? This is a rule they announced late last year. It's currently in the public comment period. But this is the FTC trying to do one of the missions it's actually tasked with, which is protecting user privacy. Congress for a really long time has tried to come up with a federal privacy standard. They keep hitting the same roadblocks over and over. It's been years of this gridlock in Congress. So the FTC is maybe going to step in and say, okay, you guys aren't able to create new laws, but maybe we can come up with protections for consumers using what we have at our disposal. You'd think that Republican members of Congress would be into this given their stated, frustrations with big tech. Right. I think that this comes down to the kind of war for the soul of the Republican Party and its relationship with business. I know that sounds absurd, but it's about, are we the libertarians? Are we the Coke network? Are we the party for the free market? Or are we populists? Are we against big companies? Do we think the government has a role to play here? And I think that Lena Khan's bipartisan confirmation was a win for the populist wing. Ted Cruz was out there saying, I'm so excited to work with you.
"lena khan" Discussed on On The Media
"Ultimately, that's not the situation we have today, courts overruled that is unconstitutional. But it really just goes to show that the FTC can often become the target of deregulatory powers in Washington. Coming back to the present, you said that tech and business groups, as well as some funded by Charles Koch, are homing in on Khan as one of the primary symbols of what they see as wrong with Biden's agenda. Khan has been mentioned in 43 op eds editorials and letters to the editor in The Wall Street Journal since 2021, meanwhile, Jonathan Cantor, who heads the Department of Justice's antitrust efforts only appears in 5. What does the pushback against Khan look like? What are people saying? One thing that really stands out about it is how personal it's become. It's not just about an agency overstepping its authority, it's also about this woman in particular and how her leadership at the agency is polarizing. It's divisive and it needs to be reigned in. And we saw how personal these attacks can be when the Republican FTC commissioner Christine Wilson, a couple of weeks ago, announced she was resigning in a Wall Street Journal op-ed. She said, I'm always okay with disagreeing on policy, but I really disagree with how Lena Khan and her allies are leading the agency, how they're breaking with norms, how they're bucking the establishment. It wasn't just about, oh, I don't like this agenda. It was also about Lena Khan herself and how she is the embodiment of government overreach. You've said that Lena Khan is a useful political foil. And the way she's discussed kind of mirrors that obsessive conservative ire that we've seen previously deployed at Elizabeth Warren and Alexandria Ocasio-Cortez and you're about this amazing moment when Jim Cramer of CNBC started bad mouthing a policy, he thought was pushed by Lena Khan, only to learn that he was actually talking about a lawsuit waged by the Department of Justice.
"lena khan" Discussed on Bloomberg Radio New York
"Challenge. Do you think there's any chance that they would? I think it's probably unlikely. First of all, as I said, the deal's closed. The companies are going to integrate. So even if they went before the judge and 9 months from now or ten months from now, they had a decision that was good for them. I doubt the judge would actually unwind the deal because it's just, you know, your unscrambling the eggs. And also, they recently lost in front of the administrative law judge a somewhat similar suit based on potential competition. And they may be worried that what they'll come out with is worse than what they've come out with from the district court. So I suspect they probably won't. You know, I always have heard that these agencies have an easier time before their own in-house judges than in federal court, but you're saying the standards were higher before the in-house judge. So in this case, the standard was higher because the FTC was seeking just a preliminary injunction. So they're not seeking an order that the deal is anti competitive. There's simply asking a judge to look at the likelihood that they could win on the merits, the likelihood that they could prove in a bigger and more drawn out proceeding that the deal would violate the antitrust laws. And all that they really have to do is raise questions that make it fair that it would be fair to dig in deeper, right? Whereas in front of the administrative law judge, they have to prove that it's anti competitive. So it's just it's a slightly higher standard. I think where we think about the fact that it might be easier for the FTC to win in front of their own administrative law judge than in front of the federal judge is that the federal judges historically have been business friendly, and probably more business friendly than the administrative law judge at the FTC is. And the other thing is, I think in the past, we've seen them mostly win internally. Because they've brought cases that are easy for them to win. They've brought the cases that were the evidence always on their side. Things are different today. The FTC is bringing cases that are hard to win. They're bringing new cases. They're basing it on novel theories. These are cases that are harder to win, and so far what they found is that the administrative law judge hasn't necessarily been on their side. As you said, the law was on their side and they may be happy with that. But Lena Khan is trying to push the boundaries of antitrust law. And when the public looks at this, what do they see? They see matter on this. The FTC lost the FTC, you know, what its hands up in the air and dropped its case. Is that a bad look for the FTC? You know, I would say yes. It is a bad look for the FTC in the short term, but I think what Lena Khan and the majority of the FDC have in mind is the long term. They're trying to make substantial changes to the law or incremental changes I should say that the law that take time and will take losses and will take taking risks. So in the near term, they lost. That's what most people will see in the news. They're losing other cases. They're bringing other risky cases, and I think in the short term, it doesn't look good for them, but in the long term, this is probably going to help them, because in this case, the facts just simply didn't support the idea that meta was a potential entrant. But in the next case, they're good on the law, at least in the 9th circuit and some other circuits. Northern district of California was where this was. And the facts, and the evidence might be more on their side, there might be more substantial evidence that this buyer was thinking about and was a potential entrant and didn't enter and instead bought a rival, right? So this gives them a leg up, possibly in the next case, and so things might in the long term turn around. And then they'll start to have wins. Coming up next on the Bloomberg law show, I'll continue this conversation with Bloomberg intelligence senior litigation analyst Jennifer ree,
"lena khan" Discussed on Bloomberg Radio New York
"FTC Lena Khan said that consumers have almost no way of knowing if they're being fed misleading climate assertions for consumers, she said it's really impossible to be verifying these claims. And that's the truth. I mean, even with food labels yes. So you do have to rely on these third party verification and this is really true for carbon offsets. There's all kinds of different now protocols and standards for if you're going to claim carbon zero net zero carbon and so forth. Carbon neutrality and you're doing that because you're buying offsets, then the question is, who's certifying certifying that those offsets are legitimate? And there's a bunch of different entities out there claiming to be doing this certification. But then you have to ask, well, who are they? And where are they getting their money? To do this certification. And is it valid? So consumers can't independently certify this stuff. We are going to be increasingly relying on third party certification, but who certifying the certifier That's what that becomes. Yeah. Well, I'm sure we're going to see a lot more of these types of lawsuits going forward. Thanks so much, pat. Always appreciate your coming on the show. That's professor pat parental of the Vermont law school. Coming up next on the Bloomberg law show. New York's pot legalization process seems to be going a bit slowly. I'm June grass when you're listening to Bloomberg. Can catch us live, your favorite Bloomberg radio shows, including Bloomberg surveillance, Wall Street week and Bloomberg zoned on are also available as podcasts. Listen today on apple's butterfly and anywhere else you get your podcasts. The house is a journey until Wednesday after house Republican leader Kevin McCarthy failed to secure the speakership despite three rounds of voting. President Biden is concerned with other issues important to the American people and won't involve himself in the House voting to elect a new speaker. So that's going to be our focus. We've certainly not going to insert ourselves in what's happening on the other side of Pennsylvania avenue. So said press secretary karine Jean Pierre on Tuesday. The family of Buffalo Bills player to mar Hamlin is expressing appreciation for the love and support shown for him during this time in a statement his family said they're deeply moved by the prayers kind words and donations from fans around the country. Hamlin is reported to be in critical condition. Sesame is now a major food allergen. It's the 9th food to be added to the FDA's list joining fish and shellfish tree nuts, peanuts, and others. Sesame can be found in sesame oil, a main ingredient in Asian cuisine. I'm Brian chuck. And I'm Doug prisoner at Bloomberg world headquarters in New York. Let's check this hour's top business stories and the markets regulators in China have approved a plan by ant group to raise funds for its consumer unit in this news is helping to boost sentiment in the equity market in Hong Kong, the hang seng is up about 2%, even so we are seeing weakness in tech stocks and a short while ago Beijing said it will pause costly chip investments because COVID measures are straining the budget earlier China had discussed industry incentives worth up to a $145 billion. In the U.S. session, big cap tech shares tumbled, Apple was down 3.7% on concern about iPhone supply and shares in Tesla tumbled 12% after the company said it delivered fewer vehicles than expected last quarter. The US Treasury market seems convinced of an impending recession, yields fell across the curve in the New York session, particularly at the long end, and the ten year down another one basis point in the Tokyo session to three 72 after falling 11 basis points in New York earlier in the day, former New York fed president Bill Dudley said the slowdown is imminent, but it won't be severe. We got reaction earlier on daybreak Asia from Steve major head of global fixed income research at HSBC. Here's a portion of the conversation with Bloomberg's Paul Allen and Brian Curtis. Here you're talking about one of the guys in the Vanguard of the hawkish view. He was early on the hawkish view he picked up on how the fed was going to hike. Don't forget the hikes have been three to four times what the fed itself was predicting this time one year ago. So now to be looking across the other side as the hawks, that's telling you something. But it's also trying to be a bit too cute because in a way we know the economy responds with a lag. So the hikes that happened a year ago are coming through now. So people feel it in their pockets now. They feel it in their mortgages. They feel it with their job prospects or not as the case might be in a recession. So by the time they get to 5% or higher, it comes down like a sledgehammer. It's a bit predictable. Maybe it's going to be something in between. The idea that you go to 5 and then at some stage and you also have to go back down to zero. That seems a bit too binary. It's possible that they try and hold that 5% level for a while. That is Steve major global head of fixed income research at HSBC. We check markets every 15 minutes here on Bloomberg. Japanese equities feeling the pressure of a stronger yen, the end trading at one 30 75 against the greenback. We have the knee K lower by 1.4%. On the Chinese mainland, Shanghai composite up three tenths of 1% ASX 200 higher by 1.4% and the Cosby up 1.3%. Global news 24 hours a day, on air and on Bloomberg quick take. This is Bloomberg. Bloomberg radio on demand and in your podcast feed. On the latest sound
"lena khan" Discussed on Bloomberg Radio New York
"And a filing made public on Monday, Amazon claims that FTT staff have made unduly burdensome demands. On the ecommerce giant as it keeps investigating its subscription services, here for more on this Bloomberg Emily bernbaum with us now. And Amazon also claiming that the FTC is harassing Jeff Bezos. How so? Yeah, so in this filing made public yesterday, Amazon claims that the FTC has been overreaching in their ongoing consumer protection investigation into Amazon subscription services so that includes prime and it's actually expanded to include audible Kindle and some other of Amazon's services. So they the FTC issued what's called civil investigative demands, which are essentially subpoenas. To 20 former and current Amazon employees, they serve them at their houses, and that includes Jeff Bezos and Andy jassy, the two top executives at Amazon, and they say it was unnecessary to give them to jazzy and Bezos. These are about a lot of different parts of the business. These are the highest level executives. There's what Amazon says, they say there's nothing that jazzy and Bezos can give you that you can't get from documents and lower level executives. Is this unusual? It's actually extremely unusual in how confrontational it is. What's typical is that companies will always fight to narrow down subpoenas and civil investigative demands that they get from the government. But what's atypical is how public this is, how aggressive they are in their rhetoric, you know, calling this very unusual perplexing and asking the FTC to pare it down in such a public way. Remind us why the FTC is investigating Amazon and the status of this case. So the FTC has been investigating Amazon for several years now. It actually began under the Trump administration when they were given the power to investigate Amazon over antitrust. Concerns, it's gotten broader since then this particular investigation that we're talking about is a consumer protection investigation into whether Amazon makes it too difficult for consumers to opt out of Amazon Prime or other subscription services. But this is only one part of a sweeping investigation that looks at all parts of Amazon's business, including cloud, including streaming. So when could we expect this to draw to some sort of conclusion? The filing says that the FTC intends to make a decision about whether to sue Amazon over the subscription issue by the fall. This is probably going to prolong it. So it's probably going to take more time than that a couple of months. But what's clear from the filing is FTC staff are under a lot of pressure by the commissioners, including FTC chair Lena Khan to get something done by the end of the year. All right, well, we'll continue to follow your reporting on this Bloomberg's Emily burn bomb for us in Washington. Thank you. And that does it. For this edition of Bloomberg technology, Wednesday, we've got armed CEO Renee Haas joining us about the chip landscape and the latest with their possible IPO and don't forget to check out our podcast wherever you
"lena khan" Discussed on Bloomberg Radio New York
"Power that should be that should be prosecuted Principally where individual firms are merging to get excessive market shares in particular industries and the budgets of those agencies have been allowed to erode in ways that are quite damaging What I think is badly misguided and potentially dangerous to our economic future is the set of doctrines that people jokingly refer to as hipster antitrust or the new brand dicey in after justice brandeis That's a theory that says antitrust shouldn't be about maximizing benefits to consumers but should be about some other difference set of abstract objectives And I think that tilts very easily into a kind of dangerous populism If the head of the antitrust division thinks that there are mergers that are headed towards monopoly he should try to block those mergers If the head of the antitrust division believes that there are companies that are engaged in inappropriate exclusionary business practices he should prosecute those companies But I don't understand what his argument is that whether a firm is owned by public shareholders or private equity shareholders should be dispositive If you saying that all the private equity firms are colluding on particular deals I understand that argument and if he can prove that argument it would obviously be a serious problem But it frankly sounded rather like some of the populist rhetoric that the FTC commissioner Lena Khan has engaged in And I think it's very important that we have antitrust policy based on facts based on economic science based on consumers not on a kind of generalized feeling of hostility and outrage towards business And I'm frankly worried about that Okay one quick one here at the end There was a big objection from the shareholders to Jamie Dimon's compensation It was a $50 million bonus that they were going to pay him They really objected to What did you think of that Look I think taxes ought to be more progressive And so Jamie Dimon Jamie Dimon and everyone else who makes a lot of money ought to be paying more in taxes There ought to be much harder for them to pass large fortunes to their kids But God if you look at what Jamie Dimon has contributed to the market value of the share owners of JPMorgan I don't think there's anything unreasonable about his being paid and making as much money in a year as a really great pro golfer And so I was surprised at those objections I think the way to get at issues of inequity is to have more progressive taxation more burdensome taxation on a state get rid of a whole set of loopholes but driving people out of leading public companies into the private sphere away from public companies I don't think that's smart strategy for our country Okay thank you so much Always great to have you with us That's Larry summers of Harvard our very special contributor here on Wall Street week Coming up you already know about the long list of risks you're facing right now but is there one you might be missing One that is literally out of this world This is Wall Street week on Bloomberg I'm Tim Steven Join us for the weekend edition of Bloomberg business week This week's cover story the long slow death of Lehman Brothers is almost complete Underneath all of this are these people that are kind of overseeing the corpse of Lehman Brothers last we've got a great lineup of CEOs from H and R block carrier Sonos and new balance Bloomberg businessweek with Carol mazar and Bloomberg quick takes Tim Steven tomorrow morning at 8 On Bloomberg 11 three O the Bloomberg business app and Bloomberg radio dot com If.
"lena khan" Discussed on Bloomberg Radio New York
"Business report I'm John Tucker The Federal Trade Commission is updating its rules governing telemarketing The move is intended to take on fraudulent business to business calls and introduce requirements for easily canceling sales made through such cause The FTC chair Lena Khan says the updates should feel critical gaps in the agency's telemarketing sales rule They'll leave small businesses susceptible to fraud One proposed update would apply prohibitions against deceptive calls to those made from one business to another The existing rule covers business to business calls only in certain circumstances Another proposal would step up the rules record keeping requirements around telemarketing to make it easier for the agency to investigate claims of illegal robocalls The agency is also trying to restore the FTC's recently curtailed power to seek monetary awards for victims in court That's the Bloomberg small business report Wake up and text text and eat Text and catch the bus Text and miss your stop Wait wait wait wait wait wait Text and be late to work Sorry I'm late Text and work Text and pretend to work Text and X surprised when someone calls you out for not working Who me Text and meet up with a friend you haven't seen in forever Hi Oh hey Text and complain that they're on their phone the whole time Text and listen to them complain that you're on your phone the whole time Oh Text in whatever But when you get behind the wheel give.
"lena khan" Discussed on Bloomberg Radio New York
"Making I think that the Microsoft decision to buy Activision was extremely bullish but it was also we're going to see just how much Lena Khan is going to come down on this for alphabet I think they're going to continue to look and make the moves and keep going forward You know they're already currently in that lawsuit with the 36 states and the D.C. right now about the mobile App Store abuses There's been some speculation about potential challenges around some of their digital advertising practices but I think the companies that keep moving forward the laws and the updates and some of the bills in Congress trying to better moderate the way platforms grow They haven't moved forward fast enough and they're going to be really hard to manage So it's hard to not like the prospects I think regulatory is going to be there and I think some investors are always going to be nervous about it but in the long run I think these companies are going to keep operating and keep trying to grow And if you look at the results here it seems that they're executing very well Another curiosity Google's play in crypto and the blockchain they just launched an internal digital asset group that's focused on Bitcoin and other next gen technology I asked Ruth porat if this is a signal of Google's crypto play and she talked about blockchain in particular that they see it as a very intriguing and powerful technology broader than one application or use They're excited to explore how they can contribute to the ecosystem And add value of course Google Cloud has offered some services to blockchain companies Do you think this could be more than a minor dabbling play I think in the long run we're gonna see all the big tech expand their exposure to crypto and or the blockchain There are so many different applications We.
"lena khan" Discussed on Bloomberg Radio New York
"I don't know Roman you can ask for a man I go to him for all the I go to him for all the tips All the time Remains on them with a functionality or two up 6 points in the S&P 500 thousand 522 is where we train We're up a hundred points on the Dow up three tenths of a percent We're just clicking into the green as we speak on the NASDAQ up just four points in terms of big tech Remember we had been off by 7 10% on the S&P 500 earlier today So we have had some movement amid the ongoing data that we continue to digest We're also 2000 finally catching a bid at 5 10% for the small caps too And what's so interesting is financials are now joining energies being positive again for the year This is after we're getting another sort of big lift at least on the day here This is the sector winners the sector losers It looks mostly 50 50 but remain it actually looks more risk on in this picture than it really does if you're just looking at the major average It's energy materials industrials financials when you think about that yield curve that's really what is leading it up today You have to note technology Second worst performer on the day All right well you talk about some of the big movers Actually keep an eye on ExxonMobil They reported earnings having their best quarter that we see in going back to 2014 they're going to accelerate a $10 billion share buyback and they talked a lot about I actually increasing production now in the Permian Basin Keep an eye on that story because now that the big oil majors are starting to get attracted to increasing production that could have some reverberations here on prices AT&T finally giving us a little bit of clarity here about that spin off of that WarnerMedia deal WarnerMedia going to be folded into discovery Unfortunately that means for AT&T shareholders and not only are you getting a slightly different company one that's focused primarily on 5G and on fiber optics but you're also getting one that's going to have a much lower dividend Those shares down about a 4% here on the day of Microsoft shares down about a percent some concern here right now about the review the U.S. government's review of that Activision deal here The general idea right now is that that's going to be done by the Federal Trade Commission and not the Department of Justice We know the FTC here in the U.S. under Lena Khan has proven to be a little bit more hawkish So keep an eye on that space And here's a fun one for you Amusement parks Tim Cedar fair Apparently according to sources might actually be bought out by who SeaWorld SeaWorld There you go I was wondering if you're paying attention Actually I forgot who it was Phone a friend We're all here That's what teamwork makes a dream work I'm looking at what's happening in terms of the schools coming from analysts as well Remember that rush into the end of clothes of December when suddenly everyone started upping their S&P targets for 2022 Well we've got our first person to pull it back again a month into 2022 Eddie our DNA is doing it He comes in with of course a call for 4800 rather than 5200 The reason it's the fed and Carol we've had plenty of fed chat today and made some of those earnings as well Yeah absolutely We'll talk about that We've also got a lot of CEO chat as well And our manuscript caught up with the CEO of UBS Ralph hammers and he talked about his list of concerns It's not only inflation and supply chains it's actually something else check it out Everybody's making their own analysis if it comes to inflation there But you can work with that Geopolitical tension and the potential events coming from it That's more difficult And that is Ralph hammers the CEO of UBS It's just a reminder We talk so much about the inflation concerns understandably so about supply chain concerns also understandably so But he's watching and he's over there in Europe Watching what's going on geopolitically right now between the tensions between Europe the U.S. and Russia Yeah and certainly much more unpredictable Obviously look we get the economic data on a slow and steady drum beat of economic news and of course the jobs report coming on Friday But when it comes to geopolitical tensions that's what can shock markets and catch people by surprise And it's unclear what's going to happen between Russia and Ukraine It's unclear though And we should point out we've had a few people on the program here on the television side that have kind of said that overall geopolitical events like this tend to have short term effects on the markets but they really don't necessarily last unless it ends up being something really major with regards to some type of warfare but if it's just basically something that's contained to that region here it could have some effect on commodity prices and whatnot but the broader term market ramifications may not be as bad as some people thought And the market is we fold in the inner leg between the strategists on the street Caroline and to your point the Federal Reserve really comes from as you mentioned at the top of the segment Eddie are Denny saying the fed has to get on with it They are late Why are we waiting this long The labor market is strong We certainly saw that in the jolts data this morning Inflation is a problem Why are we doing what just needs to be done I think that is the question And when I haven't been tweeting about NFL to NFTs for Tom Brady I have been retweeting one Carol Massa because you've been talking a lot about noticing what some of the fed speakers been vollard now coming out saying look this raising my 50 basis points shock horror that's not going to be helping the fed overall So he's not in on the.
"lena khan" Discussed on Bloomberg Radio New York
"Property developers We're really watching oma crown but it seems to me that as we go into Asian trading day these are very interesting stories for you Be talking about Absolutely And it's hard to really condense it all down into 60 seconds or so Suffice it to say that investors feel a little more confident We had better economic data We had some speculation that the omicron variant is less deadly and we'll force fewer patients to go into hospitals and so that auger is pretty well for risk assets And so we see some gains But everybody knows that it's an uneven path ahead So the gains are actually relatively muted The nikkei is up about a third of 1% the ASX 200 in Sydney is put on gains of about four tenths of a percent The hanging index is holding on to its gains at four tenths of a percent and the in Taiwan is up 7 tenths of a percent So one of the better performers tech stocks in Taiwan the straight times index in Singapore is higher by about four tenths of a percent So a couple of interesting stories that you mentioned Tencent plans to distribute nearly all of its $16 billion stake in JD.com to investors in the form of a special dividend That says it pulls back from what has been one of its most successful investments So Tencent has rallied more than 5% this morning JD.com has been hit pretty hard down as much as 10% or so and it's thought that this is really not a good story for JD and it comes as part of the regulatory crackdown And in terms of Chinese property firms they have the toughest month yet ahead of them on top of increasing offshore Bond bills that developers need to pay $173 billion in deferred wages to migrant construction workers It has to be done by the end of the lunar year And so that will have to be in the month of January A couple of other quick numbers for you The Chinese currency is a little stronger at 6 37 57 against the greenback and the greenback itself is essentially flat at the moment Carefully Well lest you think Brian that it's only in China that some big tech companies are getting cracked down on Let's look at the U.S. Federal Trade Commission pushing forward with antitrust scrutiny of Amazon The focus is on Amazon $16 billion cloud business which now brings in by far and away the most of its profit the effort is being led by Lena Khan she's the head of the Federal Trade Commission and a vocal critic of Amazon Sources told us FTC investigators have contacted companies in the past few months to gather information at least one of the context was as recent as the past few weeks All right so yep the time now just about four minutes past the hour Yeah I wanted to get to President Biden because he says his administration has succeeded in averting a holiday season supply chain crisis In a call with business leaders the president said that the flow of goods through the U.S. has improved and that shelves are not empty at stores Reports of Los Angeles and Long Beach have nearly cut in half The number of those great big containers you see sitting on a dock for more than 8 days This is striking progress since November President Biden also touted the falling price of gas and he called for passage of his flagship domestic policy bill known as build back better he argued that the bill will ease price pressures over the longer term Kathleen All right well I want to get back to Ed Baxter out in the San Francisco 9 60 newsroom so much focus on all Macron COVID-19 and Pfizer It's pill gaining clearance for emergency use in the U.S. And what does this mean.
"lena khan" Discussed on Bloomberg Radio New York
"At IBKR dot com slash RIA Okay we're looking like we're going to have a positive start but was over there It's likely to be over here Good day On Wednesday Brian this is Brian Curtis We're going to now With regards to the S&P just within touching distance of a record high Yes we had very solid day in the U.S. so the S&P 500 up more than 1% and the NASDAQ composite notching up gains of 1.2% And it followed on from a pretty strong session in Europe and also in Asia yesterday So the mood has definitely changed a couple of days against now for the S&P 500 Getting very close to a record high So why did sentiment pick up Well there was rising consumer confidence in the economic data released in the U.S. and also good solid home sales And then investors also embrace these studies out of Scotland and South Africa that suggests that the omicron variant may be less likely to force patients into hospital than the delta variant First thing I read this morning when I got up was in the LA times they said they were 99 cases in LA county of uma Kron so far and not a single one eventuated in a patient going to the hospital So that seems to be more like the data that we saw and it seems to be gathering steam among investors And so it looks like they've just taken on a little bit more positive attitude Nikkei up about half a percent the a 6 200 was up about a third of 1% And looking at the cost me it's trading about a half of 1% South Korea will release 3.17 million barrels of crude and oil products from its strategic stockpiles This will happen from January March and it's part of joint effort with the United States and other countries and WTI now 73 O 6 a barrel Russia All right well we got the U.S. FTC of Federal Trade Commission pushing forward with antitrust scrutiny of Amazon The focus is on the company's $16 billion cloud business which brings in most of its profits The effort is being led by Lena Khan she's the head of the FTC in a vocal critic of Amazon She told us that FTC investigators have contacted companies in the past few months to gather information and at least one of the contacts was as recent as the past few weeks Right moving now and having a look at supply chains in the U.S. with President Biden saying that his administration has succeeded in averting a holiday season supply chain crisis in a call with business leaders Biden said that the flow of goods through U.S. ports has improved and that shelves are not empty at stores Reports of Los Angeles and Long Beach have nearly cut in half The number of those great big containers you see sitting on a dock for more than 8 days This is striking progress since November Well President Biden also touting the year falling price of gas and he's called for passage of his flagship domestic policy bill known as build back a better He argued the bill will ease price pressures over the longer term All right Have a look at what else is going on out there And just check in with world news.
"lena khan" Discussed on Bloomberg Radio New York
"This is Bloomberg businessweek So I think it was just about an hour or so ago that we got this story pop up about Amazon and we've got regulars Another kind of view at this company Yeah and it actually not only moved to the stock but moved the entire market as well Yeah so significant All right Amazon down though just about four tenths of a percent as we speak We'll get into that in just a moment First step back to your top business stories I look at that overall trade back to Doug Chris Hey Doug Hey so you're absolutely right The market is higher but we are off the best levels of the day The FTC said to be pushing forward with some antitrust scrutiny of Amazon's cloud business You know it's kind of interesting because earlier today this is separate from that story The cloud computing unit seemed to suffer a new outage I think it was at least the third that we have seen this month Amazon shares right now weaker by about three tenths of 1% but broadly speaking the market is taking encouragement from the news on Tesla stock is rallying by more than 6% Elon Musk disposing of enough of his shares in the automaker to reach that target of reducing his stake in Tesla by about 10% The consumer discretionary group as a whole leading the S&P to a gain of about 6 tenths of 1% wanna mention Apple very quickly we had analyst over at Citi today saying demand for Apple products and services should be resilient in FY 22 and we've got Apple shares right now better by about four tenths of 1% Dow industrial average ahead a half of 1% We've got the NASDAQ comprising about 6 tenths of 1% The FDA with emergency use authorization for Pfizer's antiviral tablets the stock getting a pop on that and before I leave you two studies today one Scotland while I got to get in this car Two studies today one in Scotland the other and South Africa both have found the risk of hospitalization from the omicron variant far below the risk when you're infected with a delta variant so you take that along with a Pfizer news and maybe that creates a little bit of optimism All right I'll take it Don't leave us We got it All right debris Thank you so much You're listening to Bloomberg business Carol master along with creedy Gupta Doug mentioned this we're watching shares of Amazon just down a hair but the U.S. suffer will trade commission This is I think our most read story on the Bloomberg in the past hour pushing forward as Doug mentioned with antitrust scrutiny of Amazon's cloud computing businesses according to people familiar with the matter We know when it comes to this company the real profits come from web services AWS Yeah 100% and not only do they do that but there's so many issues that they have Waiting really to be targeted in so many of the other kind of industries they have Their hands in let's get more on the story though from our one and only David McLaughlin over and out D.C. joining us on the phone Tell us about what's going on What is the FTC looking at Walk us through it Sure So the latest news series about the FTC under the new chair Lena Khan who was appointed by president Joe Biden over the summer has taken fresh look at competition issues around AWS but the cloud business The FTC's scrutiny of Amazon actually goes back to the Trump administration run a lot of big tech companies not just the Amazon but others were facing investigations by buying for and so I think what this indicates right now is that under the new leadership this issue is not going away for Amazon The new chair is pressing forward with this case and with the investigation at least and we'll see how well to see whether it turns into a real monopoly case So all right David you are Bloomberg news Department of Justice reporter You follow antitrust You've seen different cases reported on them before How does this one stack up Because my understanding of when it comes to antitrust issues is consumers ultimately need to be hurt But help me out here and understanding may be what's at issue here and what's at stake for Amazon Well that is that is true about consumers on one hand but there's a lot of I would say concern in some quarters in Washington about Amazon and its conduct both in the marketplace on the online commerce business Over the last few months last year a couple of years or so there's been a House investigation account congressional investigation of Amazon and the other tech companies on their dominance in all kinds of online markets from digital advertising to social media and the concern is just kind of broadly speaking is that these companies including Amazon sort of have this kind of gatekeeper role in many markets And so for Amazon you would think about commerce I guess Most prominently But they all have this ability the fear is to sort of decide and take winners and losers in the various markets And for some people at least that's a concern for lawmakers for antitrust lawyers for economists And of course the company the dispute that but we've seen already cases brought against Google and Facebook for just these issues and those are proceeding along in the courts right now Talk to us about how this compares against some of the other big tech companies you talked about how they were kind of in the crosshairs of the Trump administration It wasn't too long ago Well I guess it was too long ago But there was a time when Microsoft was dealing with this major antitrust case that actually ended up lasting years correct me if I'm wrong is that the kind of environment that we could see a big tech or kind of enter again or are we smack dab in the middle of it Yeah you're right I think we are right in the middle of it Microsoft of course with the last before this new round the last big monopoly case that was brought in the U.S..
"lena khan" Discussed on Bloomberg Radio New York
"Tech and who better to talk about that than Bloomberg intelligence senior litigation analyst Jennifer Rae Give me a broad overview at Jen first What's the environment out there for mergers and acquisitions Thanks so much for having me John You know it's crazy what's happening right now in the M and a world Because really that activity is so robust In fact the Federal Trade Commission in the Department of Justice who are both taxed with reviewing certain mergers of a certain size They have to reach a certain threshold before they get into their purview say that they're just inundated that the filings particularly in the last quarter have been overwhelming and it's hard for them to keep up But in the face of that with all of this activity we have efforts particularly at the Federal Trade Commission right now to really tighten up what they're doing with respect to investigating these deals And hopefully I believe they believe hopefully make it harder for some of these deals to close Or allow them to close with stricter conditions than they have in the past Let me just back up and sort of parenthetical This is kind of bread and butter for a lot of Wall Street banks The fees that are generated enormous what is the role of justice and the Federal Trade Commission I mean what are they trying to protecting me against what from these companies coming together So what their tax was looking at is an impact a harmful impact on competition So in other words if an industry is consolidated so much that we have too few competitors and it could mean that prices go up for consumers because they can collude with each other because they're so few it's easy for them to align their prices Or because it's just such a small industry that alone one merged firm can raise prices They're also looking at vertical integration and how vertical integration by a lot of firms might also have some downstream effect on them Horizontal or competitors and companies that are vertically related different chains and distribution So you might be a maker of a product and then there's a distributor of a product And they're vertically related to each other There have been some changes at the Federal Trade Commission Who's in charge now Who is this And what does that signal for companies wanting to do M and a So President Biden appointed Lena Khan who's quite young for an FTC commissioner and when he did a pointer it was a surprise that he named her the chair I think it was expected that he would name her as a commissioner but not necessarily as the chairperson What's her background Her background is purely academic She has had a variety of roles with think tanks and with the Senate I'm sorry with the house She was behind a study that the house did on big tech platforms and anti competitive conduct by these platforms So she's really a controversial figure because she comes in already critical of big tech platforms and their conduct The focus as you point out is really big tech at this point Give us the background Why big tech Well it's primarily big tech You know you have kind of two different camps in Congress You have a faction that's just really unhappy with the power that's been amassed and the influence exerted by the big tech platforms And I'm really talking about four Apple Amazon Facebook and Google Now I should say meta and alphabet You can not Facebook and Google And then you have another camp This tends to be more on the democratic side but also some Republicans that simply think across many industries and not just big tech that we've become too lax in our antitrust enforcement And we need to tighten it up across the board But the biggest focus in terms of the bills that have been proposed have to do with regulating the conduct of big tech companies and kind of curbing them and sometimes even breaking apart the company or altering their business model Okay they're a number of different fronts that you just touched on The regulatory from justice the Federal Trade Commission there's legislation in the Congress to deal with this what else Yes So really the way they relate to each other is that the Department of Justice and FTC are constrained by antitrust precedent When they go after a company let's say FTC versus Facebook which is pending now The FTC is going to have an uphill climb because they have to deal with Supreme Court precedent That's what the courts and the judges have to follow And it's going to make it difficult for the FTC I think to win this case against me So with Congress's help in legislation that would go their way they could sort of broaden the net and broaden their mandate Right exactly And the legislation is trying to come in there and change the laws so that they can make it easier for the FTC and DOJ to complete their mission to block more mergers and to get better verdicts against alleged monopolists Okay we've been speaking to Bloomberg intelligence senior litigation analyst Jennifer ree About the M and a landscape and what they can expect from justice and the Federal Trade Commission as well as Congress in terms of blocking a lot of that M and a activity particularly on the technology side Who are the companies that we're talking about Well really we're talking about Apple Amazon and alphabet Primarily and Microsoft is sort of talked about Remind us what combinations that they want to make and why are they not with each other but smaller companies The allegation has been that over the years these companies have kind of sought out young nascent competitors that might come up in and displace them And before those nascent competitors have had that opportunity they buy them up And that the governments allowed this to run rampant for ten years and that's why these companies have become so powerful So now the idea is let's rain this in Let's make sure these companies don't continue to go out and buy these small promising startups and kill them off before they can be a viable competitor Give us a history if you would of M and a and the breakups of company I go back to AT&T My bell I don't initially There was a lot of pushback I didn't really go the way that they had promised You know that's right The thing is the government has been has not been very successful in seeking breakups of companies And when they have the outcome hasn't always been exactly what they wanted which was to improve conditions for consumers It didn't always turn out that way And.
"lena khan" Discussed on Bloomberg Radio New York
"Head down to Washington D.C. get rolled in national news with and Nathan Hager Paulette's assigned the nation's opioid crisis got worse during the pandemic The Centers for Disease Control says the U.S. hit the grim milestone for the first time of a 100,000 drug overdose deaths in 12 months in a period that ended in April a time of lockdowns and business restrictions It was a 29% jump from the prior year about three quarters of those ODs were from opioids President Biden put out a statement following this news quote as we continue to make strides to defeat the COVID-19 pandemic we can not overlook this epidemic of loss which has touched families and communities across the country The president's taking aim at higher gas prices and suggesting something criminal The president sent a letter to Federal Trade Commission Lena Khan calling for an investigation into what he calls mounting evidence of anti consumer behavior by oil and gas companies A White House official says the FTC could decide to collect data on how gas companies set prices as well as the actual pricing data FTC is an independent agency but it could decide to follow the president's recommendations Iran may be increasing its nuclear stockpile as Bloomberg's Amy Morris reports from Washington That is the warning from the United Nations nuclear watchdog agency The International Atomic Energy Agency says Iran has an increase of nearly 8 kilograms of highly enriched uranium a breach of the 2015 nuclear accord Talks to revive the deal are set to resume on November 29th but hopes of Daven significantly since hardline cleric Ibrahim raisi was elected president You see and Russia's Vladimir Putin have discussed U.S. sanctions China says it's reached a broad consensus with Iran and Russia on the nuclear deal In Washington I mean Morris Bloomberg radio Thanks Amy global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts to more than 120 countries this is Bloomberg Hey Washington D.C. We all miss the cheese And the touchdowns.
"lena khan" Discussed on Tech News Today
"I am unbelievable as always misses sergeant. How ub sir. I am doing well and I am actually really excited to kick the show off because our first guest will ramos is here to talk to us about the battle of big tech. Yes it's a big headline in a big story and will help us understand all of it. Welcome to the show will. It's going to be here So you have re written a great article over in the washington post and i saw it Via tweet that she sends out where you were talking about Your observations on. What's going on here so before we kind of get into the nitty gritty details. I was hoping we could start with kind of a blanket Explanation of what the heck is going on Can you talk a little bit about what led to this ruling as far as The the different groups that had put foresees put forth these antitrust lawsuits and Kind of what The initial impact was their leading up to this first court ruling. Yeah so for a long time. Us courts have had a pretty hands off attitude toward antitrust and particularly with respect to the big tech platforms. There was the famous case versus microsoft in the nine hundred ninety s and they get the government. Got kinda mixed results on that ever since then. They've kind of taken. The stance of like let's the internet's dynamic marketplace. The company's on top today could be on the bottom tomorrow. Let's see how it all shakes out. Kind of let them play right. What's not be jumping in there and blowing whistles and so just in the past maybe three years or so there has emerged a strong countervailing way of thinking both in terms of politics and in the legal world and lena khan who biden recently installed and was approved as the chair of the. Ftc was one of the academic leaders of this. And she said no. It's actually time for to reinvigorate antitrust law. these tech giants have become the biggest companies in the world. They're throwing around their weight and their market power their crushing smaller competitors. And we need to think about how they operate differently. And as part of that we've seen now become mainstream. The idea that that these companies should be taken on with a truck and trust cases. Google and facebook have already been sued. Amazon apple are allegedly being investigated that the subject of probes there's legislation in both the house and the senate and all of that. Broadly is about sort of raining in the power of these tech giants not to to offer their core services that that people know and love and which are often free but to expand into other markets and to take over smaller companies to drive out smaller companies. Those kinds of competition issues and so amazon. I think is a good example of this in different fingers and pies. I think that's what it is. Yeah all the all of the different pies in which they have their fingers firmly place but with this most recent legislation. Because i remember it was it Multiple states attorneys that filed these lawsuits and the ftc. Altogether were coming after facebook. Is that correct. Yes so so. I believe it was a doj that sued google at the federal level. And then at the federal level ftc sued facebook and then at the same time and kind of along with that there was another suit from most of the attorneys general of the united states. The the different states. Gotcha so this is the interesting thing. Is that when this this court case when the ruling came through which we'll talk about in just a second. It was immediately. I mean as often as the case with with these kind of high profile lawsuits. Is you immediately. Say you know the the initial reaction is okay. Are we setting precedent here. Are we setting precedent here Is this going to shape. How the rulings go going forward But your piece the battle to break up. Big tech has just begun Maybe flies in the face of that. So can you talk a little bit about little bit. About what the judge Had to say what the ruling was and then why folks may be thought that this was This was going to look to a future where the tech companies are winning. But you're may be saying. I don't know about that. Yeah so on monday. A district court judge federal judge in washington tossed out both ftc's federal case against facebook and the the lawsuit from state attorneys general and the judge did so on several different grounds for one thing. He said that the the states they were. They were suing in part to try to unwind or to challenge the facebooks acquisitions of instagram in two thousand twelve. And what's up in two thousand fourteen. He said look. You waited too long. It's too late you can't you can't come back this this much later and challenge that with the federal case. Ftc case his main argument was a little different he. He tossed the complaint because he said you are alleging that facebook has a monopoly. And you've defined the kiss defined the market in which facebook competes as personal social networking. There's no that's not an everyday term to most of us. They kind of made it up. I think because it's hard to define. That's that's part of the issue with pursuing antitrust cases against these companies. It's hard to define exactly what the market is that their monopolizing the soup said facebook controls over sixty percent of of of the market for personal social networking. And but it didn't really back that up very much. The suit was really a lot more about facebook's behavior and trying to show that facebook could be behaved in anti-competitive ways throwing its weight around to crush competitors but the judge just looked at that and said well look if you didn't show any of your work to get to this idea that facebook controls sixty percent of this market and so i'm just tossing this. You can come back the judge that you can come back within thirty days. Refile this make a better argument. Don't just expect me to accept that facebook has a monopoly here. Actually make the case. I mean what kind of metrics are you using. By what measure does facebook have a monopoly of this market. And then i'll consider late in the case move forward so this is obviously a big a big blow to the case to get tossed out at this level. This was a motion to dismiss. Which is one of the first lowest hurdles that a case like this has to clear and it didn't clear so that's that's on its face a bad sign for for the court cases against facebook. That court battle is not over. However it's certainly seems clear that the ftc could improve its case and it might clear that hurdle and get onto the next stage but i think the maybe broader takeaway here is that the courts haven't changed right. I mean there's been this new school of thinking about antitrust and the big tech companies but the.
Bidens Antitrust Brain Trust
"Joe biden has started filling up his administration with some big tech big critics and it raises questions. About what exactly biden is going to do in his white house when it comes to silicon valley because jason doray has been reporting on this. Hey jason teddy so over. The last week or so biden is moving to nominate two people who send a pretty surprising and big signal about where he is on silicon valley issues. Tell me about these. Two people who appear to be getting jobs in the biden administration. Sure so the first one is tim. Wu who is going to be in adviser to the president on the national economic council and he is advising on technology and competition. Okay so tim wu when the other person and the other person is lena khan who liked him. Also professor at columbia university and i'd reported in january. She was a front runner to get an ftc. Commissioner role and in the last week a bunch of outlets have stated that she fact will be nominated by president biden to fill one of the five ftc. Commissioner roles okay so so why should people care about these people getting these roles. These are two super prominent critics of the tech industry right. That's correct so in short. Both of these people have argued in different forms at different times extensively that big tech companies abused their monopoly. Power and need to be reined in tim wu. Let's start with him so he's a professor at columbia. What is his position. Contact policies specifically. I mean it sounds like his job is focused narrowly on this issue. Yes so one of the main roles he'll play in. This job is advising on tech policy and competition and his view is essentially been that google facebook amazon apple are too powerful and the government needs to do something about it.
Biden Administration Gears Up For A Showdown With Big Tech
"Up for a big showdown with Big Tech. He's reportedly hiring too outspoken critics of Amazon, Facebook and Google for influential roles in the administration. They've both pushed for the government to get much more aggressive at reining in these tech giants even break some of them up. NPR Tech correspondent Shannon Bond has been following this, Shannon. What are these critics? A big tech that Biden is bringing on board? Who are they? So Biden has reportedly getting ready to nominate antitrust scholar Lena Khan to the Federal Trade Commission. And just last week, he added a lot of pressure Tim Wu as a tech policy advisor, who has advocated for breaking up Facebook and Scott, It's really hard to overstate just how big a deal these names are intact policy circles. They both have these very progressive views about monopolies and competition, and now they're potentially moving into these very influential roles as the government is investigating and suing the tact Giants. So we worked on tech policy in the Obama administration. He now says he thinks the tech giants have helped create a new gilded age, much like the robber barons did with their railroad and oil monopolies. Khan is just 32 years old. She made her name when she was still a law student for reading this groundbreaking paper about Amazon, and she's become the face of this approach that sometimes jokingly called hipster Antitrust. Okay, I think you're going to need to explain his hipster antitrust a little bit more. No con is critical of the current way that the government deals with monopoly power. You know, this is idea that the rules are really focused on when consumers like you and me get hurt. When we have fewer choices, we have to pay more for products and services. Tom says, you know, in the case of a company like Amazon. That doesn't address concerns that focus on other harms like those to the independent sellers who rely on the platform to make money, and she thinks Amazon should not be able to both operate this marketplace and cell is a competitor in that marketplace. Here's what she told NPR back in 2018 about the bind that puts sellers in that dependence means that Amazon gets too often call all of the shots. And I think that is often I'm quite harmful because that means Amazon can extract more and more from these cellars and that can affect the quality. And Khan has already been influential in Washington. She was advising this Big House panel on antitrust last year. They did this investigation. It found Apple, Amazon, Facebook and Google all have really unfair powers monopolies. And we should note that all four of those companies are NPR supporters. I mean, this approach is just so different from even a few years ago, compared especially to the way the Obama administration Treated big tech cozied up to Big Tech when Biden was vice president. That's right. I mean, I think cozy is exactly the description for the relationship the Obama administration had with Silicon Valley. You know, it wasn't that long ago, these companies were celebrated as innovators. But you know things really have changed. Of course, the Trump administration was hugely critical of these big companies. It sued Google and Facebook for antitrust violations that something we're expecting the Biden administration to continue and we're seeing criticism of tech from both sides of the aisle. Of course, there are some people from the Czech world taking positions with the Biden, an administration that happened under Obama. But you know the choice of people like Lena Con and Tim Wu, I think signals a tougher stance toward Silicon Valley and that the era of scrutiny and skepticism what we call the tech clash is far from over the tech clash.
"lena khan" Discussed on Pond's Feed
"Really for an original movie. Selm that's not based off of anything and they wrote based off a book. Actually okay besides that but still you make this adaptation. Feel i. It's it. It's very much geared towards the disney brown and this is from Lena khan is the director director and he she wrote a directive the title under and that's and that is the only other fell besides elisa's the entire hunter is actually independent. Films are disney's taken independent filmmakers to other main. Big budget blockbusters. I mean the marvels eternals the director of ad. I think she fell. She did no mad land and so yeah so i'm i'm really excited for terminals though because it's something different and so i'm interested to see what she does with that sometimes. It's a good thing when they bring in these independent directors definitely but other times. I fill like hollywood finds the director. Who makes a Relatively well received and did well independent film and throws them into a big budget movie that they may not be ready yet to go to feeling with the disney. Most of time may think disney marvel they found directors. Least made there are. I mean i mean maybe a couple of films director. That's i mean. Most of the time. I think disney a spouse on their own credits at thank well especially with marvel wanted full control and got his speak directly to the ceo of disney and didn't have to go through middlemen. He's he's been able to pick talented directors. Allow them to have a voice on the film that they're making this. That's where i see. This is one of those films were made by someone who pro made a really great defend film l. a. Okay we're signing year to doubt this and you're gonna have all these things here. It's not as their references. I mean going beyond this mentioning marvel characters is a he got benched towards saying i love you in for fluoride goes i love you. Three thousand act. Yes they say. Oh course yeah. We haven't talked about iron man in a wolverine enough in this film which is weird. 'cause she has little fire images in her head of superheroes beside her but worship mention all these known marvel characters the superhero the superheroes that ended up going that imagines they're all the ones that his dad made 'cause urge her dad may because her dad is a comic artist. And i'm like okay. If you wanna make this fall disney product Just make make a guy dressed up as walgreen that if.
Antitrust 3: Big Tech
"Today's show is part three of what I have been calling the planet money antitrust trilogy. The show we much better. If you go back and listen to the first two episodes. If you do not here is the text that scrolls on the screen at the beginning of the movie. United States government used to us antitrust law a lot to protect small companies against big companies in the name of competition. Then there was a backlash led by judge named Robert Bork. He wrote a book called the antitrust paradox. That argued antitrust enforcement had gotten out of hand and the government needed to back off now in the past couple of years as a few tech companies have gotten very big and very powerful a backlash to the backlash has begun. My name is Lena Khan, and I'm an academic fellow Columbia law school in a senior fellow at the open markets institute. And you're a lawyer I'm a lawyer when Lena Khan was in law school two years ago. She wrote a paper for the law review. What was the title of the paper Amazon's antitrust paradox an allusion to that Bork book the antitrust paradox? Why did you choose that title? I was interested in exploring how Bork's approached antitrust had enabled Amazon's rise and the paradise. Talks with Amazon seemed to me that here we had a company that was amassing dominance in various markets. But our current approach to antitrust law was really keeping us blind. So that dominance, and so that to me seemed like an interesting tension or current approach to antitrust law. Bork's approach is known as consumer welfare, and the basic idea is low prices and lots of choices are good. If consumers are getting these things, then there's no antitrust problem and clearly Amazon has delivered low prices and lots of choices. So it hasn't run into much trouble with antitrust law in the United States, and yet Lena argued in this paper, there are things that Amazon has done that have been bad for competition. So her wonky article comes out, she hears from a few antitrust lawyers. Then her article gets mentioned in the New York Times that spurred kind of a new wave of interest. And so I just started receiving more and more emails somewhat modest about this, which I respect that. Tremendous amount. Even though it's not good for our story. What she is not saying is that this student law review article completely blew up. I mean, I know you didn't go on Ellen or whatever. But we're did you go. I got big. We know it got big Lena. Con learn that the rise of a few giant tech companies had made this very wonky thing antitrust policy, suddenly feel urgent and important to lots of ordinary people. Is it bad? These companies are so big are they assigned that the free market is failing us and competition is disappearing. Do we need to think about antitrust in a new way congressman wanted to meet with her the Washington Post in the Atlantic wanted to profiler CNBC NPR, and she joins me now to talk about how antitrust law handles Amazon. Lena, thank you for being with us. Good to be here. Let me first say Amazon is among NPR's corporate sponsors, right? We're going to have to talk about that. Hello and welcome to planet money. I'm Jacob Goldstein. I'm Kenny Malone today on the show, Amazon one of our corporate sponsors and Facebook, also corporate sponsor and Google. I think a corporate sponsor Nata corporates. Oh, okay. But all of this is kind of the point these three companies are suddenly everywhere, they have an incredible amount of money and power and Lena is part of this new wave of thinkers who are starting to say, maybe the rise of these giant tech companies is a sign that antitrust is broken, and we need to fix it.