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☆ Mad Money’s Jim Cramer discusses modern day tech and its struggle with traditional antitrust laws
▼ + stars: | 2023-07-24 | by ( Paulina Likos | ) www.cnbc.com time to read: +2 min

Jim Cramer Monday spoke with Jonathan Kanter, assistant attorney general for the Antitrust Division at the Department of Justice, in an exclusive "Mad Money" interview. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jonathan Kanter, Kanter, Jim, Jeff Marks, Jim Cramer's Organizations: Big Tech, Antitrust, Department of Justice, Sherman, CNBC Locations: today's

☆ FTC chair defends track record on antitrust challenges, says big isn't categorically bad
▼ + stars: | 2023-07-24 | by ( Lauren Feiner | ) www.cnbc.com time to read: +6 min

"Congress, when passing the antitrust statutes, was setting out a policy preference, in many cases, for competition over monopoly," Khan said. "Any given year, the antitrust agencies get anywhere between 1,500 to 3,000 merger filings. Of that number, 98% go through without even any second questions being asked by the agencies," Khan said. Khan also defended the agency's record in court when it comes to merger cases. That's in part because the Supreme Court hasn't taken up merger cases as frequently in recent decades, meaning "that older law is still good law."

Persons: Lina Khan, Khan, Neil Bradley, hasn't, FTCs Organizations: Energy, Federal Trade Commission, Federal Trade, Economic, of New, FTC, Department of Justice, Division, U.S . Chamber of Commerce, CNBC, YouTube, Big Tech Locations: Rayburn, of New York

☆ Washington is fueling a 'war on business' as it cracks down on mergers and acquisitions, former Treasury Secretary Larry Summers says
▼ + stars: | 2023-07-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The US government is waging a "war on business" with its new rules on mergers and acquisitions, Larry Summers said. The 13 new guidelines are a "substantial risk" and problematic, the former Treasury Secretary said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The Justice Department and Federal Trade Commission unveiled 13 fresh guidelines on mergers and acquisitions in a bid to block cases of monopoly power and promote competitive markets. "Right now, where I think where you're moving away from low consumer prices as a standard, you're mostly moving into problematic territory," Summers said.

Persons: Larry Summers, Biden, Summers, Jonathan Kanter, There's Organizations: The Justice Department, FTC, Service, Bloomberg, Justice Department, Federal Trade Commission, Antitrust, Activision Blizzard Locations: Wall, Silicon, Harvard

☆ DOJ antitrust chief Kanter: New merger guidelines are meant to provide transparency to the public
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDOJ antitrust chief Kanter: New merger guidelines are meant to provide transparency to the publicJonathan Kanter, Assistant Attorney General of the Department of Justice’s Antitrust Division, joins ‘Squawk Box’ to discuss the release of new merger enforcement guidelines from the FTC and DOJ, what it means for evaluating mergers going forward, and more.

Persons: Kanter, Jonathan Kanter Organizations: Department of Justice’s Antitrust, FTC, DOJ

☆ FTC and DOJ lay out new rules for merger review to reflect a digital economy
▼ + stars: | 2023-07-19 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

The Federal Trade Commission and the Department of Justice Antitrust Division announced on Wednesday new long-awaited guidelines on how they will enforce merger law. Almost two years ago, the FTC voted to withdraw the previous version of the vertical merger guidelines released in 2020, citing flaws. A vertical merger is a transaction between two businesses that are often in different parts of the supply chain in an industry, according to the FTC. Microsoft's proposed $68.7 billion purchase of Activision Blizzard is an example of a vertical merger, because Microsoft distributes games through its Xbox consoles and streaming services, while Activision creates the games. On the call with reporters, the FTC official and a senior DOJ official said the guidelines reflect their updated approach to enforcing merger law, emphasizing the law itself has not changed.

Persons: Antitrust Jonathan Kanter, Lina Khan, Microsoft's, Jonathan Kanter, they're Organizations: Antitrust, Federal Trade, American Bar Association Antitrust, Marriott Marquis, Washington , D.C, Federal Trade Commission, Department of Justice Antitrust, FTC, Activision Blizzard, Microsoft, Activision, Big Tech, DOJ, Facebook, Democratic, CNBC, YouTube Locations: Washington ,

Threads is integrated into Instagram, giving it potential access to roughly two billion monthly active users. Threads isn’t available in the European Union, where privacy watchdogs have long been concerned with how Meta handles users’ information. Being big doesn’t run afoul of antitrust law. Leveraging them to enhance the quality of Threads would not in and of itself violate antitrust laws, Mr. Melamed said. “The Threads example shows that big tech companies can also be valuable entrants, bringing new competitive pressure,” Mr. Francis said.

Persons: Nancy Rose, DealBook, ” Ms, Rose, ”, Doug Melamed, Melamed, “, Daniel Francis, Mr, Francis, — Ephrat Livni Organizations: Federal Trade Commission, European Union, Massachusetts Institute of Technology, Twitter, Stanford Law School, Justice Department, New York University, Competition Locations: ’

☆ An epic fight over how real-estate agents get paid could transform the housing market forever
▼ + stars: | 2023-06-26 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

Trying to find a buyer and sifting through offers sounds like a nightmare, so you hire a real-estate agent. The seller might no longer pay out both agents' commissions after the sale closes. Despite the potentially earthshaking consequences, most local real-estate agents — who, to be fair, have more pressing short-term concerns — have largely ignored the cases. "They not only have to pay a buyer's agent commission, but they can't negotiate that commission," Brobeck said of sellers. "It just doesn't make any sense for the seller to have to pay the buyer's agent," Brobeck told me.

Persons: —, Sitzer, that's, Max, Keller Williams, Sellers, Brokerages, Stephen Brobeck, Brobeck, Moehrl, Wager, Katie Johnson, you'll, Johnson, Buyers, Nicholas Economides, homebuyers, Trump, Everyone's, Rob Hahn, Steve Marcus, David Eisenstadt, Eisenstadt, Hahn, James Rodriguez Organizations: National Association of Realtors, NAR, Realtors, MLS, Consumer Federation of America, New York University, CFA, Realtor.com, REUTERS, Berkeley Research Group, Justice Department's Antitrust Locations: America, Missouri, Illinois, MLSs, Houston , Texas, Australia, Netherlands, United Kingdom

[1/2] A U.S. flag flies outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The U.S. Justice Department antitrust division plans to expand the scope of its bank merger review process, the department's chief said on Tuesday, in a sign the agency may get tougher when scrutinizing such deals. The comments are likely to disappoint the industry, which had been hoping Democratic President Joe Biden's administration would be more open to allowing deals after a spate of bank failures since March. Specifically, Kanter said any merger review for antitrust purposes must go beyond traditional factors like the impact on local depositors and branches, and consider a broader set of issues. "We believe this policy change will not be as negative for bank mergers as it may first appear," he added.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Joe Biden's, Kanter, Biden, Isaac Boltansky, Cowen, Jaret Seiberg, Pete Schroeder, Deepa Babington, Michelle Price Organizations: Bank, REUTERS, U.S . Justice Department, Brookings Institution, Democratic, Justice Department, Silicon Valley Bank, DOJ, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The head of the U.S. Justice Department's antitrust division on Tuesday urged the government to update bank merger guidelines to reflect "current market realities," in a sign authorities are likely to cast a wider net in scrutinizing deals in the sector. “There are good reasons ... to question whether the 1995 guidance sufficiently reflects current market realities," he said in a speech at the Brookings Institution, a think tank. "What we're saying is market realities have shifted, and when we apply the law, we have an obligation to ensure we are addressing the world as it exists today." President Joe Biden signed an executive order in 2021 directing the Justice Department to work with bank regulators to update merger guidelines and heighten scrutiny of deals. In his remarks, Kanter said he was focused on the antitrust implications of any bank mergers, and that broader factors were best left to the primary bank regulators to consider.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Biden, Kanter's, Kanter, hasn't, Joe Biden, Pete Schroeder, Deepa Babington Organizations: Bank, REUTERS, U.S . Justice, Brookings Institution, Department, Justice Department, Silicon Valley Bank, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

PGA TOUR logo is seen during the second round of the Farmers Insurance Open at Torrey Pines South on January 29, 2021 in San Diego, California. The Justice Department's Antitrust Division has informed the PGA Tour it will review the organization's proposed merger with Saudi-funded LIV Golf, a source told NBC News on Thursday. The Justice Department and LIV Golf declined to comment. The PGA Tour policy board will have to approve the agreement, Monahan told players in a memo. The PGA Tour revealed Tuesday that Monahan is currently recovering from an unspecified medical matter and is taking a leave of absence.

Persons: LIV, LIV Golf, Democratic Sens, Elizabeth Warren of, Ron Wyden, Sen, Richard Blumenthal, Conn, Wyden, Saudi Arabia's Crown Prince Mohammed bin Salman, LIV dangled, Donald Trump, Jay Monahan, Monahan Organizations: Farmers Insurance, Torrey Pines, Department's Antitrust, PGA, Saudi, NBC, Justice, LIV, CNBC, PGA Tour, Democratic, Oregon, DOJ, Investment Fund, Saudi Arabia's Crown, Tour Locations: San Diego , California, Elizabeth Warren of Massachusetts, New Jersey

☆ Senators press DOJ to investigate PGA Tour and LIV Golf merger for antitrust violations
▼ + stars: | 2023-06-14 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Democratic Sens. Elizabeth Warren and Ron Wyden are calling on the Justice Department’s antitrust division to inspect the controversial partnership between the PGA Tour and the Saudi Arabian Public Investment Fund. In a letter to senior DOJ officials on Tuesday, Warren and Wyden argued the deal will allow Saudi Arabia to “sportswash” its “egregious human rights record” and would violate multiple provisions of antitrust law. “Significantly, the deal appears to have a substantial adverse impact on competition, violating several provisions of U.S. antitrust law, regardless of whether the deal is structured as a merger or some sort of joint venture,” the senators added. The letter comes after Democratic Sen. Richard Blumenthal announced the Permanent Subcommittee on Investigations has launched a probe into the deal.

Persons: Democratic Sens, Elizabeth Warren, Ron Wyden, Warren, Wyden, LIV, ” Warren, General Merrick Garland, Jonathan Kanter, LIV Golf, Sherman, Democratic Sen, Richard Blumenthal Organizations: New, New York CNN, Democratic, Justice, PGA Tour, Saudi Arabian Public Investment Fund, Saudi Arabia’s Public Investment Fund, Investigations Locations: New York, Saudi Arabia, U.S, Saudi

☆ California Democrat who opposed anti-tech bills is top contender for key role on antitrust subcommittee
▼ + stars: | 2023-06-02 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

A California lawmaker who has opposed efforts to crack down on the tech industry is the leading contender to become the highest ranking Democrat on the House Judiciary subcommittee on antitrust. One senior Democratic aide described the prospect of Correa becoming ranking member as a "great windfall for the tech companies." Several senior members of the subcommittee who support tech antitrust reform would have seemed more likely candidates for the top Democratic seat not long ago. But the field is complicated by the fact that many of them already have ranking member positions on other subcommittees they may not wish to give up. WATCH: Here's why some experts are calling for a breakup of Big Tech after the House antitrust report

Persons: Lou Correa, David Cicilline, Cicilline, Correa, Correa's, Thomas Massie, Ken Buck, Buck, Joe Neguse, Mary Gay Scanlon, Pramila Jayapal, They're Organizations: Rep, Apple, Google, Facebook, Democratic, Colo, Big Tech, Federal Trade Commission, Department of Justice Antitrust Division, Democrats, CNBC, Chamber of Commerce, FTC, Meta, Progress Education Fund, Economic Security, Future, House Judiciary, White Locations: California, Southern California, Ky, U.S, House

☆ Justice Department wins lawsuit to end JetBlue and American Airlines alliance
▼ + stars: | 2023-05-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —American Airlines and JetBlue Airways have to break up their alliance on Northeast US flight routes, a US District Court judge ordered Friday. US District Judge Leo Sorokin ruled in favor of the the Justice Department, giving the Biden administration a victory in its years-long lawsuit against the airlines’ collaboration. The airlines have 30 days to end their partnership, Sorokin ruled – just as the busy summer travel season kicks off. The Justice Department also alleged the two airlines shared revenues earned at these airports, eliminating their incentives to compete with one another. CNN has reached out to American Airlines, JetBlue and the Justice Department for comment.

☆ Misclassifying employees as gig workers creates 'a race to the bottom' for businesses, Biden's top labor and antitrust regulators say
▼ + stars: | 2023-05-14 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Businesses have an incentive to misclassify workers as contractors to undermine their competitors, according to the DOJ Antitrust Division. It's just the tip of the iceberg when it comes to those called "gig workers" — freelancers, contractors, on-call workers, and temp agency workers, who for decades have increasingly replaced full-time employees as independent contractors. Not so for gig workers. In 2018, 20% of workers were contract workers, and 65% of part-time workers and over half of contract workers went without benefits, according to NPR. "Our goals are the same," Abruzzo said, as NLRB and DOJ Antitrust want to end "misclassification and employment structures that cause vertical constraints on competition."

☆ DOJ antitrust chief Kanter: Antitrust laws exist to promote a competitive, resilient economy
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDOJ antitrust chief Kanter: Antitrust laws exist to promote a competitive, resilient economyJonathan Kanter, Assistant Attorney General of the Department of Justice's Antitrust Division, joins 'Squawk Box' to discuss the state of antitrust scrutiny in the U.S., whether antitrust laws and enforcement help or hurt business competition, and more.

☆ DOJ antitrust chief Kanter: We are at our best when we are a 'free, open, vibrant market'
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDOJ antitrust chief Kanter: We are at our best when we are a 'free, open, vibrant market'Jonathan Kanter, Assistant Attorney General of the Department of Justice's Antitrust Division, joins 'Squawk Box' to discuss the state of antitrust scrutiny in the U.S., whether antitrust laws and enforcement help or hurt business competition, and more.

The planned closure of the plant has left dozens of Virginia chicken growers scrambling to find new buyers in a region with few other options. Tyson alerted Virginia farmers by phone on March 13 and later by mail that it will shut its Glen Allen plant on May 12, according to three poultry farmers who supply the plant. The USDA, which enforces the PSA, told Reuters it is "closely monitoring" Tyson's planned plant closure. 'WE'RE DONE'Under normal circumstances, Tyson supplies farmers with chicks, while farmers assume the costs of land and chicken houses. On Monday, about 20 Tyson farmers and local government officials gathered in a fire station in Burkeville, Virginia, and raised concerns about Tyson's short timeline for closure of the plant, attendees said.

☆ Spooked dealmakers scurry back into their foxholes
▼ + stars: | 2023-03-23 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +8 min

NEW YORK, March 23 (Reuters Breakingviews) - Jonathan Kanter, a lawyer by training, has become something of a magician. Pay closer attention, however, and Kanter is methodically rewriting a decades-old regulatory playbook. Last year, these breakup charges reached their highest level in a decade, at an average 4.5% of deal prices. The Department of Agriculture partnered with the DOJ on the case, another feature of Kanter’s plan of attack. As legal weaknesses emerge, dealmakers should be in position to better structure transactions and defend themselves at trial.

"There is a brick wall in front of M&A activity," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). "We are in for choppiness," said Scott Barshay, chair of the corporate department at law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. And it's a giant struggle because there's a lot of dry powder for the equity part of private equity deals. Dealmakers, however, said they expect the impact from the banking crisis on broader M&A activity to be contained, as most of the worst affected regional banks are not major advisers or lenders on deals. The technology sector remains the best hunting ground for corporate acquirers or private equity financiers, deal advisors said.

☆ Google stacks its legal team with former DOJ employees as it faces antitrust cases
▼ + stars: | 2023-03-17 | by ( Lauren Feiner | ) www.cnbc.com time to read: +13 min

Former DOJ employees make up both its in-house team and members of outside counsel firms it employs. Google also uses four different outside counsel firms loaded with nearly 20 former DOJ officials, many of whom worked in the Antitrust Division at various times. The DOJ made the accusation in a legal filing after Epic Games raised the concern in its own antitrust litigation against Google. Those firms collectively have around 20 former DOJ employees on their staff, many of them working in antitrust. For example, DOJ antitrust chief Jonathan Kanter previously worked for clients including Microsoft and Yelp which have complained of Google's allegedly anticompetitive behavior.

☆ After back-to-back train disasters, regulators approve the largest rail merger in decades creating a line that would stretch from Canada to Mexico
▼ + stars: | 2023-03-16 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

Regulators approved a railroad merger that would create a single route stretching from Canada to Mexico. The rail industry has seen train accidents and labor disputes in recent months. "30-40% of the United States economy depends on a well-functioning railroad," Oberman said in the Wednesday press conference. That's why the STB has been "railing about some of the rail service problems and issues affecting the rail industry," he said. Oberman also argued shippers would not lose any existing rail competition from the merger.

JetBlue will face "an uphill battle" as it fights the government," said Diana Moss, president of the American Antitrust Institute. "If I'm JetBlue, that's where I focus right now, developing that divestiture offer and lining up a buyer to 'litigate the fix,'" said Dryden. Whatever arguments JetBlue uses, a court fight could last six to eight months and cost tens of millions of dollars in attorney fees, legal experts said. Bill Baer, head of the Justice Department's antitrust division under former President Barack Obama, said the government's complaint "shows that there is meaningful competition between Spirit and JetBlue." "JetBlue brags about the 'JetBlue effect,' where they enter a market and fares tend to go down," he said.

☆ Swiss antitrust agency names four firms in fragrance cartel probe
▼ + stars: | 2023-03-08 | by ( John Stonestreet | Ludwig Burger | ) www.reuters.com time to read: +2 min

(Reuters) -The Swiss antitrust agency on Wednesday named four companies it is investigating for forming an alleged fragrance cartel that is also the target of U.S. and other European watchdogs. Slideshow ( 2 images )They are Switzerland’s Givaudan, domestic rival Firmenich, which is merging with Dutch chemicals group DSM, U.S.-based International Flavors & Fragrances Inc and Germany’s Symrise, Swiss competition commission COMCO said. News of the probe into the supply of fragrances and fragrance ingredients broke on Tuesday, when Givaudan confirmed it was being investigated. A Symrise spokesperson confirmed the group was part of the investigation and that it would cooperate with authorities. Givaudan’s shares dropped 2.7% and DSM lost 2.8%, while U.S.-listed International Flavors & Fragrances (IFF) was down 2.9% at Tuesday’s close.

☆ Swiss antitrust agency names four firms in fragrances cartel probe
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Swiss flavours and fragrances maker Givaudan is seen at its innovation center in Kemptthal, Switzerland January 10, 2020. REUTERS/Arnd WiegmannZURICH, March 8 (Reuters) - Swiss antitrust authorities on Wednesday named four companies targeted in an international investigation into an alleged fragrances cartel. They are Switzerland's Givaudan SA (GIVN.S), U.S.-headquartered Firmenich International, U.S.-based International Flavors & Fragrances Inc (IFF.N) and Germany's Symrise AG (SY1G.DE), Swiss competition commission COMCO said. News of the probe into the supply of fragrances and fragrance ingredients broke on Tuesday, when fragrance and flavour maker Givaudan confirmed it was being targeted. A Symrise spokesperson confirmed the group was part of the investigation and would cooperate with authorities.

☆ JetBlue combining with Spirit would make airfare more expensive, US says in lawsuit filed to block a merger
▼ + stars: | 2023-03-07 | by ( Taylor Rains | Dennis Green | ) www.businessinsider.com time to read: +4 min

The Department of Justice filed an antitrust lawsuit against JetBlue Airways on Tuesday. The lawsuit seeks to block JetBlue's acquisition of Spirit Airlines. "JetBlue has recognized that its own fares and revenues on a route drop significantly when Spirit enters," the DOJ says. "The Big Four airlines have a lock on about 80% of the market," JetBlue says. The Tuesday lawsuit said that the agreement with American constitutes a "de facto merger" with the world's largest airline, citing language used by Spirit before the merger.

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