Remember back in the 20th century when Congress held “big business” antitrust hearings with the CEOs of Standard Oil, Ford, U.S. Steel, IBM, and AT&T all testifying at the same time? No? That’s probably because it never happened.
Despite the fact that all of those giant companies were accused of antitrust violations — and in two of those cases, forcibly broken up by the justice system — you just wouldn’t ever stick them in the same room. Their industries are too obviously different. Representatives would have to read up on oil, autos, metallurgy, computers, and telecoms. Try to tackle them all at the same time, and you’d dilute the effect of scrutinizing each one. Read more…
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