Refuting Rupert Murdoch’s implication that Obama, like any conventional Democratic president, would be tough on mergers, Andrew Ross Sorkin says the President-elect may actually be fairly lenient about consolidation. (The sound you just heard was that of business execs cheering.)
NY Times: “Antitrust theory is theoretical. Losing jobs and plants is real.”
Isn’t the conventional wisdom that deal-making is going to be tougher under Mr. Obama and a Democratic administration?
To the contrary, Mr. Boies said. At least over the next two years, the exact opposite will be true.
Mr. Obama might want to police antitrust issues, but the economy is in such sorry shape that he probably won’t be able to, Mr. Boies said. It just won’t be politically palatable to kill deals that could save some jobs.
“Preserving jobs and economic stability will be perceived as more important than preserving competition,” Mr. Boies said.
Hooray for the economic meltdown!
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