This Week in the Mercury
Friday, November 25, 2011
$$$ This Is a Case of Government Doing Exactly What It Should Do
Posted by Paul Constant on Fri, Nov 25, 2011 at 3:29 PM
I would just like you to take a moment to appreciate the news that came out yesterday about the AT&T/T-Mobile merger being, basically, quashed by the federal government:
Espirito Santo analysts said AT&T's decision to take the $4 billion charge this quarter showed the company's own assessment of the chances of success had fallen, causing its auditors to force the company to take the hit now."It tells us something about timing too — suggesting that AT&T may decide to walk away at the first opportunity (March 20, 2012) rather than waiting for the ultimate September 20, 2012 deadline," they wrote in a note to clients...The FCC said the merger would result in a massive loss of U.S. jobs and investment, and significantly diminish competition, while the DOJ said it would lead to higher wireless prices for consumers and businesses.
I think the FCC and the DOJ should have stepped in a while ago to keep the number of national cell phone providers above four, but I'm grateful that they're doing something now. If the feds had engaged in this kind of monopoly busting over the last twenty years with bank mergers, the economy wouldn't be hurting as badly as it is right now. A large part of the government's role is to protect us from business run amok; I'm glad to see that the government is starting to remember that.
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