Tag Archives: Big Tech

Financial Daily Dose 10.8.2020 | Top Story: Feds fine Citi $400M over “Longstanding” Governance Failures

BY: Michael D. Reif | October 8, 2020

Federal regulators—including the Federal Reserve and the OCC—have fined Citigroup $400 million over “longstanding” failures in the areas of risk management, data governance, and internal controls. In addition to the fine, the OCC will require Citi to seek its approval before making even minor acquisitions of credit-card portfolios or non-bank companies  – Law360 and WSJ … Continue reading

Financial Daily Dose 8.20.2020 | Top Story: Apple Becomes First U.S. Company to Hit $2 Trillion Valuation Mark

BY: Michael D. Reif | August 20, 2020

Apple tipped the $2 trillion mark this week, the first U.S. company to reach that valuation milestone, doing so just 2 years after it first hit $1 trillion. That it’s done so in the middle of a pandemic only punctuates how the coronavirus crisis “has been a bonanza for the tech giants” – NYTimes and … Continue reading

Financial Daily Dose 7.29.2020 | Top Story: Tech Titans to Testify About Antitrust Concerns Today

BY: Michael D. Reif | July 29, 2020

Much more on what to expect from Big Tech’s “Big Tobacco Moment” on the Hill today, at which Google, Amazon, Facebook, and Apple’s CEOs will endeavor to make the case that their massive companies don’t “stifle[] rivals and harm[] consumers” – NYTimes and WSJ and Bloomberg and MarketWatch An extra challenge for Apple’s Tim Cook, … Continue reading

Financial Daily Dose 3.24.2020 | Top Story: Fed’s “Unlimited” QE Promise Doesn’t Reassure Markets Amid D.C. Deadlock

BY: Michael D. Reif | March 24, 2020

A promise of “unlimited” QE from the Fed Monday morning briefly turned the tides on Dow futures but wasn’t enough to overcome another day of COVID-19-related fears and DC gridlock over the $1.8 trillion stimulus package III that combined to drive markets down still further by day’s end – NYTimes and WSJ and MarketWatch Early … Continue reading

Financial Daily Dose 3.9.2020 | Top Story: Big Tech Companies Begin To Support Regulations to Limit Mass Surveillance

BY: Juvian Hernandez | March 9, 2020

Panic seems to driving the market: oil prices plummeted, equities took a hit, and the S&P 500 lost about 5%. Be on the lookout for, inter alia, the European Central Bank’s policy decision on Thursday and the release of the U.S. core consumer price index on Wednesday. – Bloomberg and NYT Big Tech companies using facial recognition software … Continue reading

Financial Daily Dose 2.12.2020 | Top Story: Big Tech Antitrust Update

BY: Juvian Hernandez | February 12, 2020

Big-Tech/Antitrust Update: the FTC has demanded information from Amazon.com Inc., Apple Inc., Facebook Inc., Microsoft Corp., and Alphabet Inc. regarding acquisitions of small firms over the past 10 years that may have been too small to trigger antitrust review. This analysis of Big Tech’s “kill zones” may lead to future changes in how the FTC … Continue reading

Financial Daily Dose 8.20.2019 | Top Story: Top Execs Signal Shift in Corporate Priorities Beyond Just Shareholder Gain

BY: Michael D. Reif | August 20, 2019

A survey of the country’s most powerful CEOs by the Business Roundtable shows an interesting shift in how they view their top priority—no longer does advancing the interests of shareholders take the top spot. Instead, the leaders identified investing in employees, delivering value to customers, and dealing “fairly and ethically with their suppliers” as primary … Continue reading

Financial Daily Dose 7.25.2019 | Top Story: Facebook to Add Privacy Measures Under FTC Deal

BY: Michael D. Reif | July 25, 2019

Facebook and the FTC have agreed to terms on a settlement addressing the social network’s privacy violations in recent years. Along with the previously reported $5 billion fine, the deal will require Facebook to “add new positions and practices to increase the transparency and accountability of how it treats people’s information” – NYTimes and WSJ … Continue reading

Financial Daily Dose 7.24.2019 | Top Story: DOJ Launches Big Tech Antitrust Probe

BY: Michael D. Reif | July 24, 2019

The announcement itself isn’t a shock, but given the potential players, it’s headline-worthy anyway: the DOJ announced yesterday that it’s officially opening an antitrust probe into Big Tech companies and “whether they had acted to reduce competition” as they amassed market power – NYTimes and WSJ and Bloomberg and MarketWatch US regulators are likely to … Continue reading

Financial Daily Dose 6.4.2019 | Top Story: DOJ, FTC, and Congress Set to Investigate Big Tech

BY: Michael D. Reif | June 4, 2019

Much more on the suddenly hot topic of Big Tech antitrust oversight, including a negotiated agreement among regulators that will see the DOJ handling Apple and Google while the Federal Trade Commission will take on Facebook and Amazon. Separately, the House Judiciary Committee is taking up its own probe of the tech industry giants – … Continue reading