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

Robins Kaplan LLP

Robins Kaplan LLP

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 – NYTimes and WSJ and Bloomberg and MarketWatch and Law360

One of the Big Four, for its part, hoped that the latest installment of its Worldwide Developers Conference was enough to keep attention on its products and services rather than its forthcoming legal troubles. How’d Apple do? Well, you can make up your own mind with the help of this WWDC guide – NYTimes and WSJ and Bloomberg

The DOJ and FTC aren’t the only government bodies fighting over the right to regulate a key sector. New York’s Dep’t of Financial Services and the OCC are also engaged in a “simmering turf battle” over the right to define the rules of the game for fintech – Law360

Recent financial and delivery stumbles (as well as a CEO who can’t seem to keep himself from the headlines) have prompted more and more on Wall Street to wonder whether Tesla will ever be anything more than a “niche automaker” – NYTimes and WSJ

Also, we’ve got new insight on one previously opaque source of Tesla’s cash—GM and FiatChrysler, thanks to their massive purchases of federal greenhouse gas credits from Tesla since 2010 – Bloomberg

New economic analysis from two separate sources suggests that the temporary “jolt to the United States economy” provided by recent American tax cuts are likely to be nearly completely nullified—especially for low- and middle-income earners—by the White House’s love affair with tariffs – NYTimes

On cue, by the way, Mexico has started throwing out potential retaliatory measures should the White House follow through with its recent tariff threat on all Mexican goods – WSJ

Meanwhile, Wall Street’s increasingly convincing itself (and not without some cause) that the Fed will change course and start cutting rates as early as July, raising the prospect of big-time trouble if that optimism doesn’t pan out – NYTimes and Bloomberg and WSJ

The French government is pushing Renault for a spate of concessions, including promises about keeping a potential FiatChrysler/Renault European home base in France, as part of negotiations over approval for the proposed merger – WSJ

SCOTUS has denied a bid from former SAC Capital Advisors LP portfolio manager Mathew Martoma to hear an appeal of the 2d Circuit’s decision to uphold his 2014 insider trading conviction, “dealing him yet another defeat in his bid to reverse” that conviction – Law360

Do we deserve Keanu Reeves? I mean, probably. But that doesn’t mean we can’t all enjoy the question – NewYorker

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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