Capital One to acquire Discover Financial Services in $35.3 billion all-stock deal
https://www.cnbc.com/2024/02/19/capital-one-acquiring-discover-financial-services-report-says.htmlOpen linkView original on lemmy.worldhttps://www.cnbc.com/2024/02/19/capital-one-acquiring-discover-financial-services-report-says.htmlOpen linkView original on lemmy.world
God damn it. I have zero interest in doing business with CaptitalOne ever again.
Where's our antitrust laws, anyway?
Because antitrust is bad for the stock market and politicians are heavily invested in the stock market.
But I was told competition was good for the market.
Competition is good for everybody but those that have a stake in the companies doing the consolidating. Of course, the people who have said stakes would include basically every single lawmaker.
If you ask me, the only investments that lawmakers should be able to make is into a fund that only returns at a rate that the average wage in the nation increases. Any extra goes into funding social services.
Not average wage, Minimum wage increases. If it's good enough for their constituents, it's good enough for them. Same for their taxpayer-funded healthcare. Time to shop on an exchange boys!
but not the stock market.
It's not for lack of trying on the federal trade commission's part. Biden admin has been fighting tons of mergers and courts keep deciding against them. We need better anti trust laws (and better judges wouldn't hurt too). They did manage to stop a few mergers at least, for instance against Lockheed Martin trying to acquire aerojet rocketdyne holdings, and Nvidia trying to acquire Arm, and the spirit jet blue merger. And they reopened their case against the Microsoft Activision merger after they violated their court agreements. I will be surprised if the FTC doesn't sue over this purchase of Discover.
https://www.reuters.com/legal/us-keeps-losing-antitrust-court-battles-few-expect-pullback-2022-10-04/
What's in your wallet?
I don't get it, is this a Thing?
It's Capitol Ones tag line in their commercials.
They might actually stop this one too. It's not approved yet. They just shut down spirit/ JetBlue merger.
The billionaires are circling the wagons. Centralize all power and wealth. Squeeze every last bit of “value” out of the people.
Endless billion dollar mergers to consolidate more and more power.
Did you see this?
https://www.cnbc.com/2024/02/19/magnificent-7-profits-now-exceed-almost-every-country-in-the-world-should-we-be-worried.html
That is huge
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