Incoming acting Labor Secretary Patrick Pizzella under scrutiny for work with disgraced lobbyist Jack Abramoff

Incoming acting Labor Secretary Patrick Pizzella will take the helm of the department following the resignation Friday of Alex Acosta, who faced scrutiny over his role in prosecuting alleged sex trafficker Jeffrey Epstein more than a decade ago. But Pizzella, currently deputy Labor secretary, has his own controversial past that will likely come to the fore. Democratic senators and civil rights groups have expressed concern about Pizzella’s prior work with disgraced Republican lobbyist Jack Abram


Incoming acting Labor Secretary Patrick Pizzella will take the helm of the department following the resignation Friday of Alex Acosta, who faced scrutiny over his role in prosecuting alleged sex trafficker Jeffrey Epstein more than a decade ago. But Pizzella, currently deputy Labor secretary, has his own controversial past that will likely come to the fore. Democratic senators and civil rights groups have expressed concern about Pizzella’s prior work with disgraced Republican lobbyist Jack Abram
Incoming acting Labor Secretary Patrick Pizzella under scrutiny for work with disgraced lobbyist Jack Abramoff Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: tucker higgins
Keywords: news, cnbc, companies, labor, work, abramoff, served, pizzella, worker, patrick, deputy, scrutiny, lobbyist, jack, pizzellas, secretary, wage, incoming, disgraced


Incoming acting Labor Secretary Patrick Pizzella under scrutiny for work with disgraced lobbyist Jack Abramoff

Incoming acting Labor Secretary Patrick Pizzella will take the helm of the department following the resignation Friday of Alex Acosta, who faced scrutiny over his role in prosecuting alleged sex trafficker Jeffrey Epstein more than a decade ago.

But Pizzella, currently deputy Labor secretary, has his own controversial past that will likely come to the fore. Democratic senators and civil rights groups have expressed concern about Pizzella’s prior work with disgraced Republican lobbyist Jack Abramoff in the late 1990s and early 2000s to hamper worker protections in the Northern Mariana Islands.

When Pizzella worked on Abramoff’s team at Preston Gates Ellis & Rouvelas Meeds, the lobbying firm was pushing to prevent Congress from imposing minimum wage laws on the Northern Mariana Islands. At the time, there were “maximum” wage restrictions on the islands of $3.05 per hour for foreign workers, according to the Center for Investigative Reporting.

“Foreign workers pay up to $7,000 to employers or middlemen for the right to a job in the CNMI. When they finally reach the Commonwealth, they are assigned to tedious, low paying work for long hours with little or no time off. At night they are locked in prison-like barracks,” one government report found.

Abramoff was sentenced to six years in prison on fraud-related charges in 2006. He served four years and was released in 2010.

The Labor Department did not immediately respond to a request for comment. A White House spokesman said he was unaware of the controversy related to Pizzella.

“I have no idea what that’s about,” said Steven Groves, a White House deputy press secretary.

Pizzella’s history with the lobbyist came up during his confirmation hearings in 2017.

“You’ve been nominated to a position where you’ll be closely involved with enforcing minimum wage laws and other worker protections. Yet, as we discussed in my office, one of the key issues you lobbied on was to block bipartisan legislation for basic worker protections in the Northern Mariana Islands, where garment manufacturers could produce clothing labeled made in the U.S.A. without having to comply with U.S. minimum wage laws,” former Sen. Al Franken, D-Minn., told him at the time.

The Leadership Conference on Civil and Human Rights accused Pizzella that fall of working with Abramoff to lobby for policies “that essentially allowed for unchecked slave labor to be performed with the imprimatur of the ‘Made in the U.S.A.’ label on goods and clothing.”

In a statement Friday, Kristine Lucius, the group’s executive vice president for policy and government affairs, said Pizzella’s record “shows he has a clear bias against working people’s rights – which may be good for Trump’s agenda, but bad for the people the department is meant to serve.”

“Mr. Pizzella’s past gives us great concern about how he will lead and we will be watching closely,” Lucius said.

At the 2017 hearing, Pizzella sought to distance himself from his work with Abramoff, and emphasized that he was not among the 21 Abramoff associates who were convicted of or pleaded guilty to wrongdoing in connection with their work.

Abramoff ultimately endorsed Pizzella’s appointment to deputy Labor secretary. Pizzella was confirmed by the Senate in April 2018 in a party-line vote.

“I think it shows that the Trump administration is trying to get somebody who’s really experienced, smart and somebody who really knows the issues,” Abramoff told the Center for Investigative Reporting.

Pizzella’s role as deputy Labor secretary was among the reasons that some top labor leaders did not push for Acosta to resign, Bloomberg Law reported in February.

Pizzella had previously served under Presidents George W. Bush and Barack Obama. From 2004 to 2005, he served as a member of the board of directors of Overseas Private Investment Corp., according to his official biography. President Barack Obama appointed Pizzella as a member of the Federal Labor Relations Authority and he was confirmed by the Senate to the position in 2013. Trump named him acting chairman of the FLRA in 2017.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: tucker higgins
Keywords: news, cnbc, companies, labor, work, abramoff, served, pizzella, worker, patrick, deputy, scrutiny, lobbyist, jack, pizzellas, secretary, wage, incoming, disgraced


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Britain’s investment funds face scrutiny as Bank of England’s Carney blasts liquidity ‘lie’

The U.K. fund industry is facing calls for new regulation with Bank of England Governor Mark Carney telling lawmakers that some investment funds are “built on a lie.” Carney’s comments concerned the suspension of a flagship fund from Britain’s best known fund manager, Neil Woodford, due to a lengthy spell of poor performance and a slew of investor withdrawals. “These funds are built on a lie which is that you can have daily liquidity for assets that fundamentally aren’t liquid,” he said. The gat


The U.K. fund industry is facing calls for new regulation with Bank of England Governor Mark Carney telling lawmakers that some investment funds are “built on a lie.” Carney’s comments concerned the suspension of a flagship fund from Britain’s best known fund manager, Neil Woodford, due to a lengthy spell of poor performance and a slew of investor withdrawals. “These funds are built on a lie which is that you can have daily liquidity for assets that fundamentally aren’t liquid,” he said. The gat
Britain’s investment funds face scrutiny as Bank of England’s Carney blasts liquidity ‘lie’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: elliot smith
Keywords: news, cnbc, companies, liquidity, told, fund, blasts, assets, scrutiny, funds, investment, woodford, britains, underlying, englands, fca, face, carney, lie, uk, illiquid


Britain's investment funds face scrutiny as Bank of England's Carney blasts liquidity 'lie'

The U.K. fund industry is facing calls for new regulation with Bank of England Governor Mark Carney telling lawmakers that some investment funds are “built on a lie.”

Carney’s comments concerned the suspension of a flagship fund from Britain’s best known fund manager, Neil Woodford, due to a lengthy spell of poor performance and a slew of investor withdrawals.

The Woodford Equity Income Fund was revealed to have twice breached the 10% limit for illiquid holdings imposed by U.K. watchdog the Financial Conduct Authority (FCA), and listed a number of small and illiquid holdings in the nearby island of Guernsey to circumvent regulation.

Carney told the Treasury Committee (a cross-party group of U.K. lawmakers) on Wednesday that the rise of funds promising liquidity while holding illiquid underlying assets could create “a potential systemic issue,” and has led to investors viewing them as “not that different from having money in a bank.”

“These funds are built on a lie which is that you can have daily liquidity for assets that fundamentally aren’t liquid,” he said.

The gating of the Woodford Equity Income Fund meant investors could not access their cash following the recent surge in redemptions. While this type of “open-ended” fund can usually be traded easily, a number of funds hold significant proportions of illiquid assets which can be difficult to sell in the event of increased demand for withdrawals.

“Something that better aligns the redemption terms with the actual liquidity of the underlying investment is infinitely preferable to the situation that we have today,” said Carney.

Carney’s comments echo those of FCA Chief Executive Andrew Bailey, widely touted as his successor at the central bank, who told the committee that a move to a principles-based regulatory system rather than the rules-based framework stipulated by the European Union would make it easier for the FCA to intervene at an earlier stage.


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: elliot smith
Keywords: news, cnbc, companies, liquidity, told, fund, blasts, assets, scrutiny, funds, investment, woodford, britains, underlying, englands, fca, face, carney, lie, uk, illiquid


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Google reportedly fires some of its largest lobbying firms as it faces antitrust scrutiny

Google fired about half a dozen of its largest lobbying firms as it gears up to face antitrust regulators, The Wall Street Journal reported Wednesday. Within a matter of months, sources told the Journal, Google has restructured its policy team at the nation’s capital and lost two senior officials who helped build the operation. The firms Google dropped represent about half of Google’s $20 million annual lobby bill, according to the report. The upheaval comes after reports that the Justice Depart


Google fired about half a dozen of its largest lobbying firms as it gears up to face antitrust regulators, The Wall Street Journal reported Wednesday. Within a matter of months, sources told the Journal, Google has restructured its policy team at the nation’s capital and lost two senior officials who helped build the operation. The firms Google dropped represent about half of Google’s $20 million annual lobby bill, according to the report. The upheaval comes after reports that the Justice Depart
Google reportedly fires some of its largest lobbying firms as it faces antitrust scrutiny Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: lauren feiner
Keywords: news, cnbc, companies, regulators, firms, billion, scrutiny, tech, fires, journal, google, faces, company, lobbying, according, largest, wall, reportedly, antitrust


Google reportedly fires some of its largest lobbying firms as it faces antitrust scrutiny

Sundar Pichai, CEO of Google, speaks to the media before the opening of the Berlin representation of Google Germany in Berlin on January 22, 2019.

Google fired about half a dozen of its largest lobbying firms as it gears up to face antitrust regulators, The Wall Street Journal reported Wednesday.

The move it part of a broader shake-up of Google’s global government affairs and policy operations, according to the Journal. Within a matter of months, sources told the Journal, Google has restructured its policy team at the nation’s capital and lost two senior officials who helped build the operation. The firms Google dropped represent about half of Google’s $20 million annual lobby bill, according to the report.

Google did not immediately respond to CNBC’s request for comment.

The upheaval comes after reports that the Justice Department is preparing to investigate Google on antitrust grounds. The company previously agreed to change some of its practices in an 2013 settlement with the Federal Trade Commission, which had been concerned the company could stifle competition. Today, Google still controls more than 70% of the search engine market, according to NetMarketShare.

Google has already faced three hefty fines from regulators in Europe who say the company has violated antitrust law there. Most recently, the European Union ordered Google to pay the equivalent of roughly $1.7 billion for stifling competition in the online advertisement sector. In 2018, regulators in Brussels waged a $5 billion fine on the company for abusing the dominant position of its Android mobile operating system. A year earlier, the EU fined Google $2.7 billion for using its search dominance to favor its shopping comparison service.

Antitrust regulation has become a key issue in the U.S. and a cornerstone of presidential candidates’ platforms. Shares of Google parent company Alphabet, Facebook, Amazon and Apple all fell last week on reports that the DOJ and FTC were divvying up antitrust oversight of the four companies.

In a speech on Wednesday, the DOJ’s Assistant Attorney General Makan Delrahim laid out some potential antitrust arguments against Big Tech firms and said providing low prices to consumers cannot absolve the sector of scrutiny.

Read more on The Wall Street Journal.

Subscribe to CNBC on YouTube.

Watch: Chair of House antitrust subcommittee explains the investigation into big tech


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: lauren feiner
Keywords: news, cnbc, companies, regulators, firms, billion, scrutiny, tech, fires, journal, google, faces, company, lobbying, according, largest, wall, reportedly, antitrust


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Former Facebook attorney weighs in on antitrust claims

Former Facebook attorney weighs in on antitrust claims10 Hours AgoBig tech companies such as Google and Facebook have been under scrutiny from federal regulators. Chris Kelly, former Facebook chief privacy officer and first general counsel, joins CNBC’s “Squawk Box” team to discuss.


Former Facebook attorney weighs in on antitrust claims10 Hours AgoBig tech companies such as Google and Facebook have been under scrutiny from federal regulators. Chris Kelly, former Facebook chief privacy officer and first general counsel, joins CNBC’s “Squawk Box” team to discuss.
Former Facebook attorney weighs in on antitrust claims Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10
Keywords: news, cnbc, companies, weighs, claims, scrutiny, privacy, squawk, officer, regulators, kelly, facebook, antitrust, attorney, team, tech


Former Facebook attorney weighs in on antitrust claims

Former Facebook attorney weighs in on antitrust claims

10 Hours Ago

Big tech companies such as Google and Facebook have been under scrutiny from federal regulators. Chris Kelly, former Facebook chief privacy officer and first general counsel, joins CNBC’s “Squawk Box” team to discuss.


Company: cnbc, Activity: cnbc, Date: 2019-06-10
Keywords: news, cnbc, companies, weighs, claims, scrutiny, privacy, squawk, officer, regulators, kelly, facebook, antitrust, attorney, team, tech


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Apple drops on report that Justice Department is eyeing antitrust probe

Apple shares ticked lower Monday after a Reuters report saying the Justice Department is considering a probe of the iPhone maker. The stock fell nearly 2% following the report, after trading higher earlier in the day. Apple and its CEO, Tim Cook, presented updates to the company’s central software at its annual Worldwide Developers Conference on Monday. The tech-heavy Nasdaq Composite index also fell 1% Monday after similar regulatory headlines dinged tech giants Alphabet, Amazon and Facebook. A


Apple shares ticked lower Monday after a Reuters report saying the Justice Department is considering a probe of the iPhone maker. The stock fell nearly 2% following the report, after trading higher earlier in the day. Apple and its CEO, Tim Cook, presented updates to the company’s central software at its annual Worldwide Developers Conference on Monday. The tech-heavy Nasdaq Composite index also fell 1% Monday after similar regulatory headlines dinged tech giants Alphabet, Amazon and Facebook. A
Apple drops on report that Justice Department is eyeing antitrust probe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: sara salinas
Keywords: news, cnbc, companies, scrutiny, justice, drops, probe, tech, department, spotify, regulators, antitrust, stock, apple, reported, eyeing, report, shares


Apple drops on report that Justice Department is eyeing antitrust probe

Apple shares ticked lower Monday after a Reuters report saying the Justice Department is considering a probe of the iPhone maker.

The agency has been given jurisdiction to probe the company’s practices as part of a broad review into potential anti-competitive behavior among big tech companies, Reuters reported, citing two sources.

The stock fell nearly 2% following the report, after trading higher earlier in the day. The shares pared losses to end the session 1% down. Apple and its CEO, Tim Cook, presented updates to the company’s central software at its annual Worldwide Developers Conference on Monday.

The tech-heavy Nasdaq Composite index also fell 1% Monday after similar regulatory headlines dinged tech giants Alphabet, Amazon and Facebook.

Earlier Monday, the Wall Street Journal reported that the Federal Trade Commission will examine how Facebook’s practices affect digital competition. The Washington Post reported over the weekend that Amazon has come under heightened scrutiny by U.S. regulators. And on Friday, the Journal reported that the DOJ is preparing a probe of Google, sending shares of parent company Alphabet down more than 7% at one point Monday, before they regained some ground and ended with a drop of 6.1%

The possible Apple investigation is linked to the Google probe, Reuters reported, and stems from meetings between the DOJ and the FTC.

The headlines together paint a daunting picture for Silicon Valley and the stock market’s most valuable companies. Big tech has long faced scrutiny from European regulators, but has so far shrugged off calls for government regulation in the U.S.

Apple has drawn increased criticism in recent months for what some — including streaming giant Spotify — see as anti-competitive behavior in the App Store. Apple owns and operates the online marketplace, collecting subscription fees from developers.

The so-called Apple tax accounts for a sizable percentage of Apple’s burgeoning services revenue segment, but draws the ire of developers who, in some cases, compete with Apple’s own apps in the store.

Spotify’s EU complaint against Apple, filed in March, is pending investigation by European authorities. Apple has said Spotify wants to enjoy the benefits of a free app, without it being free, according to a separate Reuters story on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: sara salinas
Keywords: news, cnbc, companies, scrutiny, justice, drops, probe, tech, department, spotify, regulators, antitrust, stock, apple, reported, eyeing, report, shares


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Amazon is trying to soften its image as regulatory scrutiny of Big Tech grows

But rather than fiercely fighting every battle, Amazon looks like its ready to play nice. In March, Amazon dropped a policy that prevented merchants from offering lower prices on other websites following an investigation request by Sen. Richard Blumenthal (D-Conn.). Last month, the company scaled back some of its most aggressive promotion tactics after Sen. Elizabeth Warren (D-Mass.) And late last year Amazon raised its minimum wage to $15 following criticism of the company’s working conditions


But rather than fiercely fighting every battle, Amazon looks like its ready to play nice. In March, Amazon dropped a policy that prevented merchants from offering lower prices on other websites following an investigation request by Sen. Richard Blumenthal (D-Conn.). Last month, the company scaled back some of its most aggressive promotion tactics after Sen. Elizabeth Warren (D-Mass.) And late last year Amazon raised its minimum wage to $15 following criticism of the company’s working conditions
Amazon is trying to soften its image as regulatory scrutiny of Big Tech grows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: eugene kim, brent lewis, denver post, getty images, david ryder
Keywords: news, cnbc, companies, big, growing, tech, soften, sen, stores, scrutiny, amazon, trying, business, winatallcost, regulatory, image, following, working, looks, grows, company


Amazon is trying to soften its image as regulatory scrutiny of Big Tech grows

Amazon’s relentless pursuit of growth in retail, cloud computing, advertising and consumer devices has put the company squarely in the sights of Washington lawmakers who are concerned about Big Tech’s growing influence over consumers. But rather than fiercely fighting every battle, Amazon looks like its ready to play nice.

In March, Amazon dropped a policy that prevented merchants from offering lower prices on other websites following an investigation request by Sen. Richard Blumenthal (D-Conn.). Last month, the company scaled back some of its most aggressive promotion tactics after Sen. Elizabeth Warren (D-Mass.) called out abusive business practices. And late last year Amazon raised its minimum wage to $15 following criticism of the company’s working conditions by Sen. Bernie Sanders (D-VT).

Amazon also confirmed to CNBC that it would soon start accepting cash at the Amazon Go cashierless stores as a growing number of cities and states push for laws that require all stores to serve the unbanked. It’s all part of a strategy to be more likable at a time when tech companies are drawing heat for behavior that looks increasingly anti-competitive.

“I believe Amazon has made the connection between likability and immunity from regulation,” said NYU business professor Scott Galloway, author of “The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google.”

This is a different company from the vigorously defensive, win-at-all-cost Amazon we’re used to seeing.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: eugene kim, brent lewis, denver post, getty images, david ryder
Keywords: news, cnbc, companies, big, growing, tech, soften, sen, stores, scrutiny, amazon, trying, business, winatallcost, regulatory, image, following, working, looks, grows, company


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Facebook rejects Australian regulator’s push for scrutiny of news feeds

Facebook has rejected an Australian regulator’s recommendation for greater scrutiny over the social network’s advertising market power and the ranking of news articles in customers’ feeds. “People, not regulators, should decide what they see in their news feeds,” Facebook said in a 76-page submission in reply dated March 3 and emailed to Reuters on Wednesday. “Creating a news ranking regulator for Facebook is not a proportionate regulatory solution that will be effective to address the longstand


Facebook has rejected an Australian regulator’s recommendation for greater scrutiny over the social network’s advertising market power and the ranking of news articles in customers’ feeds. “People, not regulators, should decide what they see in their news feeds,” Facebook said in a 76-page submission in reply dated March 3 and emailed to Reuters on Wednesday. “Creating a news ranking regulator for Facebook is not a proportionate regulatory solution that will be effective to address the longstand
Facebook rejects Australian regulator’s push for scrutiny of news feeds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: chesnot, getty images
Keywords: news, cnbc, companies, feeds, push, regulator, regulators, companies, publishers, rejects, accc, ranking, seek, facebook, technology, australian, scrutiny, competition


Facebook rejects Australian regulator's push for scrutiny of news feeds

Facebook has rejected an Australian regulator’s recommendation for greater scrutiny over the social network’s advertising market power and the ranking of news articles in customers’ feeds.

The proposal by the Australian Competition and Consumer Commission (ACCC) in December, along with a new regulator to police technology giants, is being watched closely in other countries as governments seek to check their power.

“People, not regulators, should decide what they see in their news feeds,” Facebook said in a 76-page submission in reply dated March 3 and emailed to Reuters on Wednesday.

“Creating a news ranking regulator for Facebook is not a proportionate regulatory solution that will be effective to address the longstanding monetisation challenges facing some Australian publishers,” Facebook said.

It said the commission underestimated the level of competition in online advertising markets in Australia, and was mistaken in its belief that Facebook’s aggregation and analysis of users’ data made it powerful.

Facebook’s response follows a similar rebuttal from Alphabet Inc’s Google as the companies seek to head off a crackdown that could form a template for curtailing their growing influence in public life around the world.

The ACCC had said the enormous market power of firms such as Google, which has a 94 percent share of web searches in Australia, and their opaque methods for ranking advertisements, gave them the ability and incentive to favor their businesses over advertisers.

In its preliminary recommendations that are subject to change, the ACCC said the new regulator should have powers to investigate how the companies rank advertisements and news articles.

That was welcomed by NewsMediaWorks, a group representing Australian news publishers, which said that online platforms unfairly profit from distributing their stories. Facebook suggested its opponents feared competition.

“The preliminary report’s near-exclusive focus on protecting certain publishers from disruption and competition is at odds with the ACCC’s mandate to promote competition,” Facebook said.

Australia, which has passed laws forcing technology companies to help police access user data amid growing concerns about the distribution of so-called “fake news,” ordered the ACCC inquiry as part of wider media reforms in 2017.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: chesnot, getty images
Keywords: news, cnbc, companies, feeds, push, regulator, regulators, companies, publishers, rejects, accc, ranking, seek, facebook, technology, australian, scrutiny, competition


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Global scrutiny could be huge threat to Facebook

Global scrutiny could be huge threat to Facebook3:12 PM ET Tue, 19 Feb 2019CNBC’s “Power Lunch” team is joined by Tony Romm, technology policy reporter for the Washington Post, and Kevin Delaney, editor-in-chief and co-CEO of Quartz, to break down why the United Kingdom is calling Facebook a “digital gangster.”


Global scrutiny could be huge threat to Facebook3:12 PM ET Tue, 19 Feb 2019CNBC’s “Power Lunch” team is joined by Tony Romm, technology policy reporter for the Washington Post, and Kevin Delaney, editor-in-chief and co-CEO of Quartz, to break down why the United Kingdom is calling Facebook a “digital gangster.”
Global scrutiny could be huge threat to Facebook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19
Keywords: news, cnbc, companies, tony, huge, scrutiny, technology, threat, united, washington, team, facebook, reporter, romm, quartz, global


Global scrutiny could be huge threat to Facebook

Global scrutiny could be huge threat to Facebook

3:12 PM ET Tue, 19 Feb 2019

CNBC’s “Power Lunch” team is joined by Tony Romm, technology policy reporter for the Washington Post, and Kevin Delaney, editor-in-chief and co-CEO of Quartz, to break down why the United Kingdom is calling Facebook a “digital gangster.”


Company: cnbc, Activity: cnbc, Date: 2019-02-19
Keywords: news, cnbc, companies, tony, huge, scrutiny, technology, threat, united, washington, team, facebook, reporter, romm, quartz, global


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Maxine Waters says BB&T and SunTrust merger deserves serious scrutiny

Waters attributed the deal in part to a law passed last year that eased some bank rules implemented in the wake of the 2008 financial crisis. She argued that “this proposed merger between SunTrust and BB&T is a direct consequence of the deregulatory agenda that [President Donald] Trump and Congressional Republicans have advanced.” Waters “asking so many questions that it slows the evaluation of the deal” poses a risk to it going through quickly, he wrote. Waters, a vocal critic of big banks, too


Waters attributed the deal in part to a law passed last year that eased some bank rules implemented in the wake of the 2008 financial crisis. She argued that “this proposed merger between SunTrust and BB&T is a direct consequence of the deregulatory agenda that [President Donald] Trump and Congressional Republicans have advanced.” Waters “asking so many questions that it slows the evaluation of the deal” poses a risk to it going through quickly, he wrote. Waters, a vocal critic of big banks, too
Maxine Waters says BB&T and SunTrust merger deserves serious scrutiny Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: jacob pramuk, getty images, bill clark, cq-roll call group
Keywords: news, cnbc, companies, let, eased, scrutiny, em, deserves, democrats, bbt, serious, deal, congressional, financial, suntrust, waters, merger, maxine, passed, banks


Maxine Waters says BB&T and SunTrust merger deserves serious scrutiny

Waters attributed the deal in part to a law passed last year that eased some bank rules implemented in the wake of the 2008 financial crisis. She argued that “this proposed merger between SunTrust and BB&T is a direct consequence of the deregulatory agenda that [President Donald] Trump and Congressional Republicans have advanced.”

The measure passed last year eased regulations on all but the largest U.S. banks. Proponents of the legislation — including 17 Senate Democrats — argued in part that it would save community banks from an unnecessary burden.

In a note earlier Thursday, Cowen Washington Research Group analyst Jaret Seiberg said the deal would likely get approved, but noted that congressional scrutiny could disrupt it. Waters “asking so many questions that it slows the evaluation of the deal” poses a risk to it going through quickly, he wrote.

Waters, a vocal critic of big banks, took control of the panel when Democrats regained a House majority in January. Speaking to CNBC recently, she stressed that she can work with the financial industry.

“Even if you know you disagree with a particular industry, you let ’em in and you let ’em talk to you. It’s always a learning experience,” she said.

WATCH: Rep. Waters meets with Bank CEOs


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: jacob pramuk, getty images, bill clark, cq-roll call group
Keywords: news, cnbc, companies, let, eased, scrutiny, em, deserves, democrats, bbt, serious, deal, congressional, financial, suntrust, waters, merger, maxine, passed, banks


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Facebook’s plan to merge its messaging services ignites further antitrust concerns

Facebook’s reported plans to integrate its three messaging platforms could very well lead to additional regulatory scrutiny for a company that’s already under a legal microscope. The New York Times reported on Friday that Facebook plans to combine the technical infrastructure behind WhatsApp, Instagram and Facebook Messenger, though the apps will continue to function as separate services. CNBC spoke with several antitrust lawyers who all said that Facebook’s move is unlikely to bring new antitru


Facebook’s reported plans to integrate its three messaging platforms could very well lead to additional regulatory scrutiny for a company that’s already under a legal microscope. The New York Times reported on Friday that Facebook plans to combine the technical infrastructure behind WhatsApp, Instagram and Facebook Messenger, though the apps will continue to function as separate services. CNBC spoke with several antitrust lawyers who all said that Facebook’s move is unlikely to bring new antitru
Facebook’s plan to merge its messaging services ignites further antitrust concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-27  Authors: lauren feiner, saul loeb, afp, getty images
Keywords: news, cnbc, companies, whatsapp, ignites, plan, concerns, antitrust, scrutiny, instagram, merge, messaging, plans, company, facebook, services, privacy, facebooks, users


Facebook's plan to merge its messaging services ignites further antitrust concerns

Facebook’s reported plans to integrate its three messaging platforms could very well lead to additional regulatory scrutiny for a company that’s already under a legal microscope.

The New York Times reported on Friday that Facebook plans to combine the technical infrastructure behind WhatsApp, Instagram and Facebook Messenger, though the apps will continue to function as separate services. The paper cited four people familiar with the company’s plans.

CNBC spoke with several antitrust lawyers who all said that Facebook’s move is unlikely to bring new antitrust action against the company. But the public debate quickly started percolating.

Marc Rotenberg, president and executive director the Electronic Privacy Information Center, told the Times that Facebook’s plans would be “a terrible outcome for internet users,” and Representative Ro Khanna (D-Calif.) took to Twitter to voice his concern.

“This is why there should have been far more scrutiny during Facebook’s acquisitions of Instagram and WhatsApp which now clearly seem like horizontal mergers that should have triggered antitrust scrutiny,” Khanna wrote.

The last year has been brutal for Facebook. The company is facing intense pressure over its privacy practices and platform manipulation by foreign actors. At a hearing of international lawmakers in the U.K. in November, a Canadian representative suggested antitrust might be the solution to Facebook’s problems.

“What we’re regulating … are the symptoms,” said Charlie Angus, Canada’s vice chairman of the House of Commons’ standing committee on access to information, privacy and ethics. “Perhaps the best regulation would be antitrust.”

Proponents of breaking up Facebook have suggested spinning out WhatsApp or Instagram. The company’s family of apps sees north of 2.5 billion users each month and dominates mobile traffic. But Daniel Crane, a law professor at the University of Michigan, said that combining the back-end technology of the services shouldn’t factor into that issue.


Company: cnbc, Activity: cnbc, Date: 2019-01-27  Authors: lauren feiner, saul loeb, afp, getty images
Keywords: news, cnbc, companies, whatsapp, ignites, plan, concerns, antitrust, scrutiny, instagram, merge, messaging, plans, company, facebook, services, privacy, facebooks, users


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