Google Inc (NASDAQ:GOOGL)‘s antitrust probe gives a living example of the influence of multinational corporations on world politics. Bloomberg‘s Caroline Hyde reported on how U.S has waded into the debate, further politicizing the issue.
“[…] The FT is reporting that three open letters have been sent to MEPs so far, saying, look you are against U.S. tech companies. They are raising questions about commitments to open markets by the EU saying, look you are building walls not bridges. They are even saying that this could even have a negative effect on the EU and U.S. relationship in terms of trade […],” informed Hyde.
The fact that Google Inc (NASDAQ:GOOGL) controls 90%of the market in the search category in Europe is being construed as perhaps if the parliament is trying to change those dynamics, and the antitrust probe is more of a facade or an excuse. Since a possible unbundling of Google Inc (NASDAQ:GOOGL) is on the cards, which in itself is seen as a rather extreme measure, U.S is concerned about the fate of its other companies, who decide to compete internationally and end up almost monopolizing the businesses.
As Hyde pointed out U.S even has support of some lawyers and professors based in Europe, but are they in majority? What if Google Inc (NASDAQ:GOOGL) is indeed guilty of underhand tactics to muzzle the competition?
The issue is to be debated in the Parliament today with vote casting scheduled to take place tomorrow. According to Hyde the exact phrasing of the resolution hasn’t been finalised either, which will have a more general tone than pinpointing Google Inc (NASDAQ:GOOGL), but we all know towards whom this will be directed to. However, Hyde did mention that some support and assurance that Google will not be forced to break up is surfacing among the MEPs.
One of MEPs who is supporting the probe has even come out to say that splitting of Google Inc (NASDAQ:GOOGL) will be the last resort.
Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.