Jul 22, 2018

How Google blew it: Life lesson in perils of dragging your feet


Following last week's announcement that EU competition commissioner Margrethe Vestager hit Google with the biggest penalty in antitrust enforcement history — $5 billion — some began thinking, "it didn't have to be that way."

Bloomberg's Aoife White and Stephanie Bodoni write, "A year earlier, ... the company ... made quiet attempts to settle ... The Silicon Valley search giant had waited at least a year too long to broach the subject of a settlement, ... Vestager said in an interview."

"When a company wants to settle, it needs to 'reach out immediately after' getting the EU’s initial complaint or statement of objections," which happened in 2016, when the EU detailed the antitrust problems with Android.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.