The Federal Reserve Must Not Finance a Merger Wave
May 7, 2020 - With dominant corporations and predatory financiers strengthened by the CARES Act and better positioned to buy up businesses in distress, nine groups today sent a letter to Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urging them to freeze all mergers and acquisitions activity by otherwise viable corporations as a condition for use of the Federal Reserve and Treasury’s emergency credit programs.
AbbVie-Allergan Merger Will Raise Costs, Reduce Innovation, and Prolong Drug Shortages
May 6, 2020 - The American Economic Liberties Project released the following statement in response to the Federal Trade Commission’s (FTC) announcement yesterday that it recklessy approved pharmaceutical company AbbVie’s $63 billion acquisition of Allergan in a 3-2 vote with Commissioners Chopra and Slaughter dissenting.
On the Federal Reserve’s Bailout of Boeing: “Boeing is now a state-backed entity.”
May 1, 2020 - The American Economic Liberties Project released the following statement in response to Boeing’s announcement that the company had issued $25 billion in investment-grade bonds, which Moody’s reported are backed by the Federal Reserve.
Bipartisan Lawmakers Demand Answers from Amazon’s Bezos, Threaten Subpoena
May 1, 2020 - The American Economic Liberties Project released the following statement in response to the House Judiciary Committee’s bipartisan letter to Amazon, which detailed Amazon's failure to adequately comply with document requests and called on Jeff Bezos to testify before the Committee to explain a pattern of misleading the Subcommittee, including when Nate Sutton, an Amazon associate general counsel and former DOJ antitrust trial attorney, apparently perjured himself last July.
Congress Must Pass Warren & AOC Merger Moratorium
April 28, 2020 - With dominant corporations and predatory financiers empowered by the CARES Act, the American Economic Liberties Project released the following statement encouraging Congress to pass the merger moratorium announced by Senator Warren (D-MA) and Representative Ocasio-Cortez (NY-14).