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Court approves $85bn AT&T purchase of Time Warner


If you have AT&T cell phone or cable service, you’re about to start subsidizing CNN and HBO, under the terms of a $85 billion landmark merger approved by a federal judge over the Trump administration’s objections.

The merger was announced in late 2016, but has been challenged in by the Department of Justice last November. On Tuesday, US District Court Judge Richard Leon ruled against the government, allowing the deal worth an estimated $85 billion to go ahead.

AT&T argued the acquisition would enable the company to reinvent itself in the age of streaming media, delivering television content to cell phones and other mobile devices. With the data it gathers from the devices, including computers and smart TVs, AT&T also plans to build a targeted advertising empire, according to the Washington Post.

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After AT&T-Time Warner Win, Is Comcast-Fox a Done Deal?

NEW YORK — Comcast will likely bid for Fox’s entertainment business as early as Wednesday now that a federal judge has cleared AT&T’s $85 billion takeover of Time Warner.

If Comcast succeeds in outbidding Disney for Fox, a major cable distributor would control even more channels on its lineup and those of its rivals. There are fears that it could lead to higher cable bills or hinder online alternatives.

But U.S. District Judge Richard Leon cleared the AT&T deal Tuesday despite similar concerns. The ruling signaled that federal regulators might have a hard time stopping companies from getting bigger by gobbling up rivals and the content they own.

Comcast isn’t likely the only mega-media bid in the works. There will probably be a rush to consolidate.

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Citibank Fined $100 Million for Manipulating Key Global Interest Rate

Citibank on Friday reached a settlement with 42 U.S. states to pay a $100 million fine for manipulation of LIBOR, a key measure of global interest rates that impacts trillions of dollars worth of loans worldwide, including consumer products.

The settlement contains details of instant messages and emails exchanged between Citibank employees as they concealed or misreported what they were paying for interbank loans, mostly in 2008 and 2009. Citi wanted to avoid the appearance of weakness that might have come from being charged high interest rates. The settlement also claims that Citi made millions of dollars in “unjust gains” in deals with governmental and non-profit entities by fixing the rate. New York Attorney General Barbara Underwood described Citi’s actions as “fraudulent conduct” that undermined financial markets.

LIBOR, or the London Interbank Offered Rate, has been described as the most important interest rate in the world. It is based on a basket of major currencies, and sets the price banks pay one another for loans. It has a major direct impact on everyday borrowers, with rates on loans such as mortgages pegged to LIBOR.

But manipulation of LIBOR has been disturbingly widespread among major banks, particularly before the 2008 financial crisis. U.K. bank Barclays reached a $453 million settlement over rate-fixing in 2012. The same year, UBS agreed to pay a staggering $1.5 billion in fines for fraud and bribery linked to LIBOR manipulation. Such manipulation may have contributed to the U.S. mortgage crisis by driving up home loan rates.

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On 6/16/2018 at 5:25 PM, jakeem said:


On 6/16/2018 at 5:26 PM, jakeem said:

Rick Wilson Retweeted Des Moines Register

But I was told trade wars are easy, and easily winnable.


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