The Federal Trade Commission’s antitrust law against Amazon is cementing Chairwoman Lina Khan’s reputation as someone who, when she sees big, sees red. Yet when Khan, who develops novel theories to launch antitrust actions against Big Tech companies, sees clear antitrust violations by big entities…
FILE - Lina Khan, the nominee for Commissioner of the Federal Trade Commission , speaks during a Senate Committee on Commerce, Science, and Transportation confirmation hearing, April 21, 2021 on Capitol Hill in Washington. House Republicans who say the Federal Trade Commission has been overzealous and politicized under President Joe Biden are set to interrogate agency head Lina Khan on Thursday, July 13, 2023. ’s reputation as someone who, when she sees big, sees red.
They certainly make good use of their position. Shareholder activists pay Glass Lewis for advice in running proxy campaigns against companies, while Glass Lewis advises institutional investors on ESG and “transparency.” ISS rates the ESG “performance” of companies and sells consulting services to corporations to defend themselves against those same proxy attacks.
Or, consider the role of BlackRock and other large asset managers that have labored to squeeze off investment in fossil fuels, working closely with NGOs that are now trying to defund natural gas exploration. At the heart of these efforts is Climate Action 100+, whose members include large investors that manage a total of $70 trillion in assets. If we analogize companies to rivers, this cartel is the real Amazon. The online retail company looks like the Hudson River by comparison.
Meanwhile, large asset managers themselves continue to make big investments in oil and gas. What happens when you restrict a necessary commodity? You raise prices and raise profits. Is this environmentalism or is it diverting money from consumers at the pump, and the small investor at the computer, into the pockets of financiers?
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