#39 Mergernomics: Merger Simulations
Trust and Trade
In the latest episode of our popular "Mergernomics" series, Ted Rosenbaum, Deputy Director in the Bureau of Economics at the U.S. Federal Trade Commission, explains how enforcers apply merger simulations to predict market changes after a proposed merger, sometimes with unexpected results. Hosts Anant Raut and Virginie Caspard then dive into two enforcement actions (against the Aetna-Humana and Wilhelmsen-Drew mergers) where merger simulations were used, and later discuss whether merger simulations are as useful in analyzing non-price markets. With special guest: Ted Rosenbaum, Deputy Director,...
info_outline
#38 Mergernomics: Bargaining Leverage
Trust and Trade
In the latest episode in our popular "Mergernomics" series, Compass Lexecon's Hélder Vasconcelos tells you everything you need to know about bargaining leverage theory - how to calculate it, what it means, and when to use it. Hosts Anant Raut and Paula Camara discuss with Dr. Vasconcelos how merger enforcers applied this theory in their reviews of the AT&T/Time Warner and Fresenius/NxStage mergers, and differences between the US and European approaches. The panel also talks about the challenges and limitations of using bargaining leverage theory. With special guests: Paula Camara,...
info_outline
#37 Mergernomics: Vertical Math
Trust and Trade
By now in our popular "Mergernomics" series you've learned how to calculate the potential harm from a horizontal merger; but how do you measure the risk from a vertical merger? In this episode, Cornerstone Research's Dr. Craig Malam tells you everything you need to know about "Vertical Math" analysis in merger review - how to calculate it, what it tells you, and when to use it. Hosts Anant Raut and Analysis Group's Emily Cotton use Microsoft's controversial acquisition of video game maker Activision to discuss with Dr. Malam how to assess the risks of total or partial foreclosure from a...
info_outline
#36 An Oral History of the Capacitors Trial
Trust and Trade
In this episode, listeners will hear the oral history of the landmark capacitors price-fixing case, a case that went to trial not once but twice in the midst of a worldwide pandemic. Attorneys for both the plaintiffs and the defense discuss their courtroom strategies, their approach to damages and guilty pleas, and adjustments they had to make on the fly in response to an unprecedented global health crisis. Later, presiding Judge James Donato shares his perspective on what worked well and what didn't, as well as advice he wishes every trial lawyer would follow, that no litigator will want to...
info_outline
#35 Mergernomics: GUPPIs
Trust and Trade
In this episode of Trust and Trade, Dr. Elizabeth Wang, Executive VP of economic consulting firm Compass Lexecon, explains how antitrust enforcers use the Gross Upward Pricing Pressure Index (GUPPI) analysis to determine whether to stop a merger. Dr. Wang walks listeners through what the GUPPI test is, what it tells you, when to use it, and its advantages and limitations. Later, host Anant Raut and co-host NERA's Anton Kandalin discuss how the GUPPI test was used to challenge the Penguin Random House and Simon & Schuster mergers. With special guest: Dr. Elizabeth Wang, Executive Vice...
info_outline
#34 "Why Is My Grocery Bill So High?"
Trust and Trade
Why are groceries more expensive than they were 4 years ago? In this episode, agriculture policy expert Austin Frerick and economist Tim Richards debate the impact of consolidation on food prices, and the role antitrust should play. Hosts Anant Raut, Evan Harris, and Erika Inwald later discuss the Federal Trade Commission's lawsuit to block the Kroger-Albertson's merger, and what to expect at trial later this month. With special guests: Austin Frerick, Fellow, Thurman Arnold Project (Yale University) and Dr. Timothy J. Richards, Morrison Chair of Agribusiness, W. P. Carey School of...
info_outline
#33 Mergernomics: Critical Loss
Trust and Trade
In this episode you'll learn everything you need to know about the Critical Loss test used by enforcers to determine whether to block a merger - what it tells you, how to calculate it, and when to use it. Guest Ron Drennan, Economic Advisor to the DOJ Antitrust Division and former acting director of economics, explains how Critical Loss predicts the profitability of a post-merger price increase. Co-hosts Scott Scheele and Anant Raut later discuss real world cases where the Critical Loss test was used by the DOJ in litigation (H&R Block/TaxAct and Aetna/Humana), with mixed results. The...
info_outline
#32 The Non-Competes Ban
Trust and Trade
In this episode, Open Markets Institute's Sandeep Vaheesan and former acting FTC Chair Maureen Ohlhausen discuss the looming nationwide ban on noncompete clauses for workers and debate the roots and limits of the FTC's powers under Section 5 of the FTC Act. Host Anant Raut and co-host Scott Perlman talk about the legal challenges the ban is likely to face, and where Lina Khan's FTC may go next with the agency's interpretation of its own authority. With special guests: Sandeep Vaheesan, Legal Director, Open Markets Institute and Maureen Ohlhausen, Co-Chair of the Antitrust and Competition...
info_outline
#31 Mergernomics
Trust and Trade
This episode kicks off Trust and Trade's "Mergernomics" series, demystifying the economic analysis that antitrust enforcers use to predict whether a merger will harm competition and should be blocked. Host Anant Raut and co-host January Kim welcome Aditi Mehta, Economics Director for the DOJ Antitrust Division, to give an overview of the role of economists in merger review, common frameworks for understanding competitive harm, quirks of special markets like platforms and labor, and some of the most commonly-used tests to evaluate merger effects. With special guest: Aditi Mehta, Economics...
info_outline
#30 Breaking Down the Closing Arguments in U.S. v Google
Trust and Trade
It's been called the "antitrust trial of the century" - U.S. v Google, the DOJ and state AGs' case against Google's alleged search monopoly. In this episode, we asked three of the top antitrust trial lawyers in the country to listen to the closing arguments in the case and talk about the tactics and strategies of both sides, the effectiveness of their arguments, and potential implications for ongoing antitrust cases against Amazon, Apple, and Google. With special guests: Tara Reinhart, Partner, Skadden, Arps, Slate, Meagher & Flom LLP, Kalpana Srinivasan, Managing Partner, Susman Godfrey...
info_outlineUS v AU Optronics, or, the LCD screens case, is one of the most important price-fixing cartel cases of the last 25 years. Now, for the first time, co-hosts Anant Raut and Anna Pletcher bring together lawyers from the prosecution, defense, and presiding Judge Susan Illston to recount some of the case's historic firsts, including the size of the financial harm, the extraterritorial reach of the Sherman Act, and the unique sentencing imposed. Get an inside take on the litigation strategies, the legal arguments, and the view from the bench in a one-of-its-kind account of this watershed case!
With special guests:
Hon. Susan Illston, Senior Judge, United States District Court for the Northern District of California, Heather Nyong'o, Partner, Cleary Gottlieb Steen & Hamilton LLP, Brent Snyder, Partner, Wilson Sonsini Goodrich & Rosati, and Patrick Robbins, former Partner, Shearman & Sterling LLP
Related Links:
United States' Sentencing Memorandum
Hosted by:
Anant Raut and Anna Pletcher