![]() ![]() If China is financing the bid, or a giant private equity firm, they will now have to tell the government. ” In it, I described how the Federal Trade Commission and Antitrust Division, prompted by Congress, tweaked a form, called the Hart Scott Rodino form, that companies must fill out when they want to engage in any corporate acquisition worth over $100 million.ĭealmakers will now have to answer basic questions, such as “Why are you merging?” “Who is on your board of directors?” “How does your industry work?” “Who is lending money for the buy-out?” They will have to give information upfront about subsidiaries, their product lines, defense contracts, their power in labor markets, and previous acquisitions, which is particularly important when a firm is rolling up a lot of smaller entities. In August, I wrote up an important shift among antitrust enforcers, in a piece titled “ Government Stupidity Is a Design Choice. How a state collects information, aka sees, is a highly political question, because you can’t govern what you can’t see. Scott conveys a similar notion for bureaucracies. ![]() “I was blind but now I see” is in the bible, a metaphor for seeing a spiritual truth, being able to reckon with the profundities of reality. It suggests not just a change in the ability to sense light, but a step change in how we think. Using metaphor of blindness to sight is common throughout human history, because everyone understands what it means to open your eyes.
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