Mark: They have the strongest M&A team, and they have strong media resources, so they arranged this immediately.

When Time Warner's board of directors applied to the Securities and Futures Commission to report the change of equity, the lobbyists in Washington immediately became active, hoping that the application could be approved.

In the 20s, about 20 million Chinese people, lured by the post-war boom economy, joined the stock market and became shareholders large and small, and it is estimated that about $50 billion was invested in the securities market during this period, and about half of these funds disappeared after the stock market crash in 1929.

The collapse of the stock market led to huge losses for countless investors and banks, and the bank run caused by it led to the disaster of the banking industry, which eventually led to the Great Depression of 1929.

In order to restore the economy, the Diet believes that it is necessary to restore public confidence in the capital market. Congress convened hearings to study solutions, and based on the conclusions of the hearings, the Securities Act of 1933 and the Securities Exchange Act of 1934 were passed.

The law required a highly coordinated securities regulatory team to effectively regulate the securities market and protect the interests of investors, and Congress established the Securities and Exchange Commission in 1934.

The task of the China Securities Regulatory Commission is to protect investors, maintain a fair, orderly and efficient securities market, and assist in the inflow of household capital and state capital into the capital operation market.

The SFC has about 3,100 employees. Headquartered in Washington, D.C., with locations in 11 other locations

It has a total of five members, these five members are personally appointed by the president on the advice and permission of the Senate, for a five-year term, but the terms of office of the five are staggered by one year, that is, one member is replaced every year, and one of the members will be appointed by the president as the chairman of the Securities and Futures Commission as the chief executive officer of the Securities and Futures Commission.

To put it bluntly, they are an agency that specializes in cleaning up outlaws like Martin Davis, and it is not okay to mess around with them staring at them, and the Antitrust Bureau of the Department of Justice and the Federal Trade Commission, which are in charge of antitrust, are not easy to mess with.

They are two federal agencies that enforce the antitrust law in parallel, and they enjoy a high level of authority in enforcing the antitrust law.

However, the United States implements a judicial model, in which they act as prosecutors in criminal or civil proceedings in federal courts, and then the courts make criminal or civil judgments. That's why Richard suggested opening the court joints first.

In the event of a jurisdictional conflict between the parties, tasks are usually assigned based on whether the parties are more experienced in investigating a particular industry or a particular anti-competitive conduct. In general, the Antitrust Bureau deals with competition in the computer software, financial services, media and entertainment, and telecommunications markets, while the Commission deals with competition in the automotive, computer hardware, energy, medical, pharmaceutical manufacturing and biotechnology sectors.

In order to improve legal stability and the predictability of the legal consequences of their actions, the two sides have jointly issued a number of antitrust guidelines since the late 90s. These guidelines not only provide a framework for companies to analyse certain anti-competitive practices so that they can properly assess their business practices, but also provide analytical standards for antitrust bureaus and commissions so that they can harmonize enforcement standards and avoid the different legal consequences of a particular anti-competitive act from law enforcement agency to law.

This has also led to the emergence of legal monopolies, such as the Big Four media conglomerates, which are very monopolistic in nature, but they clearly avoid the minefields of the Antitrust Bureau and the Federal Trade Commission.

Competitor interference was expected, and Mark and his team immediately countered, pleading not guilty to the Federal Trade Commission and filing a lawsuit in federal court in New York to find a verdict against the Justice Department's Antitrust Bureau for abuse of power.

The Wang family fund's acquisition of Time Warner's stake was seen as an imperialist expansion of the multinational corporation, and both MM and Time Warner and other parties handled the matter in a low-key manner, with no press conference or grand publicity ceremony, and they just issued a brief statement as if it were a trivial matter.

Will the merger of the world's most powerful country and the most populous country of China be a trivial matter for other countries?

News Corp., Viacom, Disney, and Universal's General Corporation, immediately formed an anti-film trust coalition in the hope that the FTC would reject their application and stop the deal.

In fact, it is a thief who shouts to catch a thief, and for other film companies, they are not monopoly companies? When others hurt their interests, they immediately held high the banner of antitrust, attacked their opponents, and protected themselves.

MM and Warner don't promote, their fan-like publicity, their entire exhaustive coverage, how terrible is MM and Time Warner after the merger, they will form the world's largest film production, publicity, and distribution library, and the market share has reached an astonishing 30%, this is not a monopoly, what is a monopoly? After Mark said no, the whole Hollywood trembled, this is an unprecedented media trust, and this is controlled in the hands of one family, how terrible is this?

The power of these counterparts was so great that they banded together to resist that even the Justice Department's Antitrust Bureau and the Federal Trade Commission did not dare to take it lightly, and as was customary, they referred the matter to the Antitrust Bureau and entered the investigation process.

But embarrassingly, the DOJ's Antitrust Bureau investigation has not yet reached a substantive conclusion, and the New York State Federal Court has ruled that the Wang Family Foundation is not a monopolistic institution, and that their acquisition of a 10% stake in Time Warner is also within the framework of federal antitrust laws.

David Wang, chairman of the Wang Family Foundation, welcomed this and pointed out that this is just a normal and reasonable investment, that the Wang Family Foundation will not seek more than 30% of the equity, and that they are charitable organizations whose main purpose is to make profits and do good, and their slogan is to make more money and help more people, rather than seeking media hegemony.

The Foundation donated a total of $75 million to more than 20 institutions and individuals, and these targeted donations have greatly benefited and praised some people in the federal courts of New York State.

For example, the daughter of a state justice is working at New York University, but their institute is underfunded and facing dissolution, when a timely donation appears to tide the institute through the crisis.

Another example is that the wife of a judge is a well-known socialite, philanthropist, and has her own charitable foundation, but unfortunately she has been trapped in funding, and now she is cooperating with a large foundation, and the problem of funding is solved immediately.

The highest level of bribery is that you know that you are greasy, and you can't get any tricks.

For those who dare to take money, they also dare to give it, but they will pass through a few hands, and they can't find their heads, in order to achieve their goals, they dare to spend money and throw money, which allows them to seize the opportunity everywhere.

They are real-spirited, and they are willing to divide the benefits, these politicians, of course, know what to do, this is different from the anti-MM Warner League, these people talk big things to make small money, and the critical moment is to cover the money bag and refuse to share a little benefit to others.

Who doesn't know that the dispute between them is a continuation of business competition, and it is another level of conflict of interests, and it is necessary to go online on the Internet, packaging yourself as a moral emperor and, standing on the moral high ground and accusing others, you are a good person, and everyone else is a villain.

Thousands of miles of officials are only for money, everyone understands that this rich is the boss, no money fart is not loud, the anti-MM era Warner Alliance slogan is shocking, but when it comes to taking money for public relations, this is mutual shirk, many excuses, without money, all this public relations will not be convincing and effective.

Like Mark, they hit the Oscars, the so-called public relations, the core is still gifts.

In the past two years, the fees that filmmakers have gifted to the Oscar judges in various disguised behaviors have snowballed and gotten bigger, so much so that the media continue to accuse the Oscars of black-box operations. According to the New York Times, Miramax, who is known for his willingness to spend money to build momentum, spent much more on canvassing for "Unruly Love" than the filming fee for the film.

Rick Robertson, a senior executive member of the Oscar organizing committee, still lacked nostalgia for the past when he announced that he would severely punish filmmakers who paid bribes in disguise: "Producers send in elaborate film manuals, and film tapes are packed in expensive wooden boxes. At one point, I even received an ingenious popcorn-shaped package from a film company with a Walkman with a song nominated for Best Music in it. ”

MM Company gave Pingguo a mobile phone, which stored the songs nominated for the Best Music Award.

Although gift-giving has been explicitly prohibited, as long as you have money, you can still find gray areas, such as banquets, parties, etc.

The famous writer of the Hollywood Newsletter wrote: "This Oscar season, Los Angeles is full of lavish feasts. In the midst of the intertwined emotional liaison activities, "some deals were completed. ”

In addition, every year after the award ceremony, the judges will get a big red envelope, which is said to be 100,000 US dollars this year, and the devil knows who gave the money!

Therefore, John Dewey, the executive chairman of the Wang Family Foundation, is active between Washington and New York, handing out dollars and gifts, as well as all kinds of resources, with such investment, they are naturally full of confidence, unlike some alliances, their lobbyists are two bananas in addition to one mouth, who will bird you.

As a result, after the District Court of New York ruled that the Wang Family Fund's investment in a 10% stake in Time Warner was not a monopolistic act, the Securities and Futures Commission also agreed to their application and approved the transaction.

In the end, I had to go to the Antitrust Bureau of the Department of Justice.